HighPoint Advisor Group LLC Lowers Holdings in GE Vernova Inc. (NYSE:GEV)

HighPoint Advisor Group LLC reduced its stake in shares of GE Vernova Inc. (NYSE:GEV) by 5.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,823 shares of the company’s stock after selling 276 shares during the quarter. HighPoint Advisor Group LLC’s holdings in GE Vernova were worth $1,586,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the stock. Family Legacy Inc. lifted its stake in shares of GE Vernova by 11.5% in the 4th quarter. Family Legacy Inc. now owns 5,785 shares of the company’s stock valued at $1,903,000 after purchasing an additional 597 shares during the period. Cannell & Spears LLC purchased a new position in GE Vernova in the fourth quarter valued at $269,000. Meeder Asset Management Inc. raised its position in shares of GE Vernova by 206.5% in the fourth quarter. Meeder Asset Management Inc. now owns 141 shares of the company’s stock worth $46,000 after acquiring an additional 95 shares during the period. Axiom Investors LLC DE purchased a new stake in shares of GE Vernova during the 4th quarter worth about $123,157,000. Finally, AIA Group Ltd acquired a new stake in shares of GE Vernova during the 4th quarter valued at about $4,324,000.

GE Vernova Stock Performance

GE Vernova stock opened at $305.92 on Tuesday. The company’s 50 day simple moving average is $343.76 and its 200-day simple moving average is $323.97. GE Vernova Inc. has a 1 year low of $119.00 and a 1 year high of $447.50. The company has a market capitalization of $84.40 billion and a price-to-earnings ratio of 55.02.

GE Vernova (NYSE:GEV) last released its earnings results on Wednesday, January 22nd. The company reported $1.73 earnings per share 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 firm had revenue of $10.56 billion during the quarter, compared to analyst estimates of $10.70 billion. The firm’s quarterly revenue was up 5.1% on a year-over-year basis. Equities analysts expect that GE Vernova Inc. will post 6.59 earnings per share for the current year.

GE Vernova declared that its board has approved a stock buyback program on Tuesday, December 10th that allows the company to repurchase $6.00 billion in shares. This repurchase authorization allows the company to reacquire up to 6.7% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

A number of research firms recently weighed in on GEV. TD Cowen started coverage on GE Vernova in a report on Thursday, December 5th. They issued a “buy” rating and a $400.00 price target for the company. CICC Research began coverage on GE Vernova in a research note on Wednesday, February 19th. They set an “outperform” rating for the company. William Blair reissued an “outperform” rating on shares of GE Vernova in a research note on Thursday, January 23rd. Royal Bank of Canada reduced their price target on shares of GE Vernova from $453.00 to $445.00 and set an “outperform” rating for the company in a research report on Tuesday, March 18th. Finally, Wolfe Research started coverage on GE Vernova in a report on Wednesday, December 4th. They issued an “outperform” rating and a $403.00 price objective on the stock. Seven research 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 company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target 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.