Sierra Summit Advisors LLC Has $8.81 Million Holdings in GE Vernova Inc. (NYSE:GEV)

Sierra Summit Advisors LLC cut its position in GE Vernova Inc. (NYSE:GEV) by 27.6% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 26,772 shares of the company’s stock after selling 10,212 shares during the quarter. GE Vernova accounts for about 1.8% of Sierra Summit Advisors LLC’s portfolio, making the stock its 23rd largest holding. Sierra Summit Advisors LLC’s holdings in GE Vernova were worth $8,806,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in GEV. Norges Bank acquired a new position in GE Vernova during the fourth quarter valued at approximately $1,109,720,000. Massachusetts Financial Services Co. MA raised its holdings in shares of GE Vernova by 1,638.5% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,314,288 shares of the company’s stock worth $432,309,000 after buying an additional 1,238,690 shares in the last quarter. FMR LLC raised its holdings in shares of GE Vernova by 3.4% during the 4th quarter. FMR LLC now owns 24,861,833 shares of the company’s stock worth $8,177,803,000 after buying an additional 814,155 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in GE Vernova in the fourth quarter valued at about $219,187,000. Finally, Arrowstreet Capital Limited Partnership boosted its stake in GE Vernova by 555.2% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 569,738 shares of the company’s stock valued at $187,404,000 after buying an additional 482,787 shares in the last quarter.

Wall Street Analyst Weigh In

GEV has been the subject of a number of research reports. BMO Capital Markets dropped their target price on shares of GE Vernova from $471.00 to $420.00 and set an “outperform” rating for the company in a report on Monday, March 3rd. Royal Bank of Canada dropped their price objective on shares of GE Vernova from $453.00 to $445.00 and set an “outperform” rating for the company in a research note on Tuesday, March 18th. Bank of America raised their target price on shares of GE Vernova from $380.00 to $415.00 and gave the company a “buy” rating in a research report on Tuesday, January 14th. JPMorgan Chase & Co. upped their price target on shares of GE Vernova from $374.00 to $436.00 and gave the stock an “overweight” rating in a report on Thursday, January 23rd. Finally, New Street Research set a $380.00 price objective on GE Vernova in a research report on Wednesday, March 5th. Seven equities research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and four have given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $349.20.

GE Vernova Stock Performance

Shares of GEV opened at $271.40 on Monday. The firm has a market cap of $74.19 billion and a PE ratio of 48.81. GE Vernova Inc. has a 52-week low of $125.86 and a 52-week high of $447.50. The business’s 50 day moving average price is $334.07 and its two-hundred day moving average price is $325.98.

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 the consensus estimate of $2.30 by ($0.57). The company had revenue of $10.56 billion during the quarter, compared to the consensus estimate of $10.70 billion. GE Vernova had a net margin of 4.44% and a return on equity of 6.70%. The company’s quarterly revenue was up 5.1% on a year-over-year basis. Research analysts predict that GE Vernova Inc. will post 6.59 EPS for the current fiscal year.

GE Vernova announced that its Board of Directors has approved a stock buyback plan on Tuesday, December 10th that permits the company to repurchase $6.00 billion in shares. This repurchase authorization permits the company to repurchase up to 6.7% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors 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.