Mystic Asset Management Inc. Makes New Investment in GE Vernova Inc. (NYSE:GEV)

Mystic Asset Management Inc. acquired a new position in shares of GE Vernova Inc. (NYSE:GEV) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 1,177 shares of the company’s stock, valued at approximately $387,000.

Several other institutional investors also recently bought and sold shares of GEV. Mountaineer Partners Management LLC purchased a new stake in GE Vernova during the third quarter worth approximately $2,507,296,000. Raymond James Financial Inc. purchased a new stake in GE Vernova during the fourth quarter worth approximately $219,187,000. FMR LLC grew its stake in GE Vernova by 2.5% during the third 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 during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in GE Vernova by 34.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,812,192 shares of the company’s stock worth $462,073,000 after buying an additional 460,834 shares during the period. Finally, Assenagon Asset Management S.A. grew its stake in GE Vernova by 284.3% during the fourth quarter. Assenagon Asset Management S.A. now owns 617,559 shares of the company’s stock worth $203,134,000 after buying an additional 456,879 shares during the period.

Analyst Upgrades and Downgrades

Several research firms have issued reports on GEV. Marathon Capitl upgraded shares of GE Vernova to a “strong-buy” rating in a research note on Friday, January 31st. Jefferies Financial Group upped their target price on shares of GE Vernova from $348.00 to $391.00 and gave the company a “buy” rating in a research note on Friday, December 13th. TD Cowen initiated coverage on shares of GE Vernova in a research note on Thursday, December 5th. They issued a “buy” rating and a $400.00 target price for the company. CICC Research initiated coverage on shares of GE Vernova in a research note on Wednesday, February 19th. They issued an “outperform” rating for the company. Finally, JPMorgan Chase & Co. upped their target price on shares of GE Vernova from $374.00 to $436.00 and gave the company an “overweight” rating in a research note on Thursday, January 23rd. 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. Based on data from MarketBeat.com, GE Vernova presently has an average rating of “Moderate Buy” and an average price target of $348.72.

GE Vernova Stock Down 4.0 %

Shares of GEV stock opened at $318.64 on Wednesday. GE Vernova Inc. has a 12 month low of $119.00 and a 12 month high of $447.50. The business’s 50 day moving average is $354.04 and its two-hundred day moving average is $316.24. The company has a market cap of $87.91 billion and a PE ratio of 57.31.

GE Vernova (NYSE:GEV) last announced its quarterly earnings data on Wednesday, January 22nd. The company reported $1.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.30 by ($0.57). The company had revenue of $10.56 billion during the quarter, compared to analyst estimates of $10.70 billion. GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. The business’s revenue for the quarter was up 5.1% compared to the same quarter last year. As a group, equities analysts expect that GE Vernova Inc. will post 6.59 EPS for the current fiscal year.

GE Vernova announced that its Board of Directors has initiated a stock repurchase program on Tuesday, December 10th that authorizes the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization authorizes the company to buy up to 6.7% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

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.