GE Vernova Inc. (NYSE:GEV) Shares Bought by Columbia Asset Management

Columbia Asset Management lifted its holdings in shares of GE Vernova Inc. (NYSE:GEV) by 5.0% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 924 shares of the company’s stock after purchasing an additional 44 shares during the quarter. Columbia Asset Management’s holdings in GE Vernova were worth $304,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the business. Mountaineer Partners Management LLC acquired a new position in shares of GE Vernova in the third quarter worth $2,507,296,000. Norges Bank purchased a new position in GE Vernova in the fourth quarter valued at $1,109,720,000. Massachusetts Financial Services Co. MA grew its stake 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 purchasing an additional 1,238,690 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in GE Vernova during the 4th quarter worth about $219,187,000. Finally, Arrowstreet Capital Limited Partnership increased its stake in shares of GE Vernova by 555.2% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 569,738 shares of the company’s stock worth $187,404,000 after buying an additional 482,787 shares during the period.

Analysts Set New Price Targets

Several research analysts have commented on the stock. BMO Capital Markets lowered their price target on shares of GE Vernova from $471.00 to $420.00 and set an “outperform” rating for the company in a report on Monday, March 3rd. Robert W. Baird began coverage on GE Vernova in a report on Thursday, February 13th. They issued an “outperform” rating and a $448.00 target price on the stock. Wells Fargo & Company lifted their price target on GE Vernova from $385.00 to $411.00 and gave the stock an “overweight” rating in a report on Friday, December 13th. New Street Research set a $380.00 price objective on GE Vernova in a report on Wednesday, March 5th. Finally, Truist Financial boosted their target price on GE Vernova from $420.00 to $470.00 and gave the stock a “buy” rating in a research note on Thursday, January 23rd. Seven investment 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. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $349.54.

GE Vernova Stock Up 3.4 %

Shares of NYSE:GEV opened at $315.55 on Wednesday. GE Vernova Inc. has a 52 week low of $119.00 and a 52 week high of $447.50. The company has a 50-day moving average price of $341.74 and a 200 day moving average price of $324.60. The company has a market cap of $87.06 billion and a P/E ratio of 56.75.

GE Vernova (NYSE:GEV) last posted its quarterly earnings results 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 business had revenue of $10.56 billion during the quarter, compared to analysts’ expectations of $10.70 billion. GE Vernova had a net margin of 4.44% and a return on equity of 6.70%. The business’s revenue was up 5.1% compared to the same quarter last year. Analysts expect that GE Vernova Inc. will post 6.59 EPS for the current year.

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

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.