Newport Trust Company LLC Makes New Investment in GE Vernova Inc. (NYSE:GEV)

Newport Trust Company LLC purchased a new position in shares of GE Vernova Inc. (NYSE:GEV) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,790,680 shares of the company’s stock, valued at approximately $650,140,000. GE Vernova makes up about 1.6% of Newport Trust Company LLC’s investment portfolio, making the stock its 12th largest holding. Newport Trust Company LLC owned approximately 1.38% of GE Vernova as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Bank of New York Mellon Corp acquired a new stake in GE Vernova in the 2nd quarter valued at about $537,674,000. Price T Rowe Associates Inc. MD acquired a new stake in GE Vernova in the first quarter valued at approximately $367,474,000. Assenagon Asset Management S.A. purchased a new position in GE Vernova in the second quarter worth approximately $217,569,000. Dimensional Fund Advisors LP acquired a new position in GE Vernova during the 2nd quarter worth approximately $176,775,000. Finally, Massachusetts Financial Services Co. MA purchased a new stake in shares of GE Vernova in the 2nd quarter valued at approximately $119,390,000.

GE Vernova Stock Performance

Shares of GE Vernova stock opened at $244.45 on Friday. GE Vernova Inc. has a fifty-two week low of $115.00 and a fifty-two week high of $245.00. The business’s fifty day simple moving average is $186.78.

GE Vernova (NYSE:GEV) last issued its earnings results on Wednesday, July 24th. The company reported $0.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.02. The firm had revenue of $8.20 billion for the quarter, compared to analysts’ expectations of $8.42 billion. Analysts expect that GE Vernova Inc. will post 3.02 earnings per share for the current fiscal year.

Analysts Set New Price Targets

GEV has been the topic of several recent analyst reports. Jefferies Financial Group assumed coverage on GE Vernova in a report on Wednesday, September 4th. They issued a “buy” rating and a $261.00 target price for the company. Argus started coverage on GE Vernova in a research note on Thursday, June 13th. They issued a “buy” rating and a $190.00 price objective for the company. Royal Bank of Canada raised their target price on shares of GE Vernova from $192.00 to $246.00 and gave the stock an “outperform” rating in a research report on Tuesday. JPMorgan Chase & Co. upped their price target on shares of GE Vernova from $216.00 to $240.00 and gave the company an “overweight” rating in a research report on Friday, September 13th. Finally, Mizuho raised their price objective on shares of GE Vernova from $186.00 to $208.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. Three research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $217.64.

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.