Sheets Smith Investment Management Takes Position in GE Vernova Inc. (NYSE:GEV)

Sheets Smith Investment Management purchased a new stake in GE Vernova Inc. (NYSE:GEV) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 4,493 shares of the company’s stock, valued at approximately $1,478,000. GE Vernova makes up 1.3% of Sheets Smith Investment Management’s investment portfolio, making the stock its 29th largest holding.

Several other institutional investors and hedge funds have also recently modified their holdings of GEV. Mountaineer Partners Management LLC purchased a new position in shares of GE Vernova in the 3rd quarter valued at about $2,507,296,000. Raymond James Financial Inc. purchased a new position in shares of GE Vernova in the 4th quarter valued at about $219,187,000. FMR LLC increased its stake in shares of GE Vernova by 2.5% in the 3rd quarter. FMR LLC now owns 24,047,678 shares of the company’s stock valued at $6,131,677,000 after purchasing an additional 584,208 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of GE Vernova by 34.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,812,192 shares of the company’s stock valued at $462,073,000 after purchasing an additional 460,834 shares in the last quarter. Finally, Assenagon Asset Management S.A. increased its stake in shares of GE Vernova by 284.3% in the 4th quarter. Assenagon Asset Management S.A. now owns 617,559 shares of the company’s stock valued at $203,134,000 after purchasing an additional 456,879 shares in the last quarter.

Analyst Ratings Changes

Several equities research analysts have commented on the company. Barclays cut their price objective on GE Vernova from $487.00 to $427.00 and set an “overweight” rating for the company in a research note on Monday, March 3rd. Marathon Capitl upgraded GE Vernova to a “strong-buy” rating in a research report on Friday, January 31st. Baird R W upgraded GE Vernova to a “strong-buy” rating in a research report on Thursday, February 13th. JPMorgan Chase & Co. upped their price target on GE Vernova from $374.00 to $436.00 and gave the company an “overweight” rating in a research report on Thursday, January 23rd. Finally, TD Cowen started coverage on GE Vernova in a research report on Thursday, December 5th. They issued a “buy” rating and a $400.00 price target for the company. Seven analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and four have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $348.72.

GE Vernova Trading Down 0.8 %

GE Vernova stock opened at $334.21 on Monday. GE Vernova Inc. has a twelve month low of $119.00 and a twelve month high of $447.50. The stock’s fifty day simple moving average is $352.15 and its 200-day simple moving average is $319.15. The firm has a market capitalization of $92.21 billion and a P/E ratio of 60.11.

GE Vernova (NYSE:GEV) last posted its quarterly earnings data 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). 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 quarterly revenue was up 5.1% compared to the same quarter last year. Sell-side analysts predict 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 plan on Tuesday, December 10th that allows the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization allows the company to buy up to 6.7% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

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.