Maryland State Retirement & Pension System Trims Holdings in GE Vernova Inc. (NYSE:GEV)

Maryland State Retirement & Pension System trimmed its stake in shares of GE Vernova Inc. (NYSE:GEV) by 5.8% during the fourth quarter, HoldingsChannel.com reports. The firm owned 14,700 shares of the company’s stock after selling 899 shares during the quarter. Maryland State Retirement & Pension System’s holdings in GE Vernova were worth $4,835,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in the stock. Howard Capital Management Group LLC bought a new stake in shares of GE Vernova during the third quarter valued at about $213,000. Empowered Funds LLC increased its holdings in GE Vernova by 6.0% during the 3rd quarter. Empowered Funds LLC now owns 4,352 shares of the company’s stock worth $1,110,000 after acquiring an additional 245 shares during the period. Thrivent Financial for Lutherans lifted its stake in GE Vernova by 24.0% in the 3rd quarter. Thrivent Financial for Lutherans now owns 16,908 shares of the company’s stock worth $4,311,000 after purchasing an additional 3,274 shares in the last quarter. Caprock Group LLC boosted its holdings in GE Vernova by 0.4% in the 3rd quarter. Caprock Group LLC now owns 15,652 shares of the company’s stock valued at $3,991,000 after purchasing an additional 62 shares during the period. Finally, OneAscent Financial Services LLC purchased a new position in shares of GE Vernova during the 3rd quarter valued at $278,000.

Wall Street Analyst Weigh In

GEV has been the subject of several research analyst reports. Truist Financial lifted their price objective on GE Vernova from $420.00 to $470.00 and gave the company a “buy” rating in a research note on Thursday, January 23rd. BMO Capital Markets dropped their price target on GE Vernova from $471.00 to $420.00 and set an “outperform” rating for the company in a research report on Monday, March 3rd. Baird R W upgraded shares of GE Vernova to a “strong-buy” rating in a research report on Thursday, February 13th. William Blair reiterated an “outperform” rating on shares of GE Vernova in a research report on Thursday, January 23rd. Finally, CICC Research began coverage on shares of GE Vernova in a research note on Wednesday, February 19th. They issued an “outperform” rating for the company. Seven analysts have rated the stock with a hold rating, twenty-two have given a buy rating and four have assigned a strong buy rating to the company’s stock. According to MarketBeat, GE Vernova currently has an average rating of “Moderate Buy” and an average target price of $348.72.

GE Vernova Trading Up 5.2 %

GEV stock opened at $335.38 on Thursday. The stock has a market capitalization of $92.53 billion and a price-to-earnings ratio of 60.32. The firm’s 50-day moving average price is $353.42 and its two-hundred day moving average price is $316.38. GE Vernova Inc. has a 12-month low of $119.00 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 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.57). GE Vernova had a net margin of 4.44% and a return on equity of 6.70%. The business had revenue of $10.56 billion for the quarter, compared to analysts’ expectations of $10.70 billion. The business’s revenue was up 5.1% on a year-over-year basis. Equities analysts predict that GE Vernova Inc. will post 6.59 EPS for the current year.

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