Bank of Montreal Can Sells 45,582 Shares of GE Vernova Inc. (NYSE:GEV)

Bank of Montreal Can decreased its holdings in GE Vernova Inc. (NYSE:GEV) by 10.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 399,825 shares of the company’s stock after selling 45,582 shares during the period. Bank of Montreal Can owned about 0.15% of GE Vernova worth $131,514,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the business. Norges Bank purchased a new position in GE Vernova in the 4th quarter worth about $1,109,720,000. Massachusetts Financial Services Co. MA grew its stake in shares of GE Vernova by 1,638.5% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,314,288 shares of the company’s stock worth $432,309,000 after acquiring an additional 1,238,690 shares during the period. FMR LLC raised its holdings in shares of GE Vernova by 3.4% during the fourth quarter. FMR LLC now owns 24,861,833 shares of the company’s stock valued at $8,177,803,000 after purchasing an additional 814,155 shares during the last quarter. Raymond James Financial Inc. bought a new position in GE Vernova during the fourth quarter valued at approximately $219,187,000. Finally, Arrowstreet Capital Limited Partnership boosted its holdings in GE Vernova by 555.2% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 569,738 shares of the company’s stock worth $187,404,000 after purchasing an additional 482,787 shares during the last quarter.

Analyst Ratings Changes

A number of brokerages have weighed in on GEV. Truist Financial set a $440.00 target price on shares of GE Vernova in a research note on Thursday, March 27th. Robert W. Baird initiated coverage on GE Vernova in a research report on Thursday, February 13th. They set an “outperform” rating and a $448.00 price objective for the company. The Goldman Sachs Group raised their target price on GE Vernova from $446.00 to $500.00 and gave the stock a “buy” rating in a research report on Friday, January 24th. Bank of America upped their price target on shares of GE Vernova from $380.00 to $415.00 and gave the company a “buy” rating in a research report on Tuesday, January 14th. Finally, Wells Fargo & Company raised their price objective on shares of GE Vernova from $385.00 to $411.00 and gave the stock an “overweight” rating in a report on Friday, December 13th. Seven investment analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $349.20.

GE Vernova Stock Performance

Shares of NYSE:GEV opened at $284.92 on Tuesday. The firm’s 50 day simple moving average is $333.17 and its 200-day simple moving average is $326.26. GE Vernova Inc. has a one year low of $125.86 and a one year high of $447.50. The firm has a market cap of $77.88 billion and a PE ratio of 51.24.

GE Vernova (NYSE:GEV) last released its quarterly earnings data on Wednesday, January 22nd. The company reported $1.73 EPS for the quarter, missing the consensus estimate of $2.30 by ($0.57). GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. The firm had revenue of $10.56 billion for the quarter, compared to analysts’ expectations of $10.70 billion. The business’s quarterly revenue was up 5.1% on a year-over-year basis. Equities research analysts predict that GE Vernova Inc. will post 6.59 EPS for the current fiscal year.

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