Independent Advisor Alliance increased its stake in GE Vernova Inc. (NYSE:GEV - Free Report) by 63.8% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 8,312 shares of the company's stock after purchasing an additional 3,237 shares during the period. Independent Advisor Alliance's holdings in GE Vernova were worth $2,734,000 as of its most recent filing with the SEC.
Other hedge funds also recently modified their holdings of the company. Cedar Mountain Advisors LLC increased its position in shares of GE Vernova by 102.6% in the fourth quarter. Cedar Mountain Advisors LLC now owns 77 shares of the company's stock worth $25,000 after purchasing an additional 39 shares during the period. Pineridge Advisors LLC boosted its stake in GE Vernova by 530.8% in the fourth quarter. Pineridge Advisors LLC now owns 82 shares of the company's stock valued at $27,000 after buying an additional 69 shares in the last quarter. Asset Planning Inc acquired a new stake in GE Vernova in the fourth quarter valued at about $35,000. Riggs Asset Managment Co. Inc. boosted its stake in GE Vernova by 93.4% in the fourth quarter. Riggs Asset Managment Co. Inc. now owns 118 shares of the company's stock valued at $39,000 after buying an additional 57 shares in the last quarter. Finally, Covestor Ltd boosted its stake in GE Vernova by 61.3% in the third quarter. Covestor Ltd now owns 121 shares of the company's stock valued at $31,000 after buying an additional 46 shares in the last quarter.
Analysts Set New Price Targets
GEV has been the topic of several research analyst reports. Jefferies Financial Group raised their price objective on GE Vernova from $348.00 to $391.00 and gave the company a "buy" rating in a research note on Friday, December 13th. The Goldman Sachs Group raised their price objective on GE Vernova from $446.00 to $500.00 and gave the company a "buy" rating in a research note on Friday, January 24th. BMO Capital Markets reduced their price objective on GE Vernova from $471.00 to $420.00 and set an "outperform" rating on the stock in a research note on Monday, March 3rd. TD Cowen initiated coverage on GE Vernova in a research note on Thursday, December 5th. They issued a "buy" rating and a $400.00 price objective on the stock. Finally, Johnson Rice assumed coverage on GE Vernova in a research note on Friday, February 7th. They issued a "buy" rating and a $425.00 price objective on the stock. Seven research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and four have assigned a strong buy rating to the company. According to MarketBeat.com, GE Vernova presently has an average rating of "Moderate Buy" and an average target price of $349.02.
View Our Latest Stock Analysis on GE Vernova
GE Vernova Stock Performance
Shares of GEV stock opened at $298.72 on Thursday. The company has a market cap of $82.42 billion and a P/E ratio of 53.73. The stock has a 50 day simple moving average of $357.33 and a two-hundred day simple moving average of $311.79. GE Vernova Inc. has a fifty-two week low of $115.00 and a fifty-two week high of $447.50.
GE Vernova (NYSE:GEV - Get Free Report) last issued 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 the consensus estimate of $10.70 billion. GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. The company's quarterly revenue was up 5.1% compared to the same quarter last year. On average, research analysts predict that GE Vernova Inc. will post 6.59 earnings per share for the current year.
GE Vernova announced that its board has approved a stock buyback plan on Tuesday, December 10th that permits the company to buyback $6.00 billion in shares. This buyback authorization permits the company to buy up to 6.7% of its stock through open market purchases. Stock buyback plans are usually an indication that the company's leadership believes its stock is undervalued.
GE Vernova Profile
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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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