Corient Private Wealth LLC Lowers Stock Position in GE Vernova Inc. (NYSE:GEV)

Corient Private Wealth LLC decreased its position in shares of GE Vernova Inc. (NYSE:GEV) by 0.5% during the 4th quarter, Holdings Channel.com reports. The fund owned 56,322 shares of the company’s stock after selling 300 shares during the period. Corient Private Wealth LLC’s holdings in GE Vernova were worth $18,526,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Cedar Mountain Advisors LLC boosted its stake in shares of GE Vernova by 102.6% during the 4th quarter. Cedar Mountain Advisors LLC now owns 77 shares of the company’s stock worth $25,000 after acquiring an additional 39 shares in the last quarter. Fairway Wealth LLC boosted its stake in shares of GE Vernova by 220.0% during the 4th quarter. Fairway Wealth LLC now owns 80 shares of the company’s stock worth $26,000 after acquiring an additional 55 shares in the last quarter. Pineridge Advisors LLC boosted its stake in shares of GE Vernova by 530.8% during 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. Asset Planning Inc purchased a new stake in shares of GE Vernova during the 4th quarter worth approximately $35,000. Finally, Riggs Asset Managment Co. Inc. boosted its stake in shares of GE Vernova by 93.4% during the 4th quarter. Riggs Asset Managment Co. Inc. now owns 118 shares of the company’s stock worth $39,000 after acquiring an additional 57 shares in the last quarter.

GE Vernova Stock Down 4.0 %

GEV stock opened at $318.64 on Wednesday. The business has a fifty day simple moving average of $354.04 and a 200-day simple moving average of $316.24. GE Vernova Inc. has a 52 week low of $119.00 and a 52 week high of $447.50. The company has a market cap of $87.91 billion and a price-to-earnings ratio of 57.31.

GE Vernova (NYSE:GEV) last announced its quarterly earnings results 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). GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. The business had revenue of $10.56 billion for the quarter, compared to analysts’ expectations of $10.70 billion. The firm’s revenue for the quarter was up 5.1% on a year-over-year basis. As a group, analysts expect 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 authorized a share repurchase program on Tuesday, December 10th that allows the company to buyback $6.00 billion in shares. This buyback authorization allows the company to repurchase up to 6.7% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

GEV has been the topic of several research analyst reports. Wolfe Research assumed coverage on GE Vernova in a research note on Wednesday, December 4th. They set an “outperform” rating and a $403.00 price target on the stock. Barclays reduced their target price 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. Jefferies Financial Group upped their target price on GE Vernova from $348.00 to $391.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Evercore ISI upped their target price on GE Vernova from $385.00 to $390.00 and gave the company an “outperform” rating in a research note on Wednesday, December 11th. Finally, Truist Financial upped their target price on GE Vernova from $420.00 to $470.00 and gave the company a “buy” rating in a research note on Thursday, January 23rd. Seven research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and four have given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $348.72.

GE Vernova Company 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.