Teacher Retirement System of Texas Cuts Position in GE Vernova Inc. (NYSE:GEV)

Teacher Retirement System of Texas cut its stake in GE Vernova Inc. (NYSE:GEV) by 51.7% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 97,933 shares of the company’s stock after selling 104,725 shares during the period. Teacher Retirement System of Texas’ holdings in GE Vernova were worth $32,213,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in GEV. Mountaineer Partners Management LLC purchased a new stake in GE Vernova during the third quarter valued at about $2,507,296,000. Raymond James Financial Inc. purchased a new stake in GE Vernova during the fourth quarter valued at about $219,187,000. FMR LLC boosted its position in GE Vernova by 2.5% during the third quarter. FMR LLC now owns 24,047,678 shares of the company’s stock valued at $6,131,677,000 after buying an additional 584,208 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in GE Vernova by 34.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,812,192 shares of the company’s stock valued at $462,073,000 after buying an additional 460,834 shares during the period. Finally, Assenagon Asset Management S.A. boosted its position in GE Vernova by 284.3% during the fourth quarter. Assenagon Asset Management S.A. now owns 617,559 shares of the company’s stock valued at $203,134,000 after buying an additional 456,879 shares during the period.

GE Vernova Stock Up 0.2 %

NYSE:GEV opened at $336.46 on Friday. The company’s 50 day moving average price is $352.82 and its 200-day moving average price is $316.52. GE Vernova Inc. has a 52 week low of $119.00 and a 52 week high of $447.50. The stock has a market cap of $92.83 billion and a price-to-earnings ratio of 60.51.

GE Vernova (NYSE:GEV) last posted its quarterly 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 firm had revenue of $10.56 billion for the quarter, compared to analysts’ expectations of $10.70 billion. The company’s revenue for the quarter was up 5.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that GE Vernova Inc. will post 6.59 earnings per share for the current year.

GE Vernova announced that its Board of Directors has initiated 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 buy up to 6.7% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. JPMorgan Chase & Co. upped their price target on shares of GE Vernova from $374.00 to $436.00 and gave the company an “overweight” rating in a research report on Thursday, January 23rd. Robert W. Baird began coverage on shares of GE Vernova in a research note on Thursday, February 13th. They set an “outperform” rating and a $448.00 price objective for the company. Guggenheim raised 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 note on Wednesday, March 5th. Wolfe Research began coverage on shares of GE Vernova in a research note on Wednesday, December 4th. They set an “outperform” rating and a $403.00 price objective for the company. Finally, The Goldman Sachs Group upped their price objective on shares of GE Vernova from $446.00 to $500.00 and gave the company a “buy” rating in a research note on Friday, January 24th. Seven equities research analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and four have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $348.72.

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.