Allstate Corp Takes Position in GE Vernova Inc. (NYSE:GEV)

Allstate Corp acquired a new position in GE Vernova Inc. (NYSE:GEV) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 8,171 shares of the company’s stock, valued at approximately $2,688,000.

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

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on GEV. CICC Research initiated coverage on GE Vernova in a research note on Wednesday, February 19th. They issued an “outperform” rating on the stock. Truist Financial increased their price target on GE Vernova from $420.00 to $470.00 and gave the stock a “buy” rating in a report on Thursday, January 23rd. Citigroup lifted their price objective on shares of GE Vernova from $361.00 to $437.00 and gave the company a “neutral” rating in a research note on Thursday, January 23rd. Jefferies Financial Group increased their target price on shares of GE Vernova from $391.00 to $413.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, Wolfe Research began coverage on shares of GE Vernova in a research note on Wednesday, December 4th. They issued an “outperform” rating and a $403.00 price target for the company. Seven 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 company’s stock. According to data from MarketBeat, GE Vernova currently has a consensus rating of “Moderate Buy” and an average target price of $349.54.

GE Vernova Stock Down 0.1 %

GE Vernova stock opened at $302.71 on Friday. GE Vernova Inc. has a 52 week low of $119.00 and a 52 week high of $447.50. The company’s 50 day moving average price is $345.68 and its two-hundred day moving average price is $322.53. The stock has a market cap of $83.52 billion and a P/E ratio of 54.44.

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

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

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.