5,821 Shares in GE Vernova Inc. $GEV Bought by OMC Financial Services LTD

Key Points

• OMC Financial Services purchased 5,821 GE Vernova shares in the second quarter, valued at approximately $6.84 million and representing 2.3% of its portfolio.
• Several major institutional investors also increased or initiated positions in GE Vernova, including Auto Owners Insurance, Norges Bank, Northwestern Mutual, Bank of New York Mellon and Corient Private Wealth.
• GE Vernova reported quarterly revenue of $11.10 billion, up 21.9% year over year, but its $2.47 EPS missed estimates of $3.17. Analysts maintain a “Moderate Buy” consensus with an average price target of $1,133.15.

OMC Financial Services LTD purchased a new stake in shares of GE Vernova Inc. (NYSE:GEV - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 5,821 shares of the company's stock, valued at approximately $6,839,000. GE Vernova accounts for 2.3% of OMC Financial Services LTD's holdings, making the stock its 16th biggest position.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in GEV. Auto Owners Insurance Co boosted its stake in shares of GE Vernova by 110,973.4% during the 4th quarter. Auto Owners Insurance Co now owns 34,858,156 shares of the company's stock worth $2,278,224,000 after acquiring an additional 34,826,773 shares in the last quarter. Norges Bank purchased a new position in shares of GE Vernova in the 4th quarter valued at about $2,283,114,000. Northwestern Mutual Wealth Management Co. raised its holdings in GE Vernova by 5,171.3% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,452,858 shares of the company's stock worth $1,603,114,000 after purchasing an additional 2,406,326 shares during the period. Bank of New York Mellon Corp acquired a new position in GE Vernova in the 2nd quarter worth about $2,497,472,000. Finally, Corient Private Wealth LLC boosted its position in GE Vernova by 2,802.8% during the fourth quarter. Corient Private Wealth LLC now owns 1,608,714 shares of the company's stock worth $1,051,407,000 after purchasing an additional 1,553,295 shares in the last quarter.

GE Vernova Trading Down 1.0%

Shares of GEV stock opened at $956.69 on Friday. GE Vernova Inc. has a fifty-two week low of $530.16 and a fifty-two week high of $1,195.94. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.62 and a current ratio of 0.85. The stock's fifty day moving average is $1,042.72 and its two-hundred day moving average is $968.13. The firm has a market capitalization of $254.80 billion, a P/E ratio of 27.38, a PEG ratio of 3.45 and a beta of 1.21.

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

Insiders Place Their Bets

In related news, CEO Victor Abate sold 4,819 shares of the business's stock in a transaction dated 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 transaction, the chief executive officer directly owned 1,835 shares in the company, valued at approximately $1,739,726.80. The trade was a 72.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 0.21% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have commented on GEV shares. TD Cowen raised 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. William Blair reiterated an "outperform" rating on shares of GE Vernova in a research report on Monday, August 3rd. BNP Paribas Exane cut shares of GE Vernova from an "outperform" rating to a "neutral" rating and set a $1,190.00 price target on the stock. in a research note on Monday, April 27th. Jefferies Financial Group restated a "buy" rating on shares of GE Vernova in a research report on Monday, July 27th. Finally, Wall Street Zen lowered shares of GE Vernova from a "buy" rating to a "hold" rating in a research report on Saturday, July 25th. Two equities research 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 given a Sell rating to the company's stock. According to data from MarketBeat, GE Vernova has a consensus rating of "Moderate Buy" and an average target price of $1,133.15.

GE Vernova 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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