HighPoint Advisor Group LLC Decreases Stake in GE Vernova Inc. (NYSE:GEV)

HighPoint Advisor Group LLC trimmed its position in shares of GE Vernova Inc. (NYSE:GEV) by 5.4% during the fourth quarter, Holdings Channel reports. 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 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Mountaineer Partners Management LLC purchased a new stake in shares of GE Vernova during the 3rd quarter worth $2,507,296,000. Norges Bank purchased a new position in shares of GE Vernova in the 4th quarter valued at about $1,109,720,000. Raymond James Financial Inc. acquired a new stake in shares of GE Vernova during the 4th quarter worth about $219,187,000. Arrowstreet Capital Limited Partnership lifted its stake in GE Vernova by 555.2% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 569,738 shares of the company’s stock worth $187,404,000 after purchasing an additional 482,787 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its holdings in GE Vernova by 284.3% in the fourth quarter. Assenagon Asset Management S.A. now owns 617,559 shares of the company’s stock valued at $203,134,000 after purchasing an additional 456,879 shares in the last quarter.

GE Vernova Price Performance

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

GE Vernova (NYSE:GEV) last posted 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. GE Vernova’s revenue for the quarter was up 5.1% compared to the same quarter last year. Research analysts expect that GE Vernova Inc. will post 6.59 EPS for the current fiscal year.

GE Vernova announced that its board has approved a stock repurchase plan on Tuesday, December 10th that allows the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization allows the company to purchase up to 6.7% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Wolfe Research started coverage on shares of GE Vernova in a report on Wednesday, December 4th. They set an “outperform” rating and a $403.00 price objective on the stock. Barclays dropped their price objective on GE Vernova from $487.00 to $427.00 and set an “overweight” rating on the stock in a report on Monday, March 3rd. CICC Research assumed coverage on GE Vernova in a report on Wednesday, February 19th. They issued an “outperform” rating for the company. Marathon Capitl upgraded GE Vernova to a “strong-buy” rating in a research note on Friday, January 31st. Finally, Citigroup boosted their price objective on GE Vernova from $361.00 to $437.00 and gave the company a “neutral” rating in a research note on Thursday, January 23rd. Seven research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and four have issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average 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.