Arrowstreet Capital Limited Partnership Acquires 482,787 Shares of GE Vernova Inc. (NYSE:GEV)

Arrowstreet Capital Limited Partnership boosted its holdings in shares of GE Vernova Inc. (NYSE:GEV) by 555.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 569,738 shares of the company’s stock after acquiring an additional 482,787 shares during the quarter. Arrowstreet Capital Limited Partnership’s holdings in GE Vernova were worth $187,404,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the business. MRP Capital Investments LLC purchased a new stake in shares of GE Vernova in the fourth quarter valued at approximately $25,000. Cedar Mountain Advisors LLC lifted its holdings in shares of GE Vernova by 102.6% in the 4th 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 grew its position in shares of GE Vernova by 220.0% during the 4th quarter. Fairway Wealth LLC now owns 80 shares of the company’s stock worth $26,000 after buying an additional 55 shares in the last quarter. Pineridge Advisors LLC grew its position in shares of GE Vernova by 530.8% during the 4th quarter. Pineridge Advisors LLC now owns 82 shares of the company’s stock worth $27,000 after buying an additional 69 shares in the last quarter. Finally, Asset Planning Inc purchased a new position in shares of GE Vernova during the fourth quarter valued at $35,000.

GE Vernova Price Performance

Shares of GE Vernova stock opened at $302.71 on Monday. The stock has a market cap of $83.52 billion and a PE ratio of 54.44. The firm has a fifty day moving average price of $345.68 and a 200 day moving average price of $323.33. GE Vernova Inc. has a 1 year low of $119.00 and a 1 year high of $447.50.

GE Vernova (NYSE:GEV) last released its quarterly earnings data on Wednesday, January 22nd. The company reported $1.73 earnings per share 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 for the quarter, compared to analysts’ expectations of $10.70 billion. The company’s quarterly revenue was up 5.1% on a year-over-year basis. As a group, equities analysts expect that GE Vernova Inc. will post 6.59 EPS for the current year.

GE Vernova declared that its board has authorized a stock repurchase plan on Tuesday, December 10th that permits the company to buyback $6.00 billion in shares. This buyback authorization permits the company to repurchase up to 6.7% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

A number of research firms recently weighed in on GEV. Jefferies Financial Group upped their price objective on shares of GE Vernova from $391.00 to $413.00 and gave the stock a “buy” rating in a research note on Thursday. Royal Bank of Canada lowered their price target on shares of GE Vernova from $453.00 to $445.00 and set an “outperform” rating for the company in a research report on Tuesday, March 18th. William Blair reissued an “outperform” rating on shares of GE Vernova in a report on Thursday, January 23rd. Johnson Rice initiated coverage on GE Vernova in a report on Friday, February 7th. They set a “buy” rating and a $425.00 target price for the company. Finally, Bank of America lifted 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. 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 stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $349.54.

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.