Mitsubishi UFJ Asset Management Co. Ltd. Acquires 35,164 Shares of GE Vernova Inc. (NYSE:GEV)

Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of GE Vernova Inc. (NYSE:GEV) by 8.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 436,578 shares of the company’s stock after acquiring an additional 35,164 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in GE Vernova were worth $154,562,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the business. Cedar Mountain Advisors LLC boosted its stake in shares of GE Vernova by 102.6% during the fourth quarter. Cedar Mountain Advisors LLC now owns 77 shares of the company’s stock valued at $25,000 after purchasing an additional 39 shares during the period. MRP Capital Investments LLC bought a new stake in GE Vernova during the 4th quarter valued at about $25,000. Fairway Wealth LLC boosted its position in GE Vernova by 220.0% in the 4th quarter. Fairway Wealth LLC now owns 80 shares of the company’s stock valued at $26,000 after buying an additional 55 shares during the period. Pineridge Advisors LLC grew its stake in GE Vernova by 530.8% in the 4th quarter. Pineridge Advisors LLC now owns 82 shares of the company’s stock worth $27,000 after acquiring an additional 69 shares in the last quarter. Finally, Prestige Wealth Management Group LLC increased its position in shares of GE Vernova by 175.0% during the third quarter. Prestige Wealth Management Group LLC now owns 121 shares of the company’s stock worth $31,000 after acquiring an additional 77 shares during the period.

GE Vernova Stock Down 4.6 %

Shares of NYSE GEV opened at $303.10 on Friday. GE Vernova Inc. has a 52 week low of $119.00 and a 52 week high of $447.50. The business’s 50 day moving average price is $347.66 and its 200 day moving average price is $320.99. The firm has a market cap of $83.63 billion and a P/E ratio of 54.51.

GE Vernova (NYSE:GEV) last released its quarterly earnings data 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 analyst estimates of $10.70 billion. GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. The company’s quarterly revenue was up 5.1% compared to the same quarter last year. As a group, research analysts expect that GE Vernova Inc. will post 6.59 earnings per share for the current year.

GE Vernova declared that its Board of Directors has initiated a stock buyback plan on Tuesday, December 10th that authorizes the company to repurchase $6.00 billion in shares. This repurchase authorization authorizes the company to buy up to 6.7% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

GEV has been the subject of a number of research reports. Guggenheim upgraded GE Vernova from a “neutral” rating to a “buy” rating and set a $380.00 price target for the company in a report on Wednesday, March 5th. TD Cowen began coverage on GE Vernova in a research report on Thursday, December 5th. They set a “buy” rating and a $400.00 price target on the stock. New Street Research set a $380.00 price objective on GE Vernova in a report on Wednesday, March 5th. Baird R W upgraded shares of GE Vernova to a “strong-buy” rating in a report on Thursday, February 13th. Finally, Truist Financial upped their price target on shares of GE Vernova from $420.00 to $470.00 and gave the stock a “buy” rating in a research report on Thursday, January 23rd. Seven analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and four have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $349.54.

About GE Vernova

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.