Wedbush Securities Inc. Cuts Position in GE Vernova Inc. (NYSE:GEV)

Wedbush Securities Inc. cut its stake in shares of GE Vernova Inc. (NYSE:GEV) by 1.2% during the fourth quarter, HoldingsChannel.com reports. The firm owned 3,968 shares of the company’s stock after selling 47 shares during the period. Wedbush Securities Inc.’s holdings in GE Vernova were worth $1,305,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in GEV. Register Financial Advisors LLC purchased a new position in GE Vernova in the fourth quarter valued at about $206,000. GPS Wealth Strategies Group LLC increased its stake in GE Vernova by 1,126.0% in the 4th quarter. GPS Wealth Strategies Group LLC now owns 895 shares of the company’s stock valued at $294,000 after purchasing an additional 822 shares in the last quarter. Yarbrough Capital LLC raised its holdings in GE Vernova by 67.2% during the fourth quarter. Yarbrough Capital LLC now owns 2,886 shares of the company’s stock worth $949,000 after purchasing an additional 1,160 shares during the last quarter. Legacy Bridge LLC boosted its position in GE Vernova by 77.0% during the fourth quarter. Legacy Bridge LLC now owns 10,982 shares of the company’s stock worth $3,612,000 after purchasing an additional 4,776 shares in the last quarter. Finally, CENTRAL TRUST Co grew its holdings in GE Vernova by 16.6% in the fourth quarter. CENTRAL TRUST Co now owns 9,872 shares of the company’s stock valued at $3,247,000 after purchasing an additional 1,408 shares during the last quarter.

GE Vernova Stock Performance

GEV stock opened at $271.40 on Monday. The firm has a market cap of $74.19 billion and a P/E ratio of 48.81. GE Vernova Inc. has a 1 year low of $125.86 and a 1 year high of $447.50. The stock has a 50-day simple moving average of $334.07 and a 200-day simple moving average of $325.98.

GE Vernova (NYSE:GEV) last posted its quarterly earnings data 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). The firm had revenue of $10.56 billion for the quarter, compared to analysts’ expectations of $10.70 billion. GE Vernova had a net margin of 4.44% and a return on equity of 6.70%. The company’s quarterly revenue was up 5.1% compared to the same quarter last year. On average, equities research analysts predict that GE Vernova Inc. will post 6.59 EPS for the current year.

GE Vernova announced that its Board of Directors has initiated a share buyback program on Tuesday, December 10th that allows the company to buyback $6.00 billion in outstanding shares. This buyback authorization allows the company to purchase up to 6.7% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on GEV. Marathon Capitl raised GE Vernova to a “strong-buy” rating in a research note on Friday, January 31st. Susquehanna initiated coverage on shares of GE Vernova in a research report on Wednesday, April 2nd. They set a “positive” rating and a $370.00 target price for the company. Citigroup increased their price target on shares of GE Vernova from $361.00 to $437.00 and gave the company a “neutral” rating in a research report on Thursday, January 23rd. Truist Financial set a $440.00 price objective on shares of GE Vernova in a research note on Thursday, March 27th. Finally, Jefferies Financial Group upped their target price on GE Vernova from $391.00 to $413.00 and gave the company a “buy” rating in a research note on Thursday, March 27th. Seven equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and four have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, GE Vernova has a consensus rating of “Moderate Buy” and an average price target of $349.20.

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.