Allianz SE Buys New Shares in GE Vernova Inc. (NYSE:GEV)

Allianz SE acquired a new stake in GE Vernova Inc. (NYSE:GEV) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 3,523 shares of the company’s stock, valued at approximately $1,159,000.

Several other hedge funds also recently modified their holdings of the stock. Cedar Mountain Advisors LLC raised its stake in shares of GE Vernova by 102.6% in the fourth quarter. Cedar Mountain Advisors LLC now owns 77 shares of the company’s stock valued at $25,000 after buying an additional 39 shares during the period. MRP Capital Investments LLC purchased a new stake in shares of GE Vernova in the fourth quarter worth $25,000. Fairway Wealth LLC boosted its position in shares of GE Vernova by 220.0% during the 4th quarter. Fairway Wealth LLC now owns 80 shares of the company’s stock valued at $26,000 after acquiring an additional 55 shares during the last quarter. Pineridge Advisors LLC boosted its stake in shares of GE Vernova by 530.8% during the fourth quarter. Pineridge Advisors LLC now owns 82 shares of the company’s stock valued at $27,000 after purchasing an additional 69 shares during the period. Finally, Prestige Wealth Management Group LLC grew its holdings in GE Vernova by 175.0% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 121 shares of the company’s stock worth $31,000 after acquiring an additional 77 shares during the last quarter.

GE Vernova Stock Down 0.1 %

Shares of NYSE:GEV opened at $302.71 on Monday. The firm has a 50 day moving average of $345.68 and a 200 day moving average of $323.33. The company has a market capitalization of $83.52 billion and a price-to-earnings ratio of 54.44. GE Vernova Inc. has a 52 week low of $119.00 and a 52 week high of $447.50.

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). The company had revenue of $10.56 billion during the quarter, compared to the consensus estimate of $10.70 billion. GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. GE Vernova’s revenue for the quarter was up 5.1% on a year-over-year basis. On average, sell-side analysts expect that GE Vernova Inc. will post 6.59 EPS for the current year.

GE Vernova announced that its Board of Directors has approved a share buyback program on Tuesday, December 10th that permits the company to buyback $6.00 billion in shares. This buyback authorization permits the company to reacquire up to 6.7% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. BMO Capital Markets cut their price objective on GE Vernova from $471.00 to $420.00 and set an “outperform” rating on the stock in a research report on Monday, March 3rd. New Street Research set a $380.00 target price on shares of GE Vernova in a report on Wednesday, March 5th. JPMorgan Chase & Co. upped their price target on shares of GE Vernova from $374.00 to $436.00 and gave the stock an “overweight” rating in a research note on Thursday, January 23rd. Guggenheim upgraded GE Vernova from a “neutral” rating to a “buy” rating and set a $380.00 target price on the stock in a research note on Wednesday, March 5th. Finally, Jefferies Financial Group lifted their price target on shares of GE Vernova from $391.00 to $413.00 and gave the stock a “buy” rating in a research note on Thursday. Seven equities 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 stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price 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.