Advisors Asset Management Inc. Boosts Stake in GE Vernova Inc. (NYSE:GEV)

Advisors Asset Management Inc. grew its stake in GE Vernova Inc. (NYSE:GEV - Free Report) by 40.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 18,681 shares of the company's stock after purchasing an additional 5,333 shares during the period. Advisors Asset Management Inc.'s holdings in GE Vernova were worth $6,145,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. PDS Planning Inc lifted its position in GE Vernova by 3.9% in the fourth quarter. PDS Planning Inc now owns 1,564 shares of the company's stock valued at $514,000 after purchasing an additional 58 shares during the period. Retirement Planning Co of New England Inc. purchased a new position in shares of GE Vernova during the 4th quarter worth approximately $230,000. Mystic Asset Management Inc. acquired a new stake in shares of GE Vernova in the 4th quarter valued at approximately $387,000. Dopkins Wealth Management LLC purchased a new stake in shares of GE Vernova in the fourth quarter valued at approximately $210,000. Finally, Axxcess Wealth Management LLC grew its holdings in GE Vernova by 111.0% during the fourth quarter. Axxcess Wealth Management LLC now owns 4,036 shares of the company's stock worth $1,328,000 after acquiring an additional 2,123 shares during the period.

GE Vernova Stock Up 3.0 %

Shares of NYSE:GEV traded up $10.11 during midday trading on Monday, reaching $343.98. The company's stock had a trading volume of 3,140,099 shares, compared to its average volume of 3,518,318. The firm has a market cap of $94.91 billion and a price-to-earnings ratio of 61.87. The business has a 50 day moving average price of $352.15 and a 200 day moving average price of $319.15. GE Vernova Inc. has a 1 year low of $119.00 and a 1 year high of $447.50.

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GE Vernova (NYSE:GEV - Get Free Report) last posted its quarterly earnings results on Wednesday, January 22nd. The company reported $1.73 EPS for the quarter, missing the consensus estimate 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 for the quarter was up 5.1% on a year-over-year basis. Sell-side analysts anticipate that GE Vernova Inc. will post 6.59 earnings per share for the current fiscal year.

GE Vernova declared that its board has authorized a share buyback program on Tuesday, December 10th that authorizes the company to buyback $6.00 billion in outstanding shares. This buyback authorization authorizes the company to buy up to 6.7% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's leadership believes its stock is undervalued.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Bank of America raised their target price on GE Vernova from $380.00 to $415.00 and gave the company a "buy" rating in a report on Tuesday, January 14th. Citigroup raised their price objective on shares of GE Vernova from $361.00 to $437.00 and gave the company a "neutral" rating in a research note on Thursday, January 23rd. Baird R W raised shares of GE Vernova to a "strong-buy" rating in a report on Thursday, February 13th. New Street Research set a $380.00 target price on shares of GE Vernova in a report on Wednesday, March 5th. Finally, Guggenheim upgraded shares of GE Vernova from a "neutral" rating to a "buy" rating and set a $380.00 price target for the company in a research report on Wednesday, March 5th. Seven research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and four have issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $348.72.

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.