Front Street Capital Management Inc. Makes New Investment in GE Vernova Inc. (NYSE:GEV)

Front Street Capital Management Inc. purchased a new position in shares of GE Vernova Inc. (NYSE:GEV) during the 2nd quarter, Holdings Channel.com reports. The institutional investor purchased 65,507 shares of the company’s stock, valued at approximately $11,235,000. GE Vernova accounts for about 2.2% of Front Street Capital Management Inc.’s investment portfolio, making the stock its 14th biggest position.

Several other hedge funds also recently modified their holdings of the company. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA lifted its position in GE Vernova by 1.7% during the second quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 3,555 shares of the company’s stock valued at $650,000 after buying an additional 61 shares in the last quarter. Wedmont Private Capital raised its stake in shares of GE Vernova by 3.2% during the second quarter. Wedmont Private Capital now owns 3,533 shares of the company’s stock valued at $638,000 after purchasing an additional 109 shares during the period. Deseret Mutual Benefit Administrators bought a new stake in shares of GE Vernova in the second quarter worth $25,000. Trifecta Capital Advisors LLC bought a new stake in shares of GE Vernova in the second quarter worth $25,000. Finally, Meeder Asset Management Inc. bought a new stake in shares of GE Vernova in the second quarter worth $25,000.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on GEV shares. Daiwa America upgraded shares of GE Vernova to a “strong-buy” rating in a research note on Friday, June 21st. Bank of America upgraded shares of GE Vernova from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $200.00 to $300.00 in a research note on Tuesday, September 17th. Hsbc Global Res upgraded shares of GE Vernova to a “strong-buy” rating in a research note on Monday, August 12th. JPMorgan Chase & Co. boosted their target price on shares of GE Vernova from $216.00 to $240.00 and gave the company an “overweight” rating in a research note on Friday, September 13th. Finally, Evercore ISI boosted their target price on shares of GE Vernova from $202.00 to $240.00 and gave the company an “outperform” rating in a research note on Thursday, September 12th. Three equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $219.42.

GE Vernova Price Performance

GEV stock opened at $251.55 on Tuesday. The business has a 50-day moving average of $189.57. GE Vernova Inc. has a fifty-two week low of $115.00 and a fifty-two week high of $254.87.

GE Vernova (NYSE:GEV) last posted its quarterly earnings data on Wednesday, July 24th. The company reported $0.71 earnings per share 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 analyst estimates of $8.42 billion. On average, analysts anticipate that GE Vernova Inc. will post 3.02 EPS for the current fiscal year.

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.