Cullen Capital Management LLC Reduces Stake in GE Vernova Inc. (NYSE:GEV)

Cullen Capital Management LLC lessened its position in shares of GE Vernova Inc. (NYSE:GEV) by 2.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,600 shares of the company’s stock after selling 37 shares during the quarter. Cullen Capital Management LLC’s holdings in GE Vernova were worth $526,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the company. Norges Bank purchased a new stake in shares of GE Vernova during the 4th quarter valued at about $1,109,720,000. Massachusetts Financial Services Co. MA increased its holdings in GE Vernova by 1,638.5% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,314,288 shares of the company’s stock valued at $432,309,000 after buying an additional 1,238,690 shares during the last quarter. Raymond James Financial Inc. bought a new position in GE Vernova in the fourth quarter worth approximately $219,187,000. Arrowstreet Capital Limited Partnership raised its position in GE Vernova by 555.2% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 569,738 shares of the company’s stock worth $187,404,000 after acquiring an additional 482,787 shares during the period. Finally, Assenagon Asset Management S.A. boosted its stake in shares of GE Vernova by 284.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 617,559 shares of the company’s stock worth $203,134,000 after acquiring an additional 456,879 shares during the last quarter.

GE Vernova Stock Down 8.8 %

NYSE GEV opened at $271.40 on Friday. GE Vernova Inc. has a 52 week low of $125.86 and a 52 week high of $447.50. The firm has a market capitalization of $74.19 billion and a price-to-earnings ratio of 48.81. The company has a fifty day moving average of $334.07 and a two-hundred day moving average of $325.35.

GE Vernova (NYSE:GEV) last released 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). GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. The firm had revenue of $10.56 billion for the quarter, compared to analysts’ expectations of $10.70 billion. The firm’s revenue was up 5.1% on a year-over-year basis. Equities research analysts anticipate that GE Vernova Inc. will post 6.59 EPS for the current year.

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

Analyst Ratings Changes

A number of brokerages recently commented on GEV. BMO Capital Markets decreased their target price on GE Vernova from $471.00 to $420.00 and set an “outperform” rating on the stock in a report on Monday, March 3rd. Truist Financial set a $440.00 price objective on GE Vernova in a research report on Thursday, March 27th. Marathon Capitl upgraded GE Vernova to a “strong-buy” rating in a research note on Friday, January 31st. Guggenheim raised shares of GE Vernova from a “neutral” rating to a “buy” rating and set a $380.00 price target on the stock in a report on Wednesday, March 5th. Finally, Johnson Rice assumed coverage on shares of GE Vernova in a research note on Friday, February 7th. They issued a “buy” rating and a $425.00 price objective for the company. Seven investment analysts have rated the stock with a hold rating, twenty-three have given a buy rating and four have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus 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.