Massachusetts Financial Services Co. MA Has $432.31 Million Stake in GE Vernova Inc. (NYSE:GEV)

Massachusetts Financial Services Co. MA increased its holdings in shares of GE Vernova Inc. (NYSE:GEV) by 1,638.5% during the fourth quarter, Holdings Channel reports. The fund owned 1,314,288 shares of the company’s stock after acquiring an additional 1,238,690 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in GE Vernova were worth $432,309,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also made changes to their positions in the business. Howard Capital Management Group LLC bought a new position in GE Vernova during the third quarter worth $213,000. Public Sector Pension Investment Board lifted its stake in shares of GE Vernova by 15.2% during the 3rd quarter. Public Sector Pension Investment Board now owns 12,096 shares of the company’s stock worth $3,084,000 after buying an additional 1,600 shares during the last quarter. Captrust Financial Advisors boosted its holdings in shares of GE Vernova by 4.9% during the 3rd quarter. Captrust Financial Advisors now owns 17,131 shares of the company’s stock worth $4,368,000 after buying an additional 805 shares during the period. Benjamin Edwards Inc. acquired a new position in GE Vernova in the 3rd quarter valued at about $636,000. Finally, Janus Henderson Group PLC raised its holdings in GE Vernova by 5.8% in the 3rd quarter. Janus Henderson Group PLC now owns 32,881 shares of the company’s stock valued at $8,380,000 after acquiring an additional 1,800 shares during the period.

GE Vernova Price Performance

NYSE:GEV opened at $331.17 on Thursday. GE Vernova Inc. has a 1 year low of $119.00 and a 1 year high of $447.50. The stock’s fifty day moving average price is $339.82 and its two-hundred day moving average price is $324.64. The company has a market cap of $91.37 billion and a P/E ratio of 59.56.

GE Vernova (NYSE:GEV) last issued its quarterly earnings data 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 return on equity of 6.70% and a net margin of 4.44%. The company had revenue of $10.56 billion for the quarter, compared to analysts’ expectations of $10.70 billion. GE Vernova’s revenue for the quarter was up 5.1% on a year-over-year basis. On average, analysts expect that GE Vernova Inc. will post 6.59 earnings per share for the current fiscal year.

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

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on GEV shares. Johnson Rice initiated coverage on GE Vernova in a report on Friday, February 7th. They set a “buy” rating and a $425.00 price objective for the company. Royal Bank of Canada decreased their price objective on GE Vernova from $453.00 to $445.00 and set an “outperform” rating on the stock in a report on Tuesday, March 18th. TD Cowen began coverage on shares of GE Vernova in a research report on Thursday, December 5th. They issued a “buy” rating and a $400.00 target price for the company. Marathon Capitl raised shares of GE Vernova to a “strong-buy” rating in a research report on Friday, January 31st. Finally, JPMorgan Chase & Co. increased their target price on shares of GE Vernova from $374.00 to $436.00 and gave the stock an “overweight” rating in a research report on Thursday, January 23rd. Seven investment 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’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $350.27.

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.