Fmr LLC Increases Stock Position in GE Vernova Inc. (NYSE:GEV)

Fmr LLC grew its position in shares of GE Vernova Inc. (NYSE:GEV) by 3.4% in the fourth quarter, HoldingsChannel reports. The firm owned 24,861,833 shares of the company’s stock after buying an additional 814,155 shares during the quarter. GE Vernova accounts for approximately 0.5% of Fmr LLC’s investment portfolio, making the stock its 25th largest holding. Fmr LLC owned approximately 0.09% of GE Vernova worth $8,177,803,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the company. Norges Bank purchased a new stake in shares of GE Vernova during the 4th quarter valued at about $1,109,720,000. Massachusetts Financial Services Co. MA boosted its holdings in shares of GE Vernova by 1,638.5% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,314,288 shares of the company’s stock worth $432,309,000 after purchasing an additional 1,238,690 shares during the period. Raymond James Financial Inc. bought a new position in shares of GE Vernova during the 4th quarter valued at approximately $219,187,000. Arrowstreet Capital Limited Partnership raised its holdings in GE Vernova by 555.2% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 569,738 shares of the company’s stock valued at $187,404,000 after buying an additional 482,787 shares during the period. Finally, Assenagon Asset Management S.A. boosted its stake in GE Vernova by 284.3% during the fourth quarter. Assenagon Asset Management S.A. now owns 617,559 shares of the company’s stock worth $203,134,000 after buying an additional 456,879 shares during the period.

GE Vernova Trading Down 8.8 %

NYSE:GEV opened at $271.40 on Friday. The firm has a fifty day simple moving average of $334.07 and a 200-day simple moving average of $325.35. GE Vernova Inc. has a 12 month low of $125.86 and a 12 month high of $447.50. The company has a market capitalization of $74.19 billion and a P/E ratio of 48.81.

GE Vernova (NYSE:GEV) last posted its quarterly earnings results on Wednesday, January 22nd. The company reported $1.73 earnings per share for the quarter, missing the consensus estimate of $2.30 by ($0.57). GE Vernova had a net margin of 4.44% and a return on equity of 6.70%. The firm had revenue of $10.56 billion for the quarter, compared to analysts’ expectations of $10.70 billion. The company’s revenue was up 5.1% on a year-over-year basis. Equities analysts forecast that GE Vernova Inc. will post 6.59 EPS for the current year.

GE Vernova announced that its board has approved a stock repurchase plan on Tuesday, December 10th that allows the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization allows the company to purchase up to 6.7% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

Several research firms have recently issued reports on GEV. Wells Fargo & Company raised their target price on shares of GE Vernova from $385.00 to $411.00 and gave the stock an “overweight” rating in a report on Friday, December 13th. New Street Research set a $380.00 target price on GE Vernova in a research note on Wednesday, March 5th. Susquehanna initiated coverage on GE Vernova in a research note on Wednesday. They set a “positive” rating and a $370.00 price target for the company. Johnson Rice assumed coverage on GE Vernova in a research report on Friday, February 7th. They issued a “buy” rating and a $425.00 price objective on the stock. Finally, The Goldman Sachs Group lifted their target price on GE Vernova from $446.00 to $500.00 and gave the stock a “buy” rating in a research report on Friday, January 24th. Seven equities research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $349.20.

About GE Vernova

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.