Maryland State Retirement & Pension System Lowers Position in GE Vernova Inc. (NYSE:GEV)

Maryland State Retirement & Pension System lowered its position in shares of GE Vernova Inc. (NYSE:GEV - Free Report) by 5.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 14,700 shares of the company's stock after selling 899 shares during the period. Maryland State Retirement & Pension System's holdings in GE Vernova were worth $4,835,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Cedar Mountain Advisors LLC increased its position in GE Vernova by 102.6% during the 4th quarter. Cedar Mountain Advisors LLC now owns 77 shares of the company's stock worth $25,000 after buying an additional 39 shares during the period. Fairway Wealth LLC grew its stake in shares of GE Vernova by 220.0% in the fourth quarter. Fairway Wealth LLC now owns 80 shares of the company's stock valued at $26,000 after acquiring an additional 55 shares in the last quarter. Pineridge Advisors LLC increased its position in GE Vernova by 530.8% during the fourth quarter. Pineridge Advisors LLC now owns 82 shares of the company's stock worth $27,000 after acquiring an additional 69 shares during the period. Darwin Wealth Management LLC acquired a new stake in GE Vernova in the 3rd quarter worth about $31,000. Finally, Prestige Wealth Management Group LLC boosted its holdings in GE Vernova by 175.0% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 121 shares of the company's stock valued at $31,000 after purchasing an additional 77 shares during the period.

GE Vernova Price Performance

Shares of GE Vernova stock traded up $10.11 during midday trading on Monday, reaching $343.98. The company had a trading volume of 3,140,099 shares, compared to its average volume of 3,518,319. The stock has a fifty day moving average price of $352.15 and a 200 day moving average price of $319.15. GE Vernova Inc. has a fifty-two week low of $119.00 and a fifty-two week high of $447.50. The firm has a market cap of $94.91 billion and a PE ratio of 61.87.

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GE Vernova (NYSE:GEV - Get Free Report) last issued its quarterly 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). GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. The business had revenue of $10.56 billion for the quarter, compared to analyst estimates of $10.70 billion. The company's quarterly revenue was up 5.1% on a year-over-year basis. As a group, sell-side analysts forecast that GE Vernova Inc. will post 6.59 EPS for the current year.

GE Vernova declared that its Board of Directors has authorized a stock buyback plan on Tuesday, December 10th that allows the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization allows the company to buy up to 6.7% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on GEV. Barclays lowered their target price on shares of GE Vernova from $487.00 to $427.00 and set an "overweight" rating on the stock in a report on Monday, March 3rd. Robert W. Baird initiated coverage on GE Vernova in a research report on Thursday, February 13th. They set an "outperform" rating and a $448.00 target price for the company. William Blair reissued an "outperform" rating on shares of GE Vernova in a report on Thursday, January 23rd. CICC Research assumed coverage on GE Vernova in a research note on Wednesday, February 19th. They issued an "outperform" rating for the company. Finally, JPMorgan Chase & Co. increased their price objective on shares of GE Vernova from $374.00 to $436.00 and gave the stock an "overweight" rating in a research note on Thursday, January 23rd. Seven equities research 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 company's stock. Based on data from MarketBeat.com, GE Vernova currently has a consensus rating of "Moderate Buy" and an average target price of $348.72.

GE Vernova Company 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.