Royal London Asset Management Ltd. Increases Stake in GE Vernova Inc. (NYSE:GEV)

Royal London Asset Management Ltd. grew its position in GE Vernova Inc. (NYSE:GEV) by 40.9% during the 4th quarter, HoldingsChannel reports. The fund owned 129,739 shares of the company’s stock after purchasing an additional 37,686 shares during the period. Royal London Asset Management Ltd.’s holdings in GE Vernova were worth $42,675,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Harvest Fund Management Co. Ltd grew its holdings in shares of GE Vernova by 106.5% in the fourth quarter. Harvest Fund Management Co. Ltd now owns 23,914 shares of the company’s stock worth $7,872,000 after purchasing an additional 12,335 shares during the last quarter. Wulff Hansen & CO. grew its holdings in shares of GE Vernova by 17.3% in the fourth quarter. Wulff Hansen & CO. now owns 2,112 shares of the company’s stock worth $695,000 after purchasing an additional 311 shares during the last quarter. Generali Asset Management SPA SGR bought a new position in shares of GE Vernova in the fourth quarter worth about $2,297,000. Evoke Wealth LLC bought a new position in shares of GE Vernova in the fourth quarter worth about $280,000. Finally, Horizon Investments LLC grew its holdings in shares of GE Vernova by 53.1% in the fourth quarter. Horizon Investments LLC now owns 10,772 shares of the company’s stock worth $3,543,000 after purchasing an additional 3,736 shares during the last quarter.

GE Vernova Stock Up 0.2 %

Shares of GE Vernova stock opened at $336.46 on Friday. GE Vernova Inc. has a 52 week low of $119.00 and a 52 week high of $447.50. The firm has a market capitalization of $92.83 billion and a P/E ratio of 60.51. The company has a 50 day moving average price of $352.82 and a 200 day moving average price of $316.52.

GE Vernova (NYSE:GEV) last posted its quarterly 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 return on equity of 6.70% and a net margin of 4.44%. The business had revenue of $10.56 billion for the quarter, compared to analysts’ expectations of $10.70 billion. GE Vernova’s revenue was up 5.1% on a year-over-year basis. As a group, research analysts anticipate that GE Vernova Inc. will post 6.59 earnings per share for the current fiscal year.

GE Vernova declared that its board has initiated a share repurchase program on Tuesday, December 10th that allows the company to buyback $6.00 billion in shares. This buyback authorization allows the company to purchase up to 6.7% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. BMO Capital Markets cut their price target on shares of GE Vernova from $471.00 to $420.00 and set an “outperform” rating on the stock in a report on Monday, March 3rd. Wells Fargo & Company increased their target price 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. Baird R W upgraded shares of GE Vernova to a “strong-buy” rating in a report on Thursday, February 13th. Guggenheim upgraded shares of GE Vernova from a “neutral” rating to a “buy” rating and set a $380.00 target price on the stock in a report on Wednesday, March 5th. Finally, 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 report on Thursday, January 23rd. Seven analysts have rated the stock with a hold rating, twenty-two have given a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat, GE Vernova presently has a consensus rating of “Moderate Buy” and a consensus price target of $348.72.

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.