GE Vernova Inc. (NYSE:GEV) Shares Sold by Peapack Gladstone Financial Corp

Peapack Gladstone Financial Corp lowered its stake in shares of GE Vernova Inc. (NYSE:GEV) by 6.8% in the fourth quarter, HoldingsChannel.com reports. The firm owned 8,840 shares of the company’s stock after selling 647 shares during the period. Peapack Gladstone Financial Corp’s holdings in GE Vernova were worth $2,908,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Darden Wealth Group Inc purchased a new position in shares of GE Vernova during the fourth quarter worth $380,000. Russell Investments Group Ltd. lifted its stake in GE Vernova by 98.8% during the 4th quarter. Russell Investments Group Ltd. now owns 222,767 shares of the company’s stock worth $73,277,000 after acquiring an additional 110,716 shares in the last quarter. Envestnet Asset Management Inc. boosted its holdings in GE Vernova by 1.9% during the 4th quarter. Envestnet Asset Management Inc. now owns 410,503 shares of the company’s stock valued at $135,027,000 after acquiring an additional 7,662 shares during the period. Pilgrim Partners Asia Pte Ltd acquired a new position in GE Vernova in the 4th quarter valued at about $69,000. Finally, KCM Investment Advisors LLC increased its stake in GE Vernova by 63.2% during the fourth quarter. KCM Investment Advisors LLC now owns 1,420 shares of the company’s stock worth $467,000 after purchasing an additional 550 shares during the period.

Analyst Ratings Changes

Several research firms have recently commented on GEV. Bank of America raised their price objective on shares of GE Vernova from $380.00 to $415.00 and gave the company a “buy” rating in a research note on Tuesday, January 14th. The Goldman Sachs Group boosted their price target on shares of GE Vernova from $446.00 to $500.00 and gave the stock a “buy” rating in a research note on Friday, January 24th. Royal Bank of Canada reduced their price objective on GE Vernova from $453.00 to $445.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 18th. Marathon Capitl upgraded GE Vernova to a “strong-buy” rating in a report on Friday, January 31st. Finally, Citigroup increased their price target on GE Vernova from $361.00 to $437.00 and gave the company a “neutral” rating in a research report on Thursday, January 23rd. Seven research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and four have assigned a strong buy rating to the company. According to MarketBeat.com, GE Vernova has an average rating of “Moderate Buy” and an average target price of $349.20.

GE Vernova Stock Performance

Shares of NYSE:GEV opened at $284.92 on Tuesday. GE Vernova Inc. has a one year low of $125.86 and a one year high of $447.50. The stock has a market capitalization of $77.88 billion and a price-to-earnings ratio of 51.24. The company has a 50-day simple moving average of $333.17 and a 200-day simple moving average of $326.26.

GE Vernova (NYSE:GEV) last posted 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). GE Vernova had a net margin of 4.44% and a return on equity of 6.70%. The company had revenue of $10.56 billion for the quarter, compared to analysts’ expectations of $10.70 billion. The firm’s revenue was up 5.1% on a year-over-year basis. 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 stock repurchase plan on Tuesday, December 10th that permits the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization permits the company to repurchase up to 6.7% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its stock is undervalued.

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.