Huntington National Bank Trims Holdings in GE Vernova Inc. (NYSE:GEV)

Huntington National Bank reduced its stake in GE Vernova Inc. (NYSE:GEV) by 9.7% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 27,190 shares of the company’s stock after selling 2,919 shares during the quarter. Huntington National Bank’s holdings in GE Vernova were worth $8,944,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of GEV. Howard Capital Management Group LLC purchased a new stake in shares of GE Vernova in the 3rd quarter valued at approximately $213,000. Public Sector Pension Investment Board grew its position in GE Vernova by 15.2% in the third quarter. Public Sector Pension Investment Board now owns 12,096 shares of the company’s stock worth $3,084,000 after acquiring an additional 1,600 shares during the period. Captrust Financial Advisors increased its stake in GE Vernova by 4.9% during the third quarter. Captrust Financial Advisors now owns 17,131 shares of the company’s stock worth $4,368,000 after acquiring an additional 805 shares during the last quarter. Benjamin Edwards Inc. purchased a new stake in GE Vernova in the third quarter valued at $636,000. Finally, Janus Henderson Group PLC lifted its stake in shares of GE Vernova by 5.8% in the 3rd quarter. Janus Henderson Group PLC now owns 32,881 shares of the company’s stock valued at $8,380,000 after purchasing an additional 1,800 shares during the last quarter.

Wall Street Analysts Forecast Growth

GEV has been the subject of a number of recent analyst reports. Susquehanna assumed coverage on GE Vernova in a research report on Wednesday. They set a “positive” rating and a $370.00 price objective for the company. The Goldman Sachs Group lifted their target price on shares of GE Vernova from $446.00 to $500.00 and gave the company a “buy” rating in a report on Friday, January 24th. 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. Citigroup boosted their price objective on GE Vernova from $361.00 to $437.00 and gave the company a “neutral” rating in a report on Thursday, January 23rd. Finally, JPMorgan Chase & Co. raised their target price on GE Vernova from $374.00 to $436.00 and gave the company an “overweight” rating in a report on Thursday, January 23rd. Seven analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and four have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $350.27.

GE Vernova Stock Up 4.9 %

Shares of GE Vernova stock opened at $331.17 on Thursday. GE Vernova Inc. has a 52 week low of $119.00 and a 52 week high of $447.50. The firm’s 50 day moving average is $339.82 and its two-hundred day moving average is $324.64. The firm has a market capitalization of $91.37 billion and a P/E ratio of 59.56.

GE Vernova (NYSE:GEV) last posted its earnings results on Wednesday, January 22nd. The company reported $1.73 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 company had revenue of $10.56 billion during 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, research analysts expect 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 stock buyback plan on Tuesday, December 10th that permits the company to repurchase $6.00 billion in shares. This repurchase authorization permits the company to repurchase up to 6.7% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board 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.