iA Global Asset Management Inc. Sells 3,680 Shares of GE Vernova Inc. (NYSE:GEV)

iA Global Asset Management Inc. lessened its holdings in GE Vernova Inc. (NYSE:GEV) by 11.0% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 29,700 shares of the company’s stock after selling 3,680 shares during the period. iA Global Asset Management Inc.’s holdings in GE Vernova were worth $9,769,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of GEV. Cedar Mountain Advisors LLC boosted its stake 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 buying an additional 39 shares during the period. Fairway Wealth LLC boosted its stake in 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 buying an additional 55 shares during the period. Pineridge Advisors LLC boosted its stake in GE Vernova by 530.8% during the fourth quarter. Pineridge Advisors LLC now owns 82 shares of the company’s stock worth $27,000 after buying an additional 69 shares during the period. Darwin Wealth Management LLC purchased a new position in GE Vernova during the third quarter worth $31,000. Finally, Prestige Wealth Management Group LLC boosted its stake in GE Vernova by 175.0% during the third quarter. Prestige Wealth Management Group LLC now owns 121 shares of the company’s stock worth $31,000 after buying an additional 77 shares during the period.

GE Vernova Stock Up 5.2 %

GEV opened at $335.38 on Thursday. GE Vernova Inc. has a 52-week low of $119.00 and a 52-week high of $447.50. The company has a market cap of $92.53 billion and a P/E ratio of 60.32. The firm’s 50-day moving average price is $353.42 and its 200-day moving average price is $316.38.

GE Vernova (NYSE:GEV) last issued 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). The firm had revenue of $10.56 billion during the quarter, compared to analysts’ expectations of $10.70 billion. GE Vernova had a net margin of 4.44% and a return on equity of 6.70%. The company’s quarterly revenue was up 5.1% compared to the same quarter last year. On average, research analysts anticipate that GE Vernova Inc. will post 6.59 EPS for the current fiscal year.

GE Vernova announced that its board has approved a stock buyback program on Tuesday, December 10th that authorizes the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 6.7% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Wells Fargo & Company lifted their price objective on shares of GE Vernova from $385.00 to $411.00 and gave the stock an “overweight” rating in a research note on Friday, December 13th. William Blair reaffirmed an “outperform” rating on shares of GE Vernova in a research note on Thursday, January 23rd. JPMorgan Chase & Co. boosted their target price on shares of GE Vernova from $374.00 to $436.00 and gave the company an “overweight” rating in a research note on Thursday, January 23rd. TD Cowen started coverage on shares of GE Vernova in a research note on Thursday, December 5th. They set a “buy” rating and a $400.00 target price for the company. Finally, BMO Capital Markets lowered their target price on shares of GE Vernova from $471.00 to $420.00 and set an “outperform” rating for the company in a research note on Monday, March 3rd. Seven research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and four have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $348.72.

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.