DnB Asset Management AS Purchases 23,189 Shares of GE Vernova Inc. (NYSE:GEV)

DnB Asset Management AS boosted its holdings in shares of GE Vernova Inc. (NYSE:GEV) by 32.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 94,750 shares of the company’s stock after purchasing an additional 23,189 shares during the period. DnB Asset Management AS’s holdings in GE Vernova were worth $31,166,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of GEV. State Street Corp boosted its position in shares of GE Vernova by 1.1% during the third quarter. State Street Corp now owns 10,434,917 shares of the company’s stock valued at $2,660,695,000 after purchasing an additional 118,184 shares in the last quarter. Mountaineer Partners Management LLC purchased a new position in shares of GE Vernova during the third quarter valued at approximately $2,507,296,000. Geode Capital Management LLC boosted its holdings in 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 in the last quarter. Norges Bank bought a new stake in shares of GE Vernova in the 4th quarter worth $1,109,720,000. Finally, Franklin Resources Inc. grew its position in GE Vernova by 3.7% in the 3rd quarter. Franklin Resources Inc. now owns 1,978,691 shares of the company’s stock worth $533,257,000 after purchasing an additional 71,067 shares during the period.

GE Vernova Trading Down 0.1 %

Shares of GEV stock opened at $302.71 on Friday. GE Vernova Inc. has a twelve month low of $119.00 and a twelve month high of $447.50. The business’s 50 day moving average is $345.68 and its two-hundred day moving average is $321.69. The company has a market capitalization of $83.52 billion and a P/E ratio of 54.44.

GE Vernova (NYSE:GEV) last posted its quarterly earnings results on Wednesday, January 22nd. The company reported $1.73 earnings per share for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.57). The business had revenue of $10.56 billion during 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 business’s revenue was up 5.1% compared to the same quarter last year. As a group, equities analysts predict that GE Vernova Inc. will post 6.59 earnings per share for the current fiscal year.

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

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Johnson Rice began coverage on shares of GE Vernova in a report on Friday, February 7th. They issued a “buy” rating and a $425.00 price objective on the stock. New Street Research set a $380.00 target price on GE Vernova in a research report on Wednesday, March 5th. CICC Research initiated coverage on GE Vernova in a research report on Wednesday, February 19th. They issued an “outperform” rating for the company. Marathon Capitl raised GE Vernova to a “strong-buy” rating in a research report on Friday, January 31st. Finally, The Goldman Sachs Group raised their target price 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. Seven investment analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and four have assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $349.54.

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.