West Michigan Advisors LLC Invests in GE Vernova Inc.

On October 26, 2024, it was reported that West Michigan Advisors LLC has acquired a new position in GE Vernova Inc. (NYSE:GEV) during the third quarter. According to their recent filing with the Securities and Exchange Commission (SEC), the firm purchased 838 shares, amounting to approximately $214,000.

This move comes as part of a broader trend of hedge funds and institutional investors entering the market for GE Vernova Inc. Notably, in the first quarter, the Maryland State Retirement & Pension System made a significant investment, acquiring a stake worth $2,892,000 in the company. Other firms have followed suit, including Boit C F David, which bought shares valued at about $149,000, and ANTIPODES PARTNERS Ltd, which acquired a position worth approximately $30,000. Similarly, Nwam LLC invested about $1,531,000, while LRI Investments LLC purchased shares valued at around $63,000.

GE Vernova Stock Movement

As of Friday, GE Vernova (NYSE:GEV) shares opened at $293.50. The stock has seen significant fluctuations over the past year, with a low of $115.00 and a high of $298.81. Currently, the company's 50-day simple moving average stands at $232.95, and its 200-day simple moving average is $188.73.

Additionally, GE Vernova recently reported its quarterly earnings on July 24th. The company disclosed earnings per share (EPS) of $0.71, surpassing analysts' expectations of $0.69 by $0.02. The revenue for the quarter was $8.20 billion, which fell short of the anticipated $8.42 billion. Market analysts predict that GE Vernova Inc. will achieve an EPS of 3.21 for the current fiscal year.

Analyst Ratings and Targets

Several analysts have provided updates on GE Vernova's stock. The Royal Bank of Canada raised its price target from $262.00 to $285.00, assigning an “outperform” rating. Similarly, Jefferies Financial Group increased its price target from $293.00 to $336.00 and labeled the stock as a “buy.” Also, JPMorgan Chase & Co. adjusted its price objective from $285.00 to $330.00 while maintaining an “overweight” rating. Barclays and Morgan Stanley made similar adjustments, with Barclays setting its target at $320.00 and Morgan Stanley at $301.00. Overall, seven analysts recommend holding the stock, eighteen have rated it as a buy, and one has issued a strong buy rating. According to MarketBeat data, the average consensus rating for GE Vernova is a “Moderate Buy,” with a consensus price target of $261.40.

Overview of GE Vernova

GE Vernova LLC is an energy company tasked with generating electricity. It operates in three main segments: Power, Wind, and Electrification. The Power segment is responsible for generating and selling electricity through various means, including hydro, gas, nuclear, and steam power. The Wind segment focuses on manufacturing and selling wind turbine blades, while the Electrification segment provides solutions related to grid management, power conversion, solar energy, and energy storage.

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