GE Vernova Inc. (NYSE:GEV) Stake Reduced by Korea Investment CORP

Korea Investment CORP decreased its holdings in shares of GE Vernova Inc. (NYSE:GEV) by 51.5% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 209,186 shares of the company’s stock after selling 221,797 shares during the period. Korea Investment CORP’s holdings in GE Vernova were worth $68,808,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Register Financial Advisors LLC bought a new stake in GE Vernova during the fourth quarter worth approximately $206,000. GPS Wealth Strategies Group LLC boosted its stake in shares of GE Vernova by 1,126.0% during the 4th quarter. GPS Wealth Strategies Group LLC now owns 895 shares of the company’s stock worth $294,000 after acquiring an additional 822 shares in the last quarter. Yarbrough Capital LLC grew its holdings in shares of GE Vernova by 67.2% in the 4th quarter. Yarbrough Capital LLC now owns 2,886 shares of the company’s stock worth $949,000 after acquiring an additional 1,160 shares during the last quarter. Legacy Bridge LLC raised its position in shares of GE Vernova by 77.0% during the fourth quarter. Legacy Bridge LLC now owns 10,982 shares of the company’s stock worth $3,612,000 after purchasing an additional 4,776 shares during the period. Finally, CENTRAL TRUST Co lifted its holdings in shares of GE Vernova by 16.6% during the fourth quarter. CENTRAL TRUST Co now owns 9,872 shares of the company’s stock valued at $3,247,000 after purchasing an additional 1,408 shares during the last quarter.

GE Vernova Price Performance

NYSE GEV opened at $303.10 on Friday. GE Vernova Inc. has a fifty-two week low of $119.00 and a fifty-two week high of $447.50. The stock’s 50-day moving average is $347.66 and its two-hundred day moving average is $320.99. The firm has a market cap of $83.63 billion and a P/E ratio of 54.51.

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

GE Vernova announced that its Board of Directors has authorized a share buyback program on Tuesday, December 10th that permits the company to repurchase $6.00 billion in shares. This repurchase authorization permits the company to repurchase up to 6.7% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

GEV has been the topic of a number of analyst reports. Barclays dropped their price target on GE Vernova from $487.00 to $427.00 and set an “overweight” rating on the stock in a research note on Monday, March 3rd. Robert W. Baird began coverage on shares of GE Vernova in a research report on Thursday, February 13th. They issued an “outperform” rating and a $448.00 target price on the stock. William Blair restated an “outperform” rating on shares of GE Vernova in a research report on Thursday, January 23rd. BMO Capital Markets lowered their price objective on shares of GE Vernova from $471.00 to $420.00 and set an “outperform” rating on the stock in a research report on Monday, March 3rd. Finally, The Goldman Sachs Group increased their target price on GE Vernova from $446.00 to $500.00 and gave the company a “buy” rating in a report on Friday, January 24th. Seven investment analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and four have given a strong buy rating to the company’s stock. According to MarketBeat, GE Vernova has a consensus rating of “Moderate Buy” and a consensus price target of $349.54.

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.