Resona Asset Management Co. Ltd. Buys Shares of 79,470 GE Vernova Inc. (NYSE:GEV)

Resona Asset Management Co. Ltd. purchased a new position in GE Vernova Inc. (NYSE:GEV) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 79,470 shares of the company’s stock, valued at approximately $26,198,000.

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

GE Vernova Price Performance

Shares of GEV stock opened at $271.40 on Friday. The firm’s 50-day moving average is $334.07 and its two-hundred day moving average is $325.35. GE Vernova Inc. has a 12 month low of $125.86 and a 12 month high of $447.50. The company has a market capitalization of $74.19 billion and a PE ratio of 48.81.

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 business had revenue of $10.56 billion during the quarter, compared to analyst estimates 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. Sell-side analysts forecast 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 repurchase program on Tuesday, December 10th that allows the company to buyback $6.00 billion in shares. This buyback authorization allows the company to purchase up to 6.7% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

GEV has been the subject of several analyst reports. New Street Research set a $380.00 price objective on GE Vernova in a report on Wednesday, March 5th. Citigroup increased their price target on GE Vernova from $361.00 to $437.00 and gave the company a “neutral” rating in a research note on Thursday, January 23rd. Evercore ISI boosted their price target on GE Vernova from $385.00 to $390.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 11th. William Blair reaffirmed an “outperform” rating on shares of GE Vernova in a research report on Thursday, January 23rd. Finally, Susquehanna initiated coverage on shares of GE Vernova in a research report on Wednesday. They set a “positive” rating and a $370.00 target price on the stock. Seven investment analysts have rated the stock with a hold rating, twenty-three have given a buy rating and four have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $349.20.

GE Vernova Company 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.