1ST Source Bank Buys New Position in GE Vernova Inc. $GEV

1ST Source Bank bought a new stake in GE Vernova Inc. (NYSE:GEV - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 2,574 shares of the company's stock, valued at approximately $3,024,000.

Other institutional investors also recently added to or reduced their stakes in the company. Manning & Napier Advisors LLC lifted its position in shares of GE Vernova by 68.4% in the 1st quarter. Manning & Napier Advisors LLC now owns 32 shares of the company's stock worth $26,000 after acquiring an additional 13 shares during the period. Miller Global Investments LLC lifted its position in GE Vernova by 63.6% in the second quarter. Miller Global Investments LLC now owns 36 shares of the company's stock worth $42,000 after purchasing an additional 14 shares during the period. Torren Management LLC bought a new position in GE Vernova in the fourth quarter worth $26,000. Cornerstone Financial Management LLC acquired a new stake in GE Vernova during the fourth quarter worth $25,000. Finally, Wealth Watch Advisors INC acquired a new stake in GE Vernova during the third quarter worth $25,000.

Insider Transactions at GE Vernova

In other GE Vernova news, CEO Victor Abate sold 4,819 shares of the firm's stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $948.08, for a total transaction of $4,568,797.52. Following the sale, the chief executive officer directly owned 1,835 shares in the company, valued at approximately $1,739,726.80. This trade represents a 72.42% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.21% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on GEV. JPMorgan Chase & Co. raised their price objective on shares of GE Vernova from $1,302.00 to $1,330.00 and gave the stock an "overweight" rating in a report on Thursday, July 23rd. William Blair reissued an "outperform" rating on shares of GE Vernova in a research report on Monday, August 3rd. The Goldman Sachs Group restated a "buy" rating and set a $1,328.00 price target on shares of GE Vernova in a research note on Friday, April 24th. TD Cowen lifted their price objective on GE Vernova from $1,220.00 to $1,235.00 and gave the company a "buy" rating in a report on Thursday, July 23rd. Finally, Wall Street Zen lowered GE Vernova from a "buy" rating to a "hold" rating in a research note on Saturday, July 25th. Two analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $1,133.15.

GE Vernova Price Performance

Shares of GEV stock opened at $956.69 on Friday. The company has a quick ratio of 0.62, a current ratio of 0.85 and a debt-to-equity ratio of 0.21. GE Vernova Inc. has a 12-month low of $530.16 and a 12-month high of $1,195.94. The firm has a fifty day moving average of $1,042.72 and a 200-day moving average of $968.13. The firm has a market capitalization of $254.80 billion, a price-to-earnings ratio of 27.38, a price-to-earnings-growth ratio of 3.45 and a beta of 1.21.

GE Vernova (NYSE:GEV - Get Free Report) last issued its quarterly earnings data on Wednesday, July 22nd. The company reported $2.47 EPS for the quarter, missing the consensus estimate of $3.17 by ($0.70). GE Vernova had a return on equity of 42.42% and a net margin of 23.03%.The business had revenue of $11.10 billion for the quarter, compared to analyst estimates of $10.79 billion. During the same period in the previous year, the business posted $1.86 EPS. The business's quarterly revenue was up 21.9% compared to the same quarter last year. On average, equities research analysts forecast that GE Vernova Inc. will post 15.57 earnings per share for the current year.

GE Vernova Company Profile

GE Vernova is the energy-focused company formed from the energy businesses of General Electric and operates as a publicly listed entity on the NYSE under the ticker GEV. It is organized to design, manufacture and service equipment and systems used across the power generation and energy transition value chain, bringing together legacy capabilities in conventional power, renewables and grid technologies under a single corporate platform.

The company’s offerings span large-scale power-generation equipment such as gas and steam turbines and associated generators and controls, as well as renewable energy technologies including onshore and offshore wind platforms and hydro solutions.

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