Russell Investments Group Ltd. Buys 110,716 Shares of GE Vernova Inc. (NYSE:GEV)

Russell Investments Group Ltd. grew its stake in shares of GE Vernova Inc. (NYSE:GEV) by 98.8% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 222,767 shares of the company’s stock after buying an additional 110,716 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.08% of GE Vernova worth $73,277,000 as of its most recent SEC filing.

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

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. William Blair reissued an “outperform” rating on shares of GE Vernova in a report on Thursday, January 23rd. Johnson Rice began coverage on shares of GE Vernova in a research note on Friday, February 7th. They issued a “buy” rating and a $425.00 price objective on the stock. Evercore ISI raised their target price on GE Vernova from $385.00 to $390.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 11th. Bank of America increased their price target on GE Vernova from $380.00 to $415.00 and gave the company a “buy” rating in a research note on Tuesday, January 14th. Finally, 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 note on Monday, March 3rd. Seven equities research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and four have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $349.20.

GE Vernova Stock Performance

GEV stock opened at $271.40 on Friday. The business has a 50-day simple moving average of $334.07 and a two-hundred day simple moving average of $325.35. The company has a market capitalization of $74.19 billion and a P/E ratio of 48.81. GE Vernova Inc. has a 52-week low of $125.86 and a 52-week high of $447.50.

GE Vernova (NYSE:GEV) last announced its earnings results 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 for the quarter, compared to analysts’ expectations of $10.70 billion. GE Vernova had a net margin of 4.44% and a return on equity of 6.70%. The firm’s revenue for the quarter 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 fiscal year.

GE Vernova declared that its board has authorized a share repurchase plan on Tuesday, December 10th that permits the company to buyback $6.00 billion in outstanding shares. This buyback authorization permits the company to purchase up to 6.7% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board of directors believes its shares are 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.