State of Michigan Retirement System Takes Position in GE Vernova Inc. (NYSE:GEV)

State of Michigan Retirement System acquired a new stake in GE Vernova Inc. (NYSE:GEV) during the 2nd quarter, HoldingsChannel reports. The firm acquired 75,040 shares of the company’s stock, valued at approximately $12,870,000.

Several other institutional investors have also bought and sold shares of the company. Global Trust Asset Management LLC bought a new stake in GE Vernova during the 2nd quarter valued at $26,000. Timber Creek Capital Management LLC bought a new position in shares of GE Vernova in the second quarter worth approximately $27,000. Gradient Investments LLC purchased a new stake in GE Vernova in the second quarter valued at approximately $27,000. First Community Trust NA bought a new stake in GE Vernova during the second quarter valued at approximately $29,000. Finally, ANTIPODES PARTNERS Ltd purchased a new stake in shares of GE Vernova during the 1st quarter valued at $30,000.

GE Vernova Price Performance

NYSE GEV opened at $181.06 on Tuesday. GE Vernova Inc. has a twelve month low of $115.00 and a twelve month high of $190.80. The stock has a 50-day simple moving average of $174.92.

GE Vernova (NYSE:GEV) last released its earnings results on Wednesday, July 24th. The company reported $0.71 EPS for the quarter, topping the consensus estimate of $0.69 by $0.02. The company had revenue of $8.20 billion during the quarter, compared to analysts’ expectations of $8.42 billion. Equities research analysts predict that GE Vernova Inc. will post 3.43 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms recently commented on GEV. HSBC initiated coverage on GE Vernova in a research note on Monday, August 12th. They issued a “buy” rating and a $215.00 target price on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and set a $180.00 price objective on shares of GE Vernova in a research note on Monday, July 22nd. Evercore ISI upped their price target on GE Vernova from $174.00 to $202.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. JPMorgan Chase & Co. lifted their price objective on GE Vernova from $195.00 to $216.00 and gave the stock an “overweight” rating in a research report on Thursday, July 25th. Finally, Citigroup began coverage on GE Vernova in a research note on Tuesday, June 11th. They issued a “neutral” rating and a $183.00 price target for the company. Four research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, GE Vernova presently has a consensus rating of “Moderate Buy” and a consensus price target of $189.83.

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.