Allstate Corp Acquires 10,504 Shares of GE Vernova Inc. $GEV

Key Points

• Allstate Corp more than doubled its position in GE Vernova during the fourth quarter, buying an additional 10,504 shares and bringing its total holding to 20,534 shares worth about $13.4 million.
• GE Vernova reported strong quarterly results, with EPS of $17.44 versus a $1.95 consensus estimate and revenue of $9.34 billion, up 17% year over year.
• The company also announced a quarterly dividend of $0.50 per share, while Wall Street remains broadly positive with a consensus rating of Moderate Buy and an average price target of $1,090.76.

Allstate Corp increased its holdings in GE Vernova Inc. (NYSE:GEV - Free Report) by 104.7% in the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 20,534 shares of the company's stock after buying an additional 10,504 shares during the quarter. Allstate Corp's holdings in GE Vernova were worth $13,420,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. RFG Advisory LLC increased its holdings in GE Vernova by 2.1% in the 4th quarter. RFG Advisory LLC now owns 634 shares of the company's stock worth $414,000 after buying an additional 13 shares in the last quarter. Voisard Asset Management Group Inc. boosted its position in GE Vernova by 2.7% in the fourth quarter. Voisard Asset Management Group Inc. now owns 575 shares of the company's stock worth $376,000 after purchasing an additional 15 shares during the last quarter. Clean Yield Group boosted its position in GE Vernova by 2.2% in the fourth quarter. Clean Yield Group now owns 685 shares of the company's stock worth $448,000 after purchasing an additional 15 shares during the last quarter. Rossmore Private Capital boosted its position in GE Vernova by 2.8% in the fourth quarter. Rossmore Private Capital now owns 559 shares of the company's stock worth $365,000 after purchasing an additional 15 shares during the last quarter. Finally, Forefront Wealth Partners LLC boosted its position in GE Vernova by 1.5% in the fourth quarter. Forefront Wealth Partners LLC now owns 997 shares of the company's stock worth $652,000 after purchasing an additional 15 shares during the last quarter.

GE Vernova Stock Up 0.1%

Shares of GEV opened at $1,039.71 on Tuesday. The stock has a market capitalization of $279.39 billion, a price-to-earnings ratio of 30.29, a price-to-earnings-growth ratio of 3.89 and a beta of 1.51. GE Vernova Inc. has a 1 year low of $458.65 and a 1 year high of $1,181.95. The business's 50 day simple moving average is $982.24 and its 200-day simple moving average is $795.22. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.89 and a quick ratio of 0.65.

GE Vernova (NYSE:GEV - Get Free Report) last released its earnings results on Wednesday, April 22nd. The company reported $17.44 earnings per share for the quarter, beating the consensus estimate of $1.95 by $15.49. The firm had revenue of $9.34 billion for the quarter, compared to the consensus estimate of $9.19 billion. GE Vernova had a return on equity of 43.97% and a net margin of 23.81%.The company's revenue for the quarter was up 17.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.91 EPS. As a group, equities analysts expect that GE Vernova Inc. will post 14.84 earnings per share for the current fiscal year.

GE Vernova Announces Dividend

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

Insider Buying and Selling

In other GE Vernova news, CAO Matthew Joseph Potvin sold 2,333 shares of the firm's stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $1,059.09, for a total transaction of $2,470,856.97. Following the transaction, the chief accounting officer owned 3,549 shares of the company's stock, valued at approximately $3,758,710.41. This trade represents a 39.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.21% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on GEV. Oppenheimer set a $1,303.00 target price on GE Vernova in a research report on Thursday, April 23rd. Barclays raised their target price on GE Vernova from $993.00 to $1,250.00 and gave the stock an "overweight" rating in a research report on Thursday, April 23rd. Guggenheim raised their target price on GE Vernova from $910.00 to $1,300.00 and gave the stock a "buy" rating in a research report on Thursday, April 23rd. Erste Group Bank raised GE Vernova to a "strong-buy" rating in a research report on Tuesday, March 24th. Finally, Mizuho set a $714.00 target price on GE Vernova in a research report on Tuesday, February 3rd. Two research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $1,090.76.

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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