Point72 Asset Management L.P. Reduces Position in GE Vernova Inc. (NYSE:GEV)

Point72 Asset Management L.P. decreased its stake in shares of GE Vernova Inc. (NYSE:GEV) by 71.3% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 207,995 shares of the company’s stock after selling 517,255 shares during the period. Point72 Asset Management L.P. owned 0.08% of GE Vernova worth $53,035,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. FMR LLC grew its position in shares of GE Vernova by 2.5% in the third quarter. FMR LLC now owns 24,047,678 shares of the company’s stock valued at $6,131,677,000 after purchasing an additional 584,208 shares during the period. Mountaineer Partners Management LLC acquired a new position in shares of GE Vernova in the third quarter worth about $2,507,296,000. Newport Trust Company LLC acquired a new position in shares of GE Vernova in the second quarter worth about $650,140,000. Bank of New York Mellon Corp acquired a new position in shares of GE Vernova in the second quarter worth about $537,674,000. Finally, WCM Investment Management LLC increased its holdings in GE Vernova by 83.1% in the third quarter. WCM Investment Management LLC now owns 2,560,248 shares of the company’s stock valued at $639,704,000 after buying an additional 1,161,901 shares during the last quarter.

GE Vernova Price Performance

NYSE GEV opened at $343.91 on Thursday. The company’s 50 day moving average is $300.97 and its 200-day moving average is $224.59. GE Vernova Inc. has a 12-month low of $115.00 and a 12-month high of $357.09.

Wall Street Analysts Forecast Growth

GEV has been the subject of several research analyst reports. Morgan Stanley boosted their price objective on GE Vernova from $301.00 to $367.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Wolfe Research began coverage on GE Vernova in a research report on Wednesday. They set an “outperform” rating and a $403.00 price objective for the company. William Blair began coverage on GE Vernova in a research report on Thursday, August 29th. They issued an “outperform” rating for the company. JPMorgan Chase & Co. upped their target price on GE Vernova from $330.00 to $356.00 and gave the stock an “overweight” rating in a research report on Tuesday. Finally, Barclays increased their price objective on GE Vernova from $300.00 to $320.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th. Seven equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $280.89.

About GE Vernova

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.