Korea Investment CORP Reduces Stock Holdings in GE Vernova Inc. (NYSE:GEV)

Korea Investment CORP reduced its stake in shares of GE Vernova Inc. (NYSE:GEV) by 51.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 209,186 shares of the company’s stock after selling 221,797 shares during the period. Korea Investment CORP owned 0.08% of GE Vernova worth $68,808,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in the stock. Cedar Mountain Advisors LLC increased its position 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 purchasing an additional 39 shares during the last quarter. MRP Capital Investments LLC purchased a new stake in shares of GE Vernova during the 4th quarter valued at about $25,000. Fairway Wealth LLC lifted its position in shares of GE Vernova by 220.0% during the fourth quarter. Fairway Wealth LLC now owns 80 shares of the company’s stock worth $26,000 after purchasing an additional 55 shares in the last quarter. Pineridge Advisors LLC boosted its position in 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 buying an additional 69 shares during the last quarter. Finally, Prestige Wealth Management Group LLC boosted its holdings in GE Vernova by 175.0% in the third quarter. Prestige Wealth Management Group LLC now owns 121 shares of the company’s stock valued at $31,000 after purchasing an additional 77 shares during the last quarter.

GE Vernova Stock Performance

Shares of GEV stock opened at $303.10 on Friday. The firm has a market capitalization of $83.63 billion and a PE ratio of 54.51. GE Vernova Inc. has a 1 year low of $119.00 and a 1 year high of $447.50. The stock has a fifty day moving average of $347.66 and a two-hundred day moving average of $320.99.

GE Vernova (NYSE:GEV) last announced 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). The company had revenue of $10.56 billion during the quarter, compared to the consensus estimate of $10.70 billion. GE Vernova had a net margin of 4.44% and a return on equity of 6.70%. The company’s revenue was up 5.1% on a year-over-year basis. 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 has authorized a share repurchase program on Tuesday, December 10th that permits the company to repurchase $6.00 billion in shares. This repurchase authorization permits the company to purchase up to 6.7% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

A number of research analysts have commented on GEV shares. Barclays reduced their price objective on shares of GE Vernova from $487.00 to $427.00 and set an “overweight” rating on the stock in a research note on Monday, March 3rd. JPMorgan Chase & Co. boosted their price objective on GE Vernova from $374.00 to $436.00 and gave the company an “overweight” rating in a report on Thursday, January 23rd. Marathon Capitl raised GE Vernova to a “strong-buy” rating in a report on Friday, January 31st. Jefferies Financial Group boosted their price target on GE Vernova from $391.00 to $413.00 and gave the company a “buy” rating in a report on Thursday. Finally, Baird R W raised GE Vernova to a “strong-buy” rating in a research report on Thursday, February 13th. Seven research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat.com, GE Vernova currently has an average rating of “Moderate Buy” and an average target price of $349.54.

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.