Wealthfront Advisers LLC Grows Stock Holdings in GE Vernova Inc. (NYSE:GEV)

Wealthfront Advisers LLC grew its holdings in shares of GE Vernova Inc. (NYSE:GEV) by 68.4% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 37,028 shares of the company’s stock after buying an additional 15,037 shares during the period. Wealthfront Advisers LLC’s holdings in GE Vernova were worth $12,180,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Armstrong Advisory Group Inc. boosted its holdings in GE Vernova by 3.5% in the 4th quarter. Armstrong Advisory Group Inc. now owns 798 shares of the company’s stock valued at $262,000 after purchasing an additional 27 shares in the last quarter. Hengehold Capital Management LLC grew its stake in shares of GE Vernova by 2.4% during the fourth quarter. Hengehold Capital Management LLC now owns 1,231 shares of the company’s stock valued at $405,000 after acquiring an additional 29 shares in the last quarter. AdvisorNet Financial Inc grew its stake in GE Vernova by 1.6% in the fourth quarter. AdvisorNet Financial Inc now owns 1,859 shares of the company’s stock worth $611,000 after purchasing an additional 30 shares in the last quarter. Mutual Advisors LLC boosted its stake in GE Vernova by 1.2% in the fourth quarter. Mutual Advisors LLC now owns 2,701 shares of the company’s stock valued at $888,000 after acquiring an additional 31 shares during the period. Finally, WASHINGTON TRUST Co raised its holdings in shares of GE Vernova by 1.9% during the fourth quarter. WASHINGTON TRUST Co now owns 1,702 shares of the company’s stock valued at $560,000 after buying an additional 31 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on GEV shares. Truist Financial lifted their price objective on shares of GE Vernova from $420.00 to $470.00 and gave the stock a “buy” rating in a research report on Thursday, January 23rd. Bank of America increased their price objective on shares of GE Vernova from $380.00 to $415.00 and gave the company a “buy” rating in a report on Tuesday, January 14th. Wells Fargo & Company increased their price objective on shares of GE Vernova from $385.00 to $411.00 and gave the stock an “overweight” rating in a research report on Friday, December 13th. New Street Research set a $380.00 price objective on GE Vernova in a report on Wednesday, March 5th. Finally, Johnson Rice started coverage on GE Vernova in a research note on Friday, February 7th. They set a “buy” rating and a $425.00 target price for the company. Seven analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and four have assigned a strong buy rating to the company. According to MarketBeat.com, GE Vernova has a consensus rating of “Moderate Buy” and an average target price of $349.02.

GE Vernova Stock Up 5.0 %

Shares of NYSE GEV opened at $283.52 on Wednesday. The firm’s 50-day simple moving average is $357.93 and its 200 day simple moving average is $311.88. The stock has a market cap of $78.22 billion and a P/E ratio of 50.99. 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) 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). The company had revenue of $10.56 billion during the quarter, compared to analysts’ expectations of $10.70 billion. GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. GE Vernova’s quarterly revenue was up 5.1% on a year-over-year basis. On average, sell-side analysts anticipate that GE Vernova Inc. will post 6.59 earnings per share for the current fiscal year.

GE Vernova announced that its Board of Directors has authorized a share repurchase plan on Tuesday, December 10th that authorizes the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 6.7% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors 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.