Sheets Smith Investment Management Makes New Investment in GE Vernova Inc. (NYSE:GEV)

Sheets Smith Investment Management acquired a new position in shares of GE Vernova Inc. (NYSE:GEV) during the 4th quarter, HoldingsChannel.com reports. The institutional investor acquired 4,493 shares of the company’s stock, valued at approximately $1,478,000. GE Vernova accounts for about 1.3% of Sheets Smith Investment Management’s holdings, making the stock its 29th biggest position.

Several other hedge funds also recently made changes to their positions in GEV. Howard Capital Management Group LLC purchased a new position in shares of GE Vernova during the third quarter worth about $213,000. Thrivent Financial for Lutherans boosted its stake in shares of GE Vernova by 24.0% during the third quarter. Thrivent Financial for Lutherans now owns 16,908 shares of the company’s stock worth $4,311,000 after buying an additional 3,274 shares during the period. Jennison Associates LLC boosted its stake in shares of GE Vernova by 20.2% during the third quarter. Jennison Associates LLC now owns 10,298 shares of the company’s stock worth $2,626,000 after buying an additional 1,733 shares during the period. Meridian Wealth Management LLC boosted its stake in shares of GE Vernova by 7.6% during the third quarter. Meridian Wealth Management LLC now owns 3,127 shares of the company’s stock worth $797,000 after buying an additional 222 shares during the period. Finally, Nicolet Advisory Services LLC acquired a new stake in shares of GE Vernova during the third quarter worth about $251,000.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on GEV shares. Johnson Rice started coverage on shares of GE Vernova in a research note on Friday, February 7th. They set a “buy” rating and a $425.00 target price for the company. Marathon Capitl upgraded shares of GE Vernova to a “strong-buy” rating in a research report on Friday, January 31st. TD Cowen started coverage on shares of GE Vernova in a research report on Thursday, December 5th. They issued a “buy” rating and a $400.00 price objective for the company. Barclays reduced their price objective on shares of GE Vernova from $487.00 to $427.00 and set an “overweight” rating for the company in a research report on Monday, March 3rd. Finally, Guggenheim upgraded shares of GE Vernova from a “neutral” rating to a “buy” rating and set a $380.00 price objective for the company in a research report on Wednesday, March 5th. Seven analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and four have issued a strong buy rating to the company’s stock. According to data from MarketBeat, GE Vernova presently has a consensus rating of “Moderate Buy” and an average target price of $348.72.

GE Vernova Stock Performance

GEV stock opened at $334.21 on Monday. The stock has a market capitalization of $92.21 billion and a P/E ratio of 60.11. GE Vernova Inc. has a one year low of $119.00 and a one year high of $447.50. The company has a 50 day moving average price of $352.15 and a two-hundred day moving average price of $319.15.

GE Vernova (NYSE:GEV) last released its earnings results on Wednesday, January 22nd. The company reported $1.73 EPS for the quarter, missing the consensus estimate 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 return on equity of 6.70% and a net margin of 4.44%. The firm’s quarterly 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 fiscal year.

GE Vernova announced that its Board of Directors has initiated a stock buyback plan on Tuesday, December 10th that authorizes the company to buyback $6.00 billion in shares. This buyback authorization authorizes the company to purchase up to 6.7% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership 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.