Pinpoint Asset Management Ltd Buys Shares of 91 GE Vernova Inc. (NYSE:GEV)

Pinpoint Asset Management Ltd purchased a new position in GE Vernova Inc. (NYSE:GEV) in the fourth quarter, HoldingsChannel reports. The firm purchased 91 shares of the company’s stock, valued at approximately $30,000.

Several other institutional investors and hedge funds have also made changes to their positions in GEV. MRP Capital Investments LLC bought a new stake in GE Vernova during the fourth quarter worth approximately $25,000. Cedar Mountain Advisors LLC increased its position in shares of 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 purchasing an additional 39 shares during the period. Fairway Wealth LLC raised its stake in shares of GE Vernova by 220.0% in 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 lifted its holdings in shares of GE Vernova by 530.8% in the fourth quarter. Pineridge Advisors LLC now owns 82 shares of the company’s stock valued at $27,000 after buying an additional 69 shares during the period. Finally, Asset Planning Inc bought a new position in GE Vernova during the fourth quarter valued at about $35,000.

GE Vernova Price Performance

GEV opened at $297.33 on Friday. The company has a market capitalization of $81.27 billion and a PE ratio of 53.48. GE Vernova Inc. has a fifty-two week low of $119.00 and a fifty-two week high of $447.50. The business has a 50-day moving average of $337.02 and a 200-day moving average of $324.45.

GE Vernova (NYSE:GEV) last posted its earnings results on Wednesday, January 22nd. The company reported $1.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.57). The business had revenue of $10.56 billion during the quarter, compared to analyst estimates of $10.70 billion. GE Vernova had a net margin of 4.44% and a return on equity of 6.70%. The company’s revenue was up 5.1% compared to the same quarter last year. On average, equities research analysts expect that GE Vernova Inc. will post 6.59 earnings per share for the current fiscal year.

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

Wall Street Analysts Forecast Growth

Several brokerages have commented on GEV. Jefferies Financial Group boosted their price target on shares of GE Vernova from $391.00 to $413.00 and gave the stock a “buy” rating in a research report on Thursday, March 27th. BMO Capital Markets dropped their target price on shares of GE Vernova from $471.00 to $420.00 and set an “outperform” rating on the stock in a report on Monday, March 3rd. Truist Financial set a $440.00 target price on shares of GE Vernova in a report on Thursday, March 27th. Guggenheim upgraded shares of GE Vernova from a “neutral” rating to a “buy” rating and set a $380.00 price target on the stock in a research report on Wednesday, March 5th. Finally, Royal Bank of Canada cut their price objective on GE Vernova from $453.00 to $445.00 and set an “outperform” rating for the company in a research report on Tuesday, March 18th. Seven research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat, GE Vernova has an average rating of “Moderate Buy” and an average target price of $349.20.

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.