Westpac Banking Corp Has $1.35 Million Holdings in GE Vernova Inc. (NYSE:GEV)

Westpac Banking Corp grew its holdings in GE Vernova Inc. (NYSE:GEV - Free Report) by 378.6% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,102 shares of the company's stock after acquiring an additional 3,245 shares during the period. Westpac Banking Corp's holdings in GE Vernova were worth $1,349,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. Nicolet Advisory Services LLC increased its holdings in shares of GE Vernova by 3.9% during the 4th quarter. Nicolet Advisory Services LLC now owns 1,023 shares of the company's stock valued at $336,000 after acquiring an additional 38 shares during the last quarter. Disciplined Investors L.L.C. bought a new stake in GE Vernova during the fourth quarter worth approximately $582,000. OneAscent Financial Services LLC boosted its position in GE Vernova by 55.3% during the fourth quarter. OneAscent Financial Services LLC now owns 1,691 shares of the company's stock worth $556,000 after purchasing an additional 602 shares during the period. Private Portfolio Partners LLC acquired a new position in GE Vernova during the fourth quarter valued at approximately $246,000. Finally, Columbia Asset Management raised its position in shares of GE Vernova by 5.0% in the fourth quarter. Columbia Asset Management now owns 924 shares of the company's stock valued at $304,000 after purchasing an additional 44 shares during the period.

GE Vernova Stock Performance

Shares of NYSE:GEV traded down $26.26 on Friday, hitting $271.40. The stock had a trading volume of 8,093,637 shares, compared to its average volume of 3,503,208. The firm's 50 day moving average price is $334.07 and its 200-day moving average price is $324.74. GE Vernova Inc. has a twelve month low of $119.00 and a twelve month high of $447.50. The company has a market capitalization of $74.19 billion and a price-to-earnings ratio of 48.81.

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GE Vernova (NYSE:GEV - Get Free Report) last released its quarterly earnings results 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 analyst estimates 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 was up 5.1% compared to the same quarter last year. As a group, sell-side analysts predict that GE Vernova Inc. will post 6.59 EPS for the current year.

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

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on GEV shares. The Goldman Sachs Group raised their target price 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. Evercore ISI raised their price target on GE Vernova from $385.00 to $390.00 and gave the company an "outperform" rating in a research report on Wednesday, December 11th. Wells Fargo & Company lifted their price objective on GE Vernova from $385.00 to $411.00 and gave the stock an "overweight" rating in a research note on Friday, December 13th. Jefferies Financial Group increased their target price on GE Vernova from $391.00 to $413.00 and gave the company a "buy" rating in a research note on Thursday, March 27th. Finally, Bank of America lifted their price target on GE Vernova from $380.00 to $415.00 and gave the stock a "buy" rating in a research report on Tuesday, January 14th. Seven equities research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and four have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $349.20.

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.