Adams Diversified Equity Fund Inc. Takes Position in GE Vernova Inc. $GEV

Key Points

• Adams Diversified Equity Fund Inc. acquired a new stake in GE Vernova Inc., purchasing 45,200 shares valued at approximately $23.9 million during the 2nd quarter.
• The company's most recent earnings report showed a 11.1% increase in revenue compared to the same quarter last year, with earnings per share of $1.86, exceeding analysts' expectations.
• GE Vernova recently declared a $0.25 per share quarterly dividend, reflecting an annualized yield of 0.2%, with payment set for November 17th.

Adams Diversified Equity Fund Inc. bought a new stake in GE Vernova Inc. (NYSE:GEV - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 45,200 shares of the company's stock, valued at approximately $23,918,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Sachetta LLC boosted its holdings in shares of GE Vernova by 10.7% in the second quarter. Sachetta LLC now owns 165 shares of the company's stock valued at $87,000 after acquiring an additional 16 shares in the last quarter. Highline Wealth Partners LLC boosted its holdings in GE Vernova by 34.6% during the second quarter. Highline Wealth Partners LLC now owns 70 shares of the company's stock worth $37,000 after buying an additional 18 shares in the last quarter. Atlas Brown Inc. boosted its holdings in GE Vernova by 0.8% during the second quarter. Atlas Brown Inc. now owns 2,496 shares of the company's stock worth $1,321,000 after buying an additional 19 shares in the last quarter. Princeton Global Asset Management LLC boosted its holdings in GE Vernova by 14.4% during the second quarter. Princeton Global Asset Management LLC now owns 151 shares of the company's stock worth $80,000 after buying an additional 19 shares in the last quarter. Finally, Physician Wealth Advisors Inc. boosted its holdings in GE Vernova by 9.0% during the second quarter. Physician Wealth Advisors Inc. now owns 241 shares of the company's stock worth $128,000 after buying an additional 20 shares in the last quarter.

Insider Buying and Selling

In related news, CFO Kenneth Scott Parks sold 3,300 shares of the company's stock in a transaction that occurred on Tuesday, August 26th. The shares were sold at an average price of $620.00, for a total transaction of $2,046,000.00. Following the completion of the transaction, the chief financial officer owned 7,590 shares of the company's stock, valued at approximately $4,705,800. This represents a 30.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.15% of the company's stock.

GE Vernova Price Performance

NYSE:GEV opened at $585.12 on Wednesday. GE Vernova Inc. has a 1-year low of $252.25 and a 1-year high of $677.29. The firm has a 50 day simple moving average of $613.83 and a 200-day simple moving average of $524.82. The firm has a market cap of $159.28 billion, a PE ratio of 140.99, a P/E/G ratio of 4.30 and a beta of 1.72.

GE Vernova (NYSE:GEV - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The company reported $1.86 EPS for the quarter, topping the consensus estimate of $1.63 by $0.23. GE Vernova had a net margin of 3.16% and a return on equity of 13.23%. The firm had revenue of $9.11 billion during the quarter, compared to analyst estimates of $8.78 billion. During the same quarter in the prior year, the business posted $4.65 earnings per share. GE Vernova's revenue for the quarter was up 11.1% compared to the same quarter last year. As a group, sell-side analysts expect that GE Vernova Inc. will post 6.59 earnings per share for the current fiscal year.

GE Vernova Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, November 17th. Investors of record on Monday, October 20th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, October 20th. This represents a $1.00 annualized dividend and a yield of 0.2%. GE Vernova's dividend payout ratio is 24.10%.

Analysts Set New Price Targets

A number of research firms recently commented on GEV. Mizuho boosted their price objective on shares of GE Vernova from $670.00 to $677.00 and gave the stock a "neutral" rating in a report on Wednesday, October 15th. JPMorgan Chase & Co. boosted their price objective on shares of GE Vernova from $620.00 to $715.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. Guggenheim downgraded shares of GE Vernova from a "buy" rating to a "neutral" rating in a report on Monday, July 28th. Melius upgraded shares of GE Vernova from a "hold" rating to a "buy" rating and set a $740.00 target price for the company in a research report on Monday, September 15th. Finally, Morgan Stanley lifted their target price on shares of GE Vernova from $675.00 to $690.00 and gave the stock an "overweight" rating in a research report on Thursday, October 16th. Four equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, GE Vernova presently has an average rating of "Moderate Buy" and a consensus price target of $601.44.

GE Vernova 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.

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