Envestnet Portfolio Solutions Inc. lessened its stake in GE Vernova Inc. (NYSE:GEV - Free Report) by 13.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,310 shares of the company's stock after selling 1,651 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in GE Vernova were worth $3,391,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. FMR LLC grew its stake in GE Vernova by 2.5% in the 3rd quarter. FMR LLC now owns 24,047,678 shares of the company's stock worth $6,131,677,000 after buying an additional 584,208 shares in the last quarter. State Street Corp boosted its stake in shares of GE Vernova by 1.1% in the 3rd quarter. State Street Corp now owns 10,434,917 shares of the company's stock valued at $2,660,695,000 after purchasing an additional 118,184 shares in the last quarter. Mountaineer Partners Management LLC purchased a new stake in shares of GE Vernova in the 3rd quarter valued at $2,507,296,000. Geode Capital Management LLC boosted its stake in shares of GE Vernova by 1.5% in the 3rd 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. Finally, Franklin Resources Inc. boosted its stake in shares of GE Vernova by 3.7% in the 3rd quarter. Franklin Resources Inc. now owns 1,978,691 shares of the company's stock valued at $533,257,000 after purchasing an additional 71,067 shares in the last quarter.
Wall Street Analysts Forecast Growth
A number of brokerages have recently issued reports on GEV. The Goldman Sachs Group upped their price objective on shares of GE Vernova from $446.00 to $500.00 and gave the company a "buy" rating in a research note on Friday, January 24th. Wolfe Research began coverage on shares of GE Vernova in a research note on Wednesday, December 4th. They issued an "outperform" rating and a $403.00 price objective for the company. Evercore ISI upped their price objective on shares of GE Vernova from $385.00 to $390.00 and gave the company an "outperform" rating in a research note on Wednesday, December 11th. CICC Research started coverage on shares of GE Vernova in a report on Wednesday, February 19th. They set an "outperform" rating for the company. Finally, Barclays lowered their price target on shares of GE Vernova from $487.00 to $427.00 and set an "overweight" rating for the company in a report on Monday, March 3rd. Seven investment 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, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $348.72.
Read Our Latest Research Report on GEV
GE Vernova Stock Down 0.8 %
Shares of NYSE:GEV traded down $2.62 during midday trading on Friday, reaching $334.21. The company's stock had a trading volume of 3,010,670 shares, compared to its average volume of 3,519,873. The firm has a 50 day moving average of $352.15 and a 200-day moving average of $318.32. The firm has a market capitalization of $92.21 billion and a P/E ratio of 60.11. 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 released 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 analysts' expectations of $10.70 billion. GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. The firm's revenue was up 5.1% on a year-over-year basis. On average, research analysts predict that GE Vernova Inc. will post 6.59 EPS for the current year.
GE Vernova announced that its board has authorized a share buyback program on Tuesday, December 10th that allows the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization allows the company to repurchase up to 6.7% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's board of directors believes its shares are undervalued.
About GE Vernova
(
Free Report)
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.
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