Pitcairn Co. Has $639,000 Position in GE Vernova Inc. (NYSE:GEV)

Pitcairn Co. cut its holdings in GE Vernova Inc. (NYSE:GEV) by 2.9% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 1,943 shares of the company’s stock after selling 58 shares during the quarter. Pitcairn Co.’s holdings in GE Vernova were worth $639,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. State Street Corp grew its holdings in GE Vernova by 1.1% during the 3rd quarter. State Street Corp now owns 10,434,917 shares of the company’s stock worth $2,660,695,000 after acquiring an additional 118,184 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of GE Vernova by 3.5% in the fourth quarter. Geode Capital Management LLC now owns 5,790,051 shares of the company’s stock valued at $1,898,814,000 after purchasing an additional 195,828 shares in the last quarter. Norges Bank bought a new position in GE Vernova in the 4th quarter worth approximately $1,109,720,000. Franklin Resources Inc. lifted its holdings in GE Vernova by 3.7% during the 3rd quarter. Franklin Resources Inc. now owns 1,978,691 shares of the company’s stock worth $533,257,000 after buying an additional 71,067 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in GE Vernova by 3.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,679,396 shares of the company’s stock valued at $552,404,000 after buying an additional 49,821 shares during the last quarter.

GE Vernova Trading Down 8.8 %

Shares of GEV stock opened at $271.40 on Friday. The firm’s fifty day moving average price is $334.07 and its two-hundred day moving average price is $324.74. GE Vernova Inc. has a 1 year low of $119.00 and a 1 year high of $447.50. The firm has a market capitalization of $74.19 billion and a P/E ratio of 48.81.

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

GE Vernova declared that its board has authorized a stock repurchase plan 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 shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

Several brokerages have recently issued reports on GEV. BMO Capital Markets cut their price target on GE Vernova from $471.00 to $420.00 and set an “outperform” rating on the stock in a research note on Monday, March 3rd. Royal Bank of Canada reduced their target price on shares of GE Vernova from $453.00 to $445.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 18th. New Street Research set a $380.00 price target on shares of GE Vernova in a research note on Wednesday, March 5th. Marathon Capitl raised shares of GE Vernova to a “strong-buy” rating in a research note on Friday, January 31st. Finally, Evercore ISI upped their target price on shares of GE Vernova from $385.00 to $390.00 and gave the company an “outperform” rating in a research report on Wednesday, December 11th. Seven equities 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.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $349.20.

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.