CIBC Private Wealth Group LLC Lowers Position in GE Vernova Inc. (NYSE:GEV)

CIBC Private Wealth Group LLC decreased its holdings in shares of GE Vernova Inc. (NYSE:GEV) by 2.1% during the fourth quarter, HoldingsChannel reports. The firm owned 17,369 shares of the company’s stock after selling 365 shares during the period. CIBC Private Wealth Group LLC’s holdings in GE Vernova were worth $5,713,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the business. MRP Capital Investments LLC bought a new position in shares of GE Vernova during the fourth quarter valued at approximately $25,000. Cedar Mountain Advisors LLC lifted its holdings in GE Vernova by 102.6% during the fourth quarter. Cedar Mountain Advisors LLC now owns 77 shares of the company’s stock worth $25,000 after buying an additional 39 shares during the period. Fairway Wealth LLC boosted its position in GE Vernova by 220.0% during the 4th quarter. Fairway Wealth LLC now owns 80 shares of the company’s stock valued at $26,000 after acquiring an additional 55 shares in the last quarter. Pineridge Advisors LLC increased its holdings in shares of GE Vernova by 530.8% in the 4th quarter. Pineridge Advisors LLC now owns 82 shares of the company’s stock valued at $27,000 after acquiring an additional 69 shares during the period. Finally, Asset Planning Inc bought a new position in shares of GE Vernova in the 4th quarter worth $35,000.

GE Vernova Stock Performance

NYSE:GEV opened at $315.55 on Wednesday. The firm’s fifty day moving average is $341.74 and its two-hundred day moving average is $324.60. The firm has a market cap of $87.06 billion and a price-to-earnings ratio of 56.75. GE Vernova Inc. has a one year low of $119.00 and a one year high of $447.50.

GE Vernova (NYSE:GEV) last issued its 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 business’s revenue for the quarter was up 5.1% compared to the same quarter last year. As a group, equities research analysts predict that GE Vernova Inc. will post 6.59 earnings per share for the current fiscal year.

GE Vernova announced that its Board of Directors has approved a share repurchase program on Tuesday, December 10th that permits the company to buyback $6.00 billion in outstanding shares. This buyback authorization permits the company to reacquire up to 6.7% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on GEV shares. Guggenheim raised GE Vernova from a “neutral” rating to a “buy” rating and set a $380.00 price objective on the stock in a research report on Wednesday, March 5th. Royal Bank of Canada cut their price objective on shares of GE Vernova from $453.00 to $445.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 18th. BMO Capital Markets decreased their target price on shares of GE Vernova from $471.00 to $420.00 and set an “outperform” rating for the company in a research report on Monday, March 3rd. Barclays cut their price target on shares of GE Vernova from $487.00 to $427.00 and set an “overweight” rating on the stock in a report on Monday, March 3rd. Finally, JPMorgan Chase & Co. upped their price target on GE Vernova from $374.00 to $436.00 and gave the stock an “overweight” rating in a research report on Thursday, January 23rd. Seven equities research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat.com, GE Vernova presently has an average 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.