Adams Diversified Equity Fund Inc. Sells 2,600 Shares of GE Vernova Inc. $GEV

Key Points

• Adams Diversified Equity Fund reduced its GE Vernova stake by 5.7% in the first quarter, selling 2,600 shares and leaving it with 43,300 shares valued at about $37.8 million.
• Several GE Vernova insiders also sold stock recently, including CEO Victor Abate and CAO Matthew Joseph Potvin, both of whom significantly reduced their ownership.
• Despite the selling, GE Vernova reported a strong quarter with earnings well above estimates, and analysts remain broadly positive with a consensus rating of “Moderate Buy” and an average price target of $1,089.88.

Adams Diversified Equity Fund Inc. cut its holdings in shares of GE Vernova Inc. (NYSE:GEV - Free Report) by 5.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 43,300 shares of the company's stock after selling 2,600 shares during the quarter. GE Vernova comprises 1.3% of Adams Diversified Equity Fund Inc.'s portfolio, making the stock its 16th biggest holding. Adams Diversified Equity Fund Inc.'s holdings in GE Vernova were worth $37,797,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in GEV. Torren Management LLC acquired a new stake in GE Vernova during the fourth quarter worth approximately $26,000. Cornerstone Financial Management LLC bought a new stake in GE Vernova in the 4th quarter valued at $25,000. Wealth Watch Advisors INC bought a new stake in GE Vernova in the 3rd quarter valued at $25,000. ORG Wealth Partners LLC grew its holdings in GE Vernova by 241.7% in the 4th quarter. ORG Wealth Partners LLC now owns 41 shares of the company's stock valued at $27,000 after buying an additional 29 shares in the last quarter. Finally, Navalign LLC bought a new position in GE Vernova during the 4th quarter worth $27,000.

Insider Buying and Selling at GE Vernova

In other GE Vernova news, CEO Victor Abate sold 4,819 shares of the stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $948.08, for a total value of $4,568,797.52. Following the completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Matthew Joseph Potvin sold 2,333 shares of the stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $1,059.09, for a total value of $2,470,856.97. Following the completion of the transaction, the chief accounting officer owned 3,549 shares of the company's stock, valued at $3,758,710.41. This represents a 39.66% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.21% of the stock is owned by corporate insiders.

GE Vernova Trading Down 3.7%

GEV opened at $1,045.74 on Friday. The stock has a market capitalization of $281.01 billion, a price-to-earnings ratio of 30.46, a P/E/G ratio of 3.87 and a beta of 1.23. The company has a quick ratio of 0.65, a current ratio of 0.89 and a debt-to-equity ratio of 0.19. GE Vernova Inc. has a twelve month low of $482.20 and a twelve month high of $1,181.95. The company has a 50-day simple moving average of $1,031.16 and a 200 day simple moving average of $863.97.

GE Vernova (NYSE:GEV - Get Free Report) last released its earnings results on Wednesday, April 22nd. The company reported $17.44 EPS for the quarter, beating the consensus estimate of $1.95 by $15.49. GE Vernova had a net margin of 23.81% and a return on equity of 43.97%. The firm had revenue of $9.34 billion for the quarter, compared to analyst estimates of $9.19 billion. During the same period last year, the firm earned $0.91 EPS. The business's quarterly revenue was up 17.0% compared to the same quarter last year. Analysts predict that GE Vernova Inc. will post 14.99 EPS for the current fiscal year.

GE Vernova Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 14th. Investors of record on Tuesday, June 16th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 0.2%. The ex-dividend date is Tuesday, June 16th. GE Vernova's dividend payout ratio is currently 5.83%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on GEV shares. Royal Bank Of Canada lifted their target price on GE Vernova from $996.00 to $1,195.00 and gave the stock an "outperform" rating in a report on Thursday, April 23rd. Zacks Research downgraded shares of GE Vernova from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, April 28th. Guggenheim raised their price target on shares of GE Vernova from $910.00 to $1,300.00 and gave the stock a "buy" rating in a research report on Thursday, April 23rd. The Goldman Sachs Group reiterated a "buy" rating and issued a $1,328.00 price objective on shares of GE Vernova in a research note on Friday, April 24th. Finally, Barclays boosted their price objective on shares of GE Vernova from $993.00 to $1,250.00 and gave the company an "overweight" rating in a report on Thursday, April 23rd. Three research analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, GE Vernova presently has a consensus rating of "Moderate Buy" and an average price target of $1,089.88.

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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