Prudential Financial Inc. Trims Position in GE Vernova Inc. (NYSE:GEV)

Prudential Financial Inc. decreased its position in shares of GE Vernova Inc. (NYSE:GEV) by 12.9% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 166,577 shares of the company’s stock after selling 24,604 shares during the quarter. Prudential Financial Inc. owned approximately 0.06% of GE Vernova worth $54,792,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of GEV. Sheets Smith Investment Management purchased a new position in shares of GE Vernova in the fourth quarter valued at about $1,478,000. Corebridge Financial Inc. lifted its holdings in GE Vernova by 1.5% in the 4th quarter. Corebridge Financial Inc. now owns 67,943 shares of the company’s stock worth $22,348,000 after purchasing an additional 992 shares in the last quarter. Congress Wealth Management LLC DE lifted its holdings in GE Vernova by 32.7% in the 4th quarter. Congress Wealth Management LLC DE now owns 2,608 shares of the company’s stock worth $858,000 after purchasing an additional 642 shares in the last quarter. Crowley Wealth Management Inc. bought a new position in GE Vernova in the 4th quarter worth approximately $47,000. Finally, Optimum Investment Advisors grew its holdings in GE Vernova by 13.5% during the 4th quarter. Optimum Investment Advisors now owns 1,347 shares of the company’s stock valued at $443,000 after buying an additional 160 shares in the last quarter.

GE Vernova Trading Up 3.0 %

NYSE GEV opened at $343.98 on Tuesday. GE Vernova Inc. has a 12 month low of $119.00 and a 12 month high of $447.50. The company’s 50-day moving average price is $351.71 and its 200-day moving average price is $320.18. The stock has a market cap of $94.91 billion and a PE ratio of 61.87.

GE Vernova (NYSE:GEV) last issued its 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). 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 for the quarter, compared to analysts’ expectations of $10.70 billion. The firm’s revenue was up 5.1% compared to the same quarter last year. As a group, sell-side analysts forecast that GE Vernova Inc. will post 6.59 earnings per share for the current year.

GE Vernova announced that its Board of Directors has authorized a stock buyback program on Tuesday, December 10th that permits the company to repurchase $6.00 billion in shares. This repurchase authorization permits the company to purchase up to 6.7% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on GEV. Citigroup upped their target price on shares of GE Vernova from $361.00 to $437.00 and gave the stock a “neutral” rating in a research report on Thursday, January 23rd. BMO Capital Markets dropped their price objective on shares of GE Vernova from $471.00 to $420.00 and set an “outperform” rating for the company in a report on Monday, March 3rd. CICC Research initiated coverage on GE Vernova in a report on Wednesday, February 19th. They issued an “outperform” rating on the stock. Wells Fargo & Company increased their price target on GE Vernova from $385.00 to $411.00 and gave the company an “overweight” rating in a research note on Friday, December 13th. Finally, Royal Bank of Canada reduced their price objective on GE Vernova from $453.00 to $445.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 18th. 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’s stock. Based on data from MarketBeat, the stock presently has an average 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.