Huntington National Bank Trims Holdings in GE Vernova Inc. (NYSE:GEV)

Huntington National Bank lowered its holdings in shares of GE Vernova Inc. (NYSE:GEV) by 9.7% in the fourth quarter, Holdings Channel reports. The firm owned 27,190 shares of the company’s stock after selling 2,919 shares during the quarter. Huntington National Bank’s holdings in GE Vernova were worth $8,944,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Private Portfolio Partners LLC purchased a new position in shares of GE Vernova during the fourth quarter worth about $246,000. Columbia Asset Management raised its stake in GE Vernova by 5.0% during the 4th quarter. Columbia Asset Management now owns 924 shares of the company’s stock valued at $304,000 after acquiring an additional 44 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its position in GE Vernova by 1,638.5% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,314,288 shares of the company’s stock worth $432,309,000 after acquiring an additional 1,238,690 shares during the period. Meeder Advisory Services Inc. grew its stake in shares of GE Vernova by 4.8% in the 4th quarter. Meeder Advisory Services Inc. now owns 5,321 shares of the company’s stock valued at $1,750,000 after purchasing an additional 246 shares during the last quarter. Finally, Discovery Capital Management LLC CT acquired a new position in shares of GE Vernova in the fourth quarter valued at approximately $23,091,000.

Analyst Upgrades and Downgrades

GEV has been the subject of several recent research reports. TD Cowen initiated coverage on GE Vernova in a report on Thursday, December 5th. They set a “buy” rating and a $400.00 price target for the company. Marathon Capitl upgraded shares of GE Vernova to a “strong-buy” rating in a research note on Friday, January 31st. CICC Research began coverage on shares of GE Vernova in a research note on Wednesday, February 19th. They set an “outperform” rating on the stock. Truist Financial raised their price objective on shares of GE Vernova from $420.00 to $470.00 and gave the company a “buy” rating in a research report on Thursday, January 23rd. Finally, JPMorgan Chase & Co. boosted their target price on GE Vernova from $374.00 to $436.00 and gave the stock an “overweight” rating in a research report on Thursday, January 23rd. Seven research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and four have issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $350.27.

GE Vernova Trading Up 4.9 %

GE Vernova stock opened at $331.17 on Thursday. The stock has a 50-day moving average price of $339.82 and a 200 day moving average price of $324.64. GE Vernova Inc. has a 52 week low of $119.00 and a 52 week high of $447.50. The stock has a market cap of $91.37 billion and a PE ratio of 59.56.

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

GE Vernova announced that its board has initiated a stock repurchase program on Tuesday, December 10th that allows the company to buyback $6.00 billion in outstanding shares. This buyback authorization allows the company to buy up to 6.7% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

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.