Russell Investments Group Ltd. Raises Position in GE Vernova Inc. (NYSE:GEV)

Russell Investments Group Ltd. boosted its position in GE Vernova Inc. (NYSE:GEV) by 98.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 222,767 shares of the company’s stock after purchasing an additional 110,716 shares during the period. Russell Investments Group Ltd.’s holdings in GE Vernova were worth $73,277,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Geode Capital Management LLC lifted its position in shares of GE Vernova by 3.5% during the 4th quarter. Geode Capital Management LLC now owns 5,790,051 shares of the company’s stock valued at $1,898,814,000 after buying an additional 195,828 shares during the last quarter. Norges Bank bought a new position in GE Vernova during the fourth quarter worth about $1,109,720,000. Franklin Resources Inc. increased its stake in shares of GE Vernova by 3.7% in the third 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 in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of GE Vernova by 3.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,679,396 shares of the company’s stock valued at $552,404,000 after purchasing an additional 49,821 shares during the period. Finally, Schroder Investment Management Group lifted its stake in shares of GE Vernova by 5.7% during the 4th quarter. Schroder Investment Management Group now owns 1,465,804 shares of the company’s stock valued at $482,147,000 after buying an additional 78,650 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. JPMorgan Chase & Co. lifted their price objective on shares of GE Vernova from $374.00 to $436.00 and gave the company an “overweight” rating in a research note on Thursday, January 23rd. Barclays decreased their price objective on GE Vernova from $487.00 to $427.00 and set an “overweight” rating on the stock in a research note on Monday, March 3rd. Robert W. Baird started coverage on GE Vernova in a research note on Thursday, February 13th. They issued an “outperform” rating and a $448.00 target price for the company. Truist Financial set a $440.00 price target on GE Vernova in a research report on Thursday, March 27th. Finally, Evercore ISI increased their price target on shares of GE Vernova from $385.00 to $390.00 and gave the stock an “outperform” rating in a report on Wednesday, December 11th. Seven analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $349.20.

GE Vernova Trading Down 8.8 %

Shares of NYSE:GEV opened at $271.40 on Friday. The stock has a market capitalization of $74.19 billion and a P/E ratio of 48.81. The stock’s 50-day moving average price is $334.07 and its 200-day moving average price is $325.35. GE Vernova Inc. has a 12-month low of $125.86 and a 12-month high of $447.50.

GE Vernova (NYSE:GEV) last announced its quarterly earnings results on Wednesday, January 22nd. The company reported $1.73 EPS for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.57). The company had revenue of $10.56 billion during the quarter, compared to analysts’ expectations of $10.70 billion. GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. The firm’s quarterly revenue was up 5.1% on a year-over-year basis. As a group, research analysts predict that GE Vernova Inc. will post 6.59 EPS for the current year.

GE Vernova announced that its Board of Directors has authorized a stock buyback plan on Tuesday, December 10th that permits the company to buyback $6.00 billion in shares. This buyback authorization permits the company to buy up to 6.7% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its stock is undervalued.

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.