Artisan Partners Limited Partnership Acquires 364,717 Shares of GE Vernova Inc. (NYSE:GEV)

Artisan Partners Limited Partnership increased its holdings in shares of GE Vernova Inc. (NYSE:GEV) by 108.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 699,942 shares of the company’s stock after acquiring an additional 364,717 shares during the quarter. Artisan Partners Limited Partnership’s holdings in GE Vernova were worth $230,232,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of GE Vernova by 8.8% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 436,578 shares of the company’s stock worth $154,562,000 after purchasing an additional 35,164 shares during the period. Worth Financial Advisory Group LLC bought a new stake in GE Vernova in the fourth quarter worth about $235,000. Graney & King LLC purchased a new position in GE Vernova in the fourth quarter valued at about $242,000. Excalibur Management Corp grew its position in shares of GE Vernova by 5.1% during the 4th quarter. Excalibur Management Corp now owns 914 shares of the company’s stock valued at $301,000 after acquiring an additional 44 shares during the period. Finally, Banco BTG Pactual S.A. purchased a new stake in shares of GE Vernova during the 4th quarter worth approximately $348,000.

GE Vernova Stock Down 5.6 %

Shares of NYSE GEV opened at $317.47 on Thursday. The firm’s fifty day moving average is $349.42 and its 200 day moving average is $321.12. GE Vernova Inc. has a 52 week low of $119.00 and a 52 week high of $447.50. The company has a market cap of $87.59 billion and a price-to-earnings ratio of 57.10.

GE Vernova (NYSE:GEV) last issued 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). The firm had revenue of $10.56 billion for the quarter, compared to the consensus estimate of $10.70 billion. GE Vernova had a net margin of 4.44% and a return on equity of 6.70%. The firm’s revenue for the quarter was up 5.1% compared to the same quarter last year. Equities research analysts anticipate that GE Vernova Inc. will post 6.59 earnings per share for the current year.

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

Analyst Ratings Changes

Several equities analysts have weighed in on GEV shares. Truist Financial increased their price objective on GE Vernova from $420.00 to $470.00 and gave the company a “buy” rating in a report on Thursday, January 23rd. Bank of America boosted their price objective on GE Vernova from $380.00 to $415.00 and gave the company a “buy” rating in a research note on Tuesday, January 14th. Robert W. Baird initiated coverage on shares of GE Vernova in a research report on Thursday, February 13th. They set an “outperform” rating and a $448.00 target price for the company. BMO Capital Markets reduced their price objective on shares of GE Vernova from $471.00 to $420.00 and set an “outperform” rating for the company in a research note on Monday, March 3rd. Finally, CICC Research assumed coverage on GE Vernova in a research report on Wednesday, February 19th. They set an “outperform” rating 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 issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average 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.