Hoertkorn Richard Charles Lowers Stock Position in GE Vernova Inc. (NYSE:GEV)

Hoertkorn Richard Charles lessened its stake in GE Vernova Inc. (NYSE:GEV) by 1.5% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 17,540 shares of the company’s stock after selling 272 shares during the quarter. GE Vernova comprises 2.4% of Hoertkorn Richard Charles’ holdings, making the stock its 14th biggest position. Hoertkorn Richard Charles’ holdings in GE Vernova were worth $5,769,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. State Street Corp raised its stake in GE Vernova by 1.1% during the 3rd quarter. State Street Corp now owns 10,434,917 shares of the company’s stock valued at $2,660,695,000 after purchasing an additional 118,184 shares during the last quarter. Mountaineer Partners Management LLC bought a new stake in GE Vernova during the 3rd quarter worth about $2,507,296,000. Geode Capital Management LLC grew its holdings in GE Vernova by 1.5% during the third quarter. Geode Capital Management LLC now owns 5,594,223 shares of the company’s stock worth $1,420,763,000 after purchasing an additional 80,479 shares during the period. Norges Bank bought a new stake in GE Vernova in the 4th quarter valued at $1,109,720,000. Finally, Franklin Resources Inc. raised its stake in GE Vernova by 3.7% in the third quarter. Franklin Resources Inc. now owns 1,978,691 shares of the company’s stock valued at $533,257,000 after purchasing an additional 71,067 shares in the last quarter.

Analyst Ratings Changes

GEV has been the topic of several recent analyst reports. Truist Financial raised their price objective on GE Vernova from $420.00 to $470.00 and gave the company a “buy” rating in a research note on Thursday, January 23rd. Royal Bank of Canada cut their price target on GE Vernova from $453.00 to $445.00 and set an “outperform” rating for the company in a report on Tuesday, March 18th. JPMorgan Chase & Co. lifted their price target on GE Vernova from $374.00 to $436.00 and gave the company an “overweight” rating in a report on Thursday, January 23rd. Evercore ISI boosted their price objective on GE Vernova from $385.00 to $390.00 and gave the company an “outperform” rating in a research report on Wednesday, December 11th. Finally, Johnson Rice started coverage on GE Vernova in a research note on Friday, February 7th. They set a “buy” rating and a $425.00 target price on the stock. Seven equities research analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat, GE Vernova has an average rating of “Moderate Buy” and a consensus price target of $349.54.

GE Vernova Stock Performance

GEV opened at $303.10 on Friday. The stock has a market cap of $83.63 billion and a price-to-earnings ratio of 54.51. GE Vernova Inc. has a fifty-two week low of $119.00 and a fifty-two week high of $447.50. The firm’s fifty day moving average is $347.66 and its 200 day moving average is $320.99.

GE Vernova (NYSE:GEV) last posted its earnings results 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 business had revenue of $10.56 billion for the quarter, compared to analyst estimates of $10.70 billion. GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. GE Vernova’s revenue for the quarter was up 5.1% compared to the same quarter last year. On average, equities research analysts predict that GE Vernova Inc. will post 6.59 earnings per share for the current year.

GE Vernova declared that its board has authorized a share buyback plan on Tuesday, December 10th that authorizes the company to repurchase $6.00 billion in shares. This repurchase authorization authorizes the company to buy up to 6.7% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

About GE Vernova

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.