Yoffe Investment Management LLC Invests $303,000 in GE Vernova Inc. (NYSE:GEV)

Yoffe Investment Management LLC acquired a new stake in GE Vernova Inc. (NYSE:GEV) during the fourth quarter, HoldingsChannel.com reports. The fund acquired 921 shares of the company’s stock, valued at approximately $303,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. State Street Corp raised its position in shares of 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 in the last quarter. Geode Capital Management LLC lifted its position in shares of GE Vernova by 3.5% during the 4th quarter. Geode Capital Management LLC now owns 5,790,051 shares of the company’s stock worth $1,898,814,000 after buying an additional 195,828 shares during the last quarter. Norges Bank acquired a new position in shares of GE Vernova in the 4th quarter valued at $1,109,720,000. Franklin Resources Inc. grew its position in shares of GE Vernova by 3.7% in the 3rd quarter. Franklin Resources Inc. now owns 1,978,691 shares of the company’s stock valued at $533,257,000 after buying an additional 71,067 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in GE Vernova by 3.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,679,396 shares of the company’s stock worth $552,404,000 after acquiring an additional 49,821 shares in the last quarter.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Bank of America upped their price objective on shares of GE Vernova from $380.00 to $415.00 and gave the company a “buy” rating in a research note on Tuesday, January 14th. Evercore ISI raised their price target on GE Vernova from $385.00 to $390.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 11th. TD Cowen initiated coverage on GE Vernova in a research note on Thursday, December 5th. They issued a “buy” rating and a $400.00 price objective for the company. New Street Research set a $380.00 target price on shares of GE Vernova in a research report on Wednesday, March 5th. Finally, CICC Research began coverage on shares of GE Vernova in a research note on Wednesday, February 19th. They set an “outperform” rating for the company. 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’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $349.20.

GE Vernova Stock Down 10.1 %

GE Vernova stock opened at $297.33 on Friday. GE Vernova Inc. has a 52 week low of $119.00 and a 52 week high of $447.50. The firm has a market capitalization of $81.27 billion and a PE ratio of 53.48. The firm’s 50-day simple moving average is $337.02 and its 200 day simple moving average is $324.45.

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

GE Vernova announced that its Board of Directors has initiated a share repurchase plan on Tuesday, December 10th that authorizes the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 6.7% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is 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.