Allstate Corp Purchases New Position in GE Vernova Inc. (NYSE:GEV)

Allstate Corp bought a new position in shares of GE Vernova Inc. (NYSE:GEV - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund bought 8,171 shares of the company's stock, valued at approximately $2,688,000.

A number of other large investors have also modified their holdings of GEV. State Street Corp grew its stake in GE Vernova by 1.1% during the 3rd quarter. State Street Corp now owns 10,434,917 shares of the company's stock valued at $2,660,695,000 after acquiring an additional 118,184 shares in the last quarter. Mountaineer Partners Management LLC acquired a new position in shares of GE Vernova during the 3rd quarter worth approximately $2,507,296,000. Geode Capital Management LLC grew its position in shares of GE Vernova by 1.5% in the third quarter. Geode Capital Management LLC now owns 5,594,223 shares of the company's stock valued at $1,420,763,000 after purchasing an additional 80,479 shares in the last quarter. Norges Bank acquired a new stake in shares of GE Vernova in the fourth quarter valued at approximately $1,109,720,000. Finally, Franklin Resources Inc. lifted its position in GE Vernova by 3.7% during the third quarter. Franklin Resources Inc. now owns 1,978,691 shares of the company's stock worth $533,257,000 after buying an additional 71,067 shares in the last quarter.

Analysts Set New Price Targets

A number of analysts have issued reports on GEV shares. Truist Financial raised 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. New Street Research set a $380.00 target price on shares of GE Vernova in a research note on Wednesday, March 5th. BMO Capital Markets dropped their price target on shares of GE Vernova from $471.00 to $420.00 and set an "outperform" rating for the company in a research note on Monday, March 3rd. Royal Bank of Canada cut their price target on shares of GE Vernova from $453.00 to $445.00 and set an "outperform" rating for the company in a report on Tuesday, March 18th. Finally, Baird R W raised GE Vernova to a "strong-buy" rating in a research note on Thursday, February 13th. Seven analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $349.54.

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GE Vernova Price Performance

Shares of GEV stock traded up $2.99 during trading hours on Monday, reaching $305.92. 4,676,277 shares of the stock were exchanged, compared to its average volume of 3,596,119. The business's fifty day moving average is $345.68 and its two-hundred day moving average is $323.33. The firm has a market capitalization of $84.40 billion and a P/E ratio of 55.02. GE Vernova Inc. has a 12-month low of $119.00 and a 12-month high of $447.50.

GE Vernova (NYSE:GEV - Get Free Report) last announced its quarterly earnings data on Wednesday, January 22nd. The company reported $1.73 EPS for the quarter, missing analysts' consensus estimates of $2.30 by ($0.57). The firm 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%. GE Vernova's revenue was up 5.1% on a year-over-year basis. As a group, equities research analysts predict that GE Vernova Inc. will post 6.59 earnings per share for the current fiscal 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 purchase up to 6.7% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board of directors believes its shares are 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.