Ascent Capital Management LLC Takes $202,000 Position in GE Vernova Inc. (NYSE:GEV)

Ascent Capital Management LLC purchased a new position in GE Vernova Inc. (NYSE:GEV) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 615 shares of the company’s stock, valued at approximately $202,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Howard Capital Management Group LLC bought a new position in GE Vernova in the third quarter worth about $213,000. Atria Investments Inc grew its holdings in shares of GE Vernova by 127.0% during the 3rd quarter. Atria Investments Inc now owns 5,088 shares of the company’s stock worth $1,297,000 after acquiring an additional 2,847 shares during the period. Covestor Ltd grew its holdings in shares of GE Vernova by 61.3% during the 3rd quarter. Covestor Ltd now owns 121 shares of the company’s stock worth $31,000 after acquiring an additional 46 shares during the period. Harbour Investments Inc. raised its position in shares of GE Vernova by 5.1% in the 3rd quarter. Harbour Investments Inc. now owns 2,306 shares of the company’s stock worth $588,000 after acquiring an additional 111 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. purchased a new position in shares of GE Vernova in the 3rd quarter valued at approximately $758,000.

Wall Street Analyst Weigh In

GEV has been the topic of several recent research reports. Barclays reduced 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. Citigroup increased their price target on shares of GE Vernova from $361.00 to $437.00 and gave the stock a “neutral” rating in a research note on Thursday, January 23rd. BMO Capital Markets dropped 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 note on Monday, March 3rd. Bank of America upped their price objective on shares of GE Vernova from $380.00 to $415.00 and gave the stock a “buy” rating in a report on Tuesday, January 14th. Finally, TD Cowen assumed coverage on shares of GE Vernova in a report on Thursday, December 5th. They set a “buy” rating and a $400.00 target price for the company. Seven equities research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat, GE Vernova presently has an average rating of “Moderate Buy” and a consensus target price of $349.02.

GE Vernova Price Performance

Shares of GEV opened at $313.76 on Friday. The firm has a market capitalization of $86.57 billion and a P/E ratio of 56.43. GE Vernova Inc. has a one year low of $119.00 and a one year high of $447.50. The business has a fifty day moving average of $355.75 and a 200 day moving average of $313.51.

GE Vernova (NYSE:GEV) last released 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). 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 the consensus estimate of $10.70 billion. The business’s quarterly revenue was up 5.1% on a year-over-year basis. Analysts expect that GE Vernova Inc. will post 6.59 EPS for the current fiscal year.

GE Vernova declared that its board has authorized a stock buyback program 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 stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

GE Vernova 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.