GE Vernova Inc. (NYSE:GEV) Shares Purchased by Frank Rimerman Advisors LLC

Frank Rimerman Advisors LLC boosted its holdings in GE Vernova Inc. (NYSE:GEV) by 11.6% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 4,533 shares of the company’s stock after buying an additional 471 shares during the quarter. Frank Rimerman Advisors LLC’s holdings in GE Vernova were worth $1,491,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of GEV. Mountaineer Partners Management LLC purchased a new stake in shares of GE Vernova in the 3rd quarter valued at approximately $2,507,296,000. Raymond James Financial Inc. purchased a new position in GE Vernova during the 4th quarter worth approximately $219,187,000. FMR LLC raised its stake in GE Vernova by 2.5% during 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 during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of GE Vernova by 34.1% in the third 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. boosted its position in shares of GE Vernova by 284.3% in the fourth quarter. Assenagon Asset Management S.A. now owns 617,559 shares of the company’s stock worth $203,134,000 after buying an additional 456,879 shares during the period.

GE Vernova Stock Performance

Shares of NYSE:GEV opened at $313.76 on Friday. The stock’s 50-day moving average is $355.75 and its 200-day moving average is $313.51. The company has a market cap of $86.57 billion and a P/E ratio of 56.43. 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 earnings results on Wednesday, January 22nd. The company reported $1.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.57). GE Vernova had a net margin of 4.44% and a return on equity of 6.70%. The business had revenue of $10.56 billion during the quarter, compared to analyst estimates of $10.70 billion. The firm’s quarterly revenue was up 5.1% on a year-over-year basis. As a group, equities analysts predict that GE Vernova Inc. will post 6.59 EPS for the current year.

GE Vernova declared that its board has approved a stock buyback plan on Tuesday, December 10th that authorizes the company to buyback $6.00 billion in shares. This buyback authorization authorizes the company to purchase up to 6.7% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

GEV has been the topic of several recent analyst reports. Barclays dropped their price target on GE Vernova from $487.00 to $427.00 and set an “overweight” rating on the stock in a research report on Monday, March 3rd. BMO Capital Markets reduced their price target on shares of GE Vernova from $471.00 to $420.00 and set an “outperform” rating for the company in a research report on Monday, March 3rd. Wolfe Research assumed coverage on shares of GE Vernova in a research report on Wednesday, December 4th. They set an “outperform” rating and a $403.00 price objective on the stock. Truist Financial increased their target price on shares of GE Vernova from $420.00 to $470.00 and gave the stock a “buy” rating in a research report on Thursday, January 23rd. Finally, Johnson Rice started coverage on shares of GE Vernova in a report on Friday, February 7th. They set a “buy” rating and a $425.00 price target on the stock. Seven equities research analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and four have assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $349.02.

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.