Family Legacy Inc. Increases Stock Position in GE Vernova Inc. (NYSE:GEV)

Family Legacy Inc. grew its position in shares of GE Vernova Inc. (NYSE:GEV) by 11.5% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 5,785 shares of the company’s stock after purchasing an additional 597 shares during the quarter. Family Legacy Inc.’s holdings in GE Vernova were worth $1,903,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Cannell & Spears LLC purchased a new position in GE Vernova during the 4th quarter worth approximately $269,000. Meeder Asset Management Inc. increased its position in GE Vernova by 206.5% during the 4th quarter. Meeder Asset Management Inc. now owns 141 shares of the company’s stock worth $46,000 after purchasing an additional 95 shares during the period. Axiom Investors LLC DE purchased a new stake in shares of GE Vernova during the 4th quarter worth $123,157,000. AIA Group Ltd acquired a new position in GE Vernova during the fourth quarter worth about $4,324,000. Finally, Hazlett Burt & Watson Inc. increased its stake in GE Vernova by 13.7% in the 4th quarter. Hazlett Burt & Watson Inc. now owns 522 shares of the company’s stock valued at $172,000 after purchasing an additional 63 shares in the last quarter.

Analyst Upgrades and Downgrades

Several research firms have recently commented on GEV. New Street Research set a $380.00 price target on shares of GE Vernova in a research report on Wednesday, March 5th. TD Cowen initiated coverage on shares of GE Vernova in a report on Thursday, December 5th. They issued a “buy” rating and a $400.00 target price for the company. Royal Bank of Canada reduced their price objective on GE Vernova from $453.00 to $445.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 18th. Bank of America increased their price target on GE Vernova from $380.00 to $415.00 and gave the company a “buy” rating in a report on Tuesday, January 14th. Finally, Barclays lowered their price target 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 assigned a buy rating and four have given a strong buy rating to the company. According to MarketBeat.com, GE Vernova currently has a consensus rating of “Moderate Buy” and a consensus target price of $349.54.

GE Vernova Stock Performance

GE Vernova stock opened at $302.71 on Monday. The stock has a market capitalization of $83.52 billion and a P/E ratio of 54.44. GE Vernova Inc. has a 52 week low of $119.00 and a 52 week high of $447.50. The stock has a 50-day simple moving average of $345.68 and a 200 day simple moving average of $323.33.

GE Vernova (NYSE:GEV) last announced its quarterly earnings data on Wednesday, January 22nd. The company reported $1.73 earnings per share for the quarter, missing the consensus estimate of $2.30 by ($0.57). The company had revenue of $10.56 billion during the quarter, compared to analyst estimates of $10.70 billion. GE Vernova had a net margin of 4.44% and a return on equity of 6.70%. The firm’s revenue was up 5.1% on a year-over-year basis. Research analysts forecast that GE Vernova Inc. will post 6.59 earnings per share for the current year.

GE Vernova announced that its Board of Directors has approved a share buyback plan on Tuesday, December 10th that permits the company to buyback $6.00 billion in outstanding shares. This buyback authorization permits the company to buy up to 6.7% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is 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.