Assenagon Asset Management S.A. Cuts Position in GE Vernova Inc. (NYSE:GEV)

Assenagon Asset Management S.A. lowered its position in GE Vernova Inc. (NYSE:GEV) by 87.3% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 160,680 shares of the company’s stock after selling 1,107,870 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.06% of GE Vernova worth $40,970,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Newport Trust Company LLC purchased a new stake in shares of GE Vernova during the 2nd quarter worth $650,140,000. Bank of New York Mellon Corp acquired a new stake in GE Vernova in the second quarter valued at $537,674,000. Price T Rowe Associates Inc. MD purchased a new stake in GE Vernova during the 1st quarter worth about $367,474,000. Marshall Wace LLP acquired a new position in shares of GE Vernova during the 2nd quarter worth about $399,770,000. Finally, Legal & General Group Plc purchased a new position in shares of GE Vernova in the 2nd quarter valued at about $293,699,000.

GE Vernova Stock Performance

Shares of GEV opened at $297.00 on Friday. GE Vernova Inc. has a twelve month low of $115.00 and a twelve month high of $297.54. The firm’s 50-day moving average is $230.78 and its two-hundred day moving average is $187.97.

GE Vernova (NYSE:GEV) last released its quarterly earnings results on Wednesday, July 24th. The company reported $0.71 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.02. The firm had revenue of $8.20 billion during the quarter, compared to analyst estimates of $8.42 billion. On average, sell-side analysts predict that GE Vernova Inc. will post 3.21 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on GEV shares. Oppenheimer started coverage on shares of GE Vernova in a report on Thursday, September 26th. They set a “market perform” rating on the stock. The Goldman Sachs Group upped their price objective on shares of GE Vernova from $220.00 to $308.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Hsbc Global Res cut GE Vernova from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 4th. Barclays boosted their target price on GE Vernova from $300.00 to $320.00 and gave the company an “overweight” rating in a report on Thursday. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on GE Vernova in a research note on Monday. They set a “buy” rating and a $354.00 price target on the stock. Seven research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, GE Vernova has an average rating of “Moderate Buy” and an average target price of $261.40.

GE Vernova Company Profile

GE Vernova LLC, an energy business company, generates electricity. It operates under three segments: Power, Wind, and Electrification. The Power segments generates and sells electricity through hydro, gas, nuclear, and steam power. Wind segment engages in the manufacturing and sale of wind turbine blades; and Electrification segment provides grid solutions, power conversion, solar, and storage solutions.