Mitsubishi UFJ Asset Management Co. Ltd. Acquires 35,164 Shares of GE Vernova Inc. (NYSE:GEV)

Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in GE Vernova Inc. (NYSE:GEV) by 8.8% in the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 436,578 shares of the company’s stock after buying an additional 35,164 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.16% of GE Vernova worth $154,562,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. State Street Corp boosted its holdings in shares of GE Vernova by 1.1% during the 3rd quarter. State Street Corp now owns 10,434,917 shares of the company’s stock valued at $2,660,695,000 after acquiring an additional 118,184 shares during the last quarter. Mountaineer Partners Management LLC bought a new stake in GE Vernova in the 3rd quarter worth approximately $2,507,296,000. Geode Capital Management LLC raised its stake in GE Vernova by 1.5% during 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 buying an additional 80,479 shares during the last quarter. Franklin Resources Inc. lifted its holdings in shares of GE Vernova by 3.7% during the 3rd quarter. Franklin Resources Inc. now owns 1,978,691 shares of the company’s stock valued at $533,257,000 after buying an additional 71,067 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of GE Vernova by 34.1% in 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 acquiring an additional 460,834 shares during the period.

GE Vernova Stock Down 4.6 %

Shares of NYSE:GEV opened at $303.10 on Friday. The firm has a fifty day simple moving average of $347.66 and a two-hundred day simple moving average of $320.99. GE Vernova Inc. has a 52 week low of $119.00 and a 52 week high of $447.50. The stock has a market capitalization of $83.63 billion and a P/E ratio of 54.51.

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

GE Vernova declared that its board has approved a stock repurchase program on Tuesday, December 10th that permits the company to buyback $6.00 billion in shares. This buyback authorization permits the company to repurchase up to 6.7% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

GEV has been the topic of several research reports. Wells Fargo & Company raised their target price on GE Vernova from $385.00 to $411.00 and gave the stock an “overweight” rating in a research report on Friday, December 13th. BMO Capital Markets cut their target price on shares of GE Vernova from $471.00 to $420.00 and set an “outperform” rating for the company in a research report on Monday, March 3rd. Johnson Rice started coverage on shares of GE Vernova in a research report on Friday, February 7th. They issued a “buy” rating and a $425.00 price target on the stock. TD Cowen assumed coverage on GE Vernova in a research note on Thursday, December 5th. They issued a “buy” rating and a $400.00 price objective for the company. Finally, 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 on the stock. Seven investment analysts have rated the stock with a hold rating, twenty-two have given a buy rating and four have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $349.54.

About GE Vernova

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.