3,373,728 Shares in GE Vernova Inc. (NYSE:GEV) Purchased by Norges Bank

Norges Bank purchased a new stake in GE Vernova Inc. (NYSE:GEV - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 3,373,728 shares of the company's stock, valued at approximately $1,109,720,000. Norges Bank owned 1.22% of GE Vernova as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in GEV. Mountaineer Partners Management LLC bought a new position in shares of GE Vernova in the 3rd quarter valued at about $2,507,296,000. Raymond James Financial Inc. acquired a new position in GE Vernova during the fourth quarter valued at approximately $219,187,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in GE Vernova by 34.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,812,192 shares of the company's stock valued at $462,073,000 after purchasing an additional 460,834 shares in the last quarter. Assenagon Asset Management S.A. increased its position 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 purchasing an additional 456,879 shares during the last quarter. Finally, Artisan Partners Limited Partnership raised its stake in shares of GE Vernova by 108.8% during the 4th quarter. Artisan Partners Limited Partnership now owns 699,942 shares of the company's stock worth $230,232,000 after purchasing an additional 364,717 shares in the last quarter.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on GEV. Robert W. Baird initiated coverage on shares of GE Vernova in a research note on Thursday, February 13th. They set an "outperform" rating and a $448.00 target price for the company. New Street Research set a $380.00 price target on GE Vernova in a report on Wednesday, March 5th. William Blair restated an "outperform" rating on shares of GE Vernova in a research note on Thursday, January 23rd. Guggenheim upgraded GE Vernova from a "neutral" rating to a "buy" rating and set a $380.00 price objective on the stock in a research report on Wednesday, March 5th. Finally, Wolfe Research started coverage on shares of GE Vernova in a research report on Wednesday, December 4th. They issued an "outperform" rating and a $403.00 target price for the company. Seven equities research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat.com, GE Vernova presently has a consensus rating of "Moderate Buy" and an average target price of $349.54.

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GE Vernova Stock Up 1.0 %

Shares of GEV opened at $305.92 on Tuesday. The business's fifty day moving average is $343.76 and its 200 day moving average is $323.97. GE Vernova Inc. has a 12-month low of $119.00 and a 12-month high of $447.50. The stock has a market cap of $84.40 billion and a P/E ratio of 55.02.

GE Vernova (NYSE:GEV - Get Free Report) last posted its 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 analyst estimates of $10.70 billion. GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. The business's revenue was up 5.1% on a year-over-year basis. On average, analysts expect that GE Vernova Inc. will post 6.59 EPS for the current year.

GE Vernova announced that its Board of Directors has approved a share buyback plan 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 plans are typically a sign that the company's management believes its stock is 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.