Wells Fargo & Company MN Has $170.11 Million Stake in GE Vernova Inc. (NYSE:GEV)

Wells Fargo & Company MN lifted its stake in shares of GE Vernova Inc. (NYSE:GEV) by 10.7% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 517,163 shares of the company’s stock after acquiring an additional 49,777 shares during the period. Wells Fargo & Company MN’s holdings in GE Vernova were worth $170,110,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Cedar Mountain Advisors LLC boosted its position 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 purchasing an additional 39 shares in the last quarter. MRP Capital Investments LLC bought a new position in GE Vernova in the fourth quarter worth approximately $25,000. Fairway Wealth LLC grew its stake in GE Vernova by 220.0% in the fourth quarter. Fairway Wealth LLC now owns 80 shares of the company’s stock valued at $26,000 after acquiring an additional 55 shares during the period. Pineridge Advisors LLC increased its holdings in shares of GE Vernova by 530.8% during the fourth quarter. Pineridge Advisors LLC now owns 82 shares of the company’s stock valued at $27,000 after acquiring an additional 69 shares in the last quarter. Finally, Pinpoint Asset Management Ltd acquired a new position in shares of GE Vernova during the fourth quarter worth approximately $30,000.

Analyst Ratings Changes

A number of analysts have commented on the stock. Citigroup boosted their price target on shares of GE Vernova from $361.00 to $437.00 and gave the company a “neutral” rating in a research note on Thursday, January 23rd. New Street Research set a $380.00 target price on shares of GE Vernova in a report on Wednesday, March 5th. Bank of America lifted their price target on GE Vernova from $380.00 to $415.00 and gave the company a “buy” rating in a research note on Tuesday, January 14th. Johnson Rice initiated coverage on GE Vernova in a research note on Friday, February 7th. They issued a “buy” rating and a $425.00 price objective for the company. Finally, Marathon Capitl upgraded GE Vernova to a “strong-buy” rating in a report on Friday, January 31st. Seven equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and four have given a strong buy rating to the company. According to MarketBeat.com, GE Vernova has an average rating of “Moderate Buy” and a consensus target price of $349.20.

GE Vernova Stock Down 8.8 %

NYSE GEV opened at $271.40 on Friday. The firm has a market cap of $74.19 billion and a P/E ratio of 48.81. The company’s 50 day moving average is $334.07 and its 200-day moving average 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 issued its 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 the consensus estimate of $10.70 billion. GE Vernova’s revenue for the quarter was up 5.1% on a year-over-year basis. Equities analysts expect that GE Vernova Inc. will post 6.59 EPS for the current year.

GE Vernova declared that its board has authorized a share buyback plan on Tuesday, December 10th that authorizes the company to buyback $6.00 billion in shares. This buyback authorization authorizes the company to buy up to 6.7% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

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.