Franklin Resources Inc. Reduces Position in GE Vernova Inc. (NYSE:GEV)

Franklin Resources Inc. trimmed its holdings in GE Vernova Inc. (NYSE:GEV) by 71.5% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 563,092 shares of the company’s stock after selling 1,415,599 shares during the period. Franklin Resources Inc.’s holdings in GE Vernova were worth $185,218,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. MRP Capital Investments LLC bought a new stake in shares of GE Vernova during the fourth quarter worth $25,000. Cedar Mountain Advisors LLC lifted its holdings in GE Vernova by 102.6% during the 4th quarter. Cedar Mountain Advisors LLC now owns 77 shares of the company’s stock valued at $25,000 after buying an additional 39 shares in the last quarter. Fairway Wealth LLC boosted its position in GE Vernova by 220.0% in the 4th quarter. Fairway Wealth LLC now owns 80 shares of the company’s stock valued at $26,000 after buying an additional 55 shares during the period. Pineridge Advisors LLC grew its stake in GE Vernova by 530.8% in the 4th quarter. Pineridge Advisors LLC now owns 82 shares of the company’s stock worth $27,000 after acquiring 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 worth approximately $35,000.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on GEV shares. Barclays lowered their price target on GE Vernova from $487.00 to $427.00 and set an “overweight” rating for the company in a report on Monday, March 3rd. Wolfe Research assumed coverage on GE Vernova in a research report on Wednesday, December 4th. They set an “outperform” rating and a $403.00 price target on the stock. BMO Capital Markets decreased their price objective on GE Vernova from $471.00 to $420.00 and set an “outperform” rating for the company in a report on Monday, March 3rd. Wells Fargo & Company increased their target price on shares of GE Vernova from $385.00 to $411.00 and gave the stock an “overweight” rating in a report on Friday, December 13th. Finally, Evercore ISI boosted their price target on shares of GE Vernova from $385.00 to $390.00 and gave the company an “outperform” rating in a report on Wednesday, December 11th. Seven 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. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $349.54.

GE Vernova Price Performance

NYSE GEV opened at $315.55 on Wednesday. The company has a market cap of $87.06 billion and a price-to-earnings ratio of 56.75. The stock’s fifty day moving average price is $341.74 and its 200 day moving average price is $324.60. GE Vernova Inc. has a 1 year low of $119.00 and a 1 year high of $447.50.

GE Vernova (NYSE:GEV) last announced 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 firm had revenue of $10.56 billion during the quarter, compared to analyst estimates of $10.70 billion. GE Vernova’s revenue was up 5.1% compared to the same quarter last year. Research analysts expect that GE Vernova Inc. will post 6.59 earnings per share for the current year.

GE Vernova declared that its board has initiated a share repurchase program on Tuesday, December 10th that allows the company to buyback $6.00 billion in shares. This buyback authorization allows the company to purchase up to 6.7% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management 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.