Summit X LLC Takes Position in GE Vernova Inc. (NYSE:GEV)

Summit X LLC bought a new stake in shares of GE Vernova Inc. (NYSE:GEV) in the 4th quarter, HoldingsChannel.com reports. The firm bought 810 shares of the company’s stock, valued at approximately $266,000.

A number of other large investors also recently made changes to their positions in the business. Mountaineer Partners Management LLC bought a new position in shares of GE Vernova during the 3rd quarter valued at $2,507,296,000. Raymond James Financial Inc. bought a new position in GE Vernova in the 4th quarter worth $219,187,000. FMR LLC grew its position in GE Vernova by 2.5% in the 3rd quarter. FMR LLC now owns 24,047,678 shares of the company’s stock worth $6,131,677,000 after purchasing an additional 584,208 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in GE Vernova by 34.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,812,192 shares of the company’s stock worth $462,073,000 after purchasing an additional 460,834 shares during the last quarter. Finally, Assenagon Asset Management S.A. grew its position in GE Vernova by 284.3% in the 4th quarter. Assenagon Asset Management S.A. now owns 617,559 shares of the company’s stock worth $203,134,000 after purchasing an additional 456,879 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Citigroup lifted their target price on shares of GE Vernova from $361.00 to $437.00 and gave the company a “neutral” rating in a research report on Thursday, January 23rd. The Goldman Sachs Group boosted their target price on shares of GE Vernova from $446.00 to $500.00 and gave the stock a “buy” rating in a research note on Friday, January 24th. Royal Bank of Canada reissued an “outperform” rating and set a $453.00 price target on shares of GE Vernova in a research note on Tuesday, January 28th. Jefferies Financial Group boosted their price objective on shares of GE Vernova from $348.00 to $391.00 and gave the company a “buy” rating in a report on Friday, December 13th. Finally, Barclays decreased their price objective on shares of GE Vernova from $487.00 to $427.00 and set an “overweight” rating for the company in a report on Monday, March 3rd. Seven analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and four have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $349.02.

GE Vernova Trading Up 5.1 %

NYSE GEV opened at $298.72 on Thursday. The stock has a market cap of $82.42 billion and a PE ratio of 53.73. GE Vernova Inc. has a 12 month low of $115.00 and a 12 month high of $447.50. The stock’s 50 day moving average is $357.33 and its 200 day moving average is $311.79.

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 the consensus estimate of $2.30 by ($0.57). The firm had revenue of $10.56 billion for 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 firm’s revenue for the quarter was up 5.1% on a year-over-year basis. On average, analysts forecast that GE Vernova Inc. will post 6.59 EPS for the current fiscal year.

GE Vernova announced that its Board of Directors has initiated a stock buyback program on Tuesday, December 10th that permits the company to buyback $6.00 billion in outstanding shares. This buyback authorization permits the company to purchase 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.

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.