Portland Global Advisors LLC Acquires New Shares in GE Vernova Inc. (NYSE:GEV)

Portland Global Advisors LLC bought a new position in GE Vernova Inc. (NYSE:GEV) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 705 shares of the company’s stock, valued at approximately $232,000.

A number of other large investors have also recently added to or reduced their stakes in GEV. State Street Corp grew its stake in GE Vernova by 1.1% in the 3rd quarter. State Street Corp now owns 10,434,917 shares of the company’s stock valued at $2,660,695,000 after buying an additional 118,184 shares during the last quarter. Mountaineer Partners Management LLC bought a new stake in shares of GE Vernova in the third quarter valued at approximately $2,507,296,000. Geode Capital Management LLC grew its stake in shares of GE Vernova by 1.5% in the third quarter. Geode Capital Management LLC now owns 5,594,223 shares of the company’s stock worth $1,420,763,000 after acquiring an additional 80,479 shares during the last quarter. Norges Bank bought a new position in GE Vernova during the fourth quarter worth $1,109,720,000. Finally, Franklin Resources Inc. raised its stake in GE Vernova by 3.7% during the 3rd 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 last quarter.

GE Vernova Stock Performance

Shares of GE Vernova stock opened at $302.71 on Friday. The firm has a fifty day moving average of $345.68 and a two-hundred day moving average of $322.53. The stock has a market capitalization of $83.52 billion and a price-to-earnings ratio of 54.44. 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 quarterly earnings data on Wednesday, January 22nd. The company reported $1.73 EPS for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.57). The company had revenue of $10.56 billion during 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 company’s revenue was up 5.1% compared to the same quarter last year. As a group, research analysts forecast that GE Vernova Inc. will post 6.59 EPS for the current fiscal year.

GE Vernova declared that its Board of Directors has initiated a share buyback plan on Tuesday, December 10th that permits the company to buyback $6.00 billion in shares. This buyback authorization permits the company to reacquire up to 6.7% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

Several research firms have issued reports on GEV. Truist Financial raised their price target 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. JPMorgan Chase & Co. upped their price target on GE Vernova from $374.00 to $436.00 and gave the company an “overweight” rating in a report on Thursday, January 23rd. Guggenheim raised GE Vernova from a “neutral” rating to a “buy” rating and set a $380.00 price objective on the stock in a report on Wednesday, March 5th. Bank of America upped their target price on GE Vernova from $380.00 to $415.00 and gave the company a “buy” rating in a research note on Tuesday, January 14th. Finally, Robert W. Baird initiated coverage on shares of GE Vernova in a report on Thursday, February 13th. They issued an “outperform” rating and a $448.00 price target on the stock. Seven analysts have rated the stock with a hold rating, twenty-two have given a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $349.54.

About GE Vernova

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.