Federated Hermes Inc. Boosts Stake in GE Vernova Inc. (NYSE:GEV)

Federated Hermes Inc. lifted its holdings in shares of GE Vernova Inc. (NYSE:GEV) by 160.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 567,468 shares of the company’s stock after purchasing an additional 349,659 shares during the quarter. Federated Hermes Inc. owned about 0.21% of GE Vernova worth $186,657,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Geode Capital Management LLC increased its position in shares of GE Vernova by 3.5% during the fourth quarter. Geode Capital Management LLC now owns 5,790,051 shares of the company’s stock valued at $1,898,814,000 after acquiring an additional 195,828 shares during the last quarter. Norges Bank acquired a new stake in GE Vernova in the 4th quarter valued at approximately $1,109,720,000. Franklin Resources Inc. raised its position in GE Vernova by 3.7% in the third quarter. Franklin Resources Inc. now owns 1,978,691 shares of the company’s stock valued at $533,257,000 after purchasing an additional 71,067 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in GE Vernova by 3.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,679,396 shares of the company’s stock worth $552,404,000 after purchasing an additional 49,821 shares in the last quarter. Finally, Schroder Investment Management Group grew its stake in shares of GE Vernova by 5.7% in the fourth quarter. Schroder Investment Management Group now owns 1,465,804 shares of the company’s stock valued at $482,147,000 after buying an additional 78,650 shares in the last quarter.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on GEV shares. The Goldman Sachs Group increased their target price on GE Vernova from $446.00 to $500.00 and gave the stock a “buy” rating in a research note on Friday, January 24th. Citigroup raised their price objective on shares of GE Vernova from $361.00 to $437.00 and gave the company a “neutral” rating in a research note on Thursday, January 23rd. New Street Research set a $380.00 target price on shares of GE Vernova in a research note on Wednesday, March 5th. Wells Fargo & Company raised their price target on shares of GE Vernova from $385.00 to $411.00 and gave the company an “overweight” rating in a research report on Friday, December 13th. Finally, Marathon Capitl raised GE Vernova to a “strong-buy” rating in a research report on Friday, January 31st. Seven research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $349.20.

GE Vernova Stock Performance

Shares of GE Vernova stock opened at $271.40 on Friday. The company has a market cap of $74.19 billion and a P/E ratio of 48.81. The firm has a fifty day moving average of $334.07 and a two-hundred day moving average of $325.35. GE Vernova Inc. has a one year low of $125.86 and a one year high of $447.50.

GE Vernova (NYSE:GEV) last announced 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). The business had revenue of $10.56 billion for the quarter, compared to analyst estimates of $10.70 billion. GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. The firm’s revenue was up 5.1% compared to the same quarter last year. As a group, equities analysts predict that GE Vernova Inc. will post 6.59 earnings per share for the current year.

GE Vernova declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, December 10th that permits the company to repurchase $6.00 billion in shares. This repurchase authorization permits the company to buy up to 6.7% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its stock is undervalued.

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.