Ascentis Independent Advisors Purchases 961 Shares of GE Vernova Inc. $GEV

Key Points

• Ascentis Independent Advisors increased its GE Vernova stake by 64.3% in the first quarter, buying 961 additional shares and bringing its total holdings to 2,456 shares worth about $2.14 million.
• GE Vernova insiders sold shares in recent transactions, including CEO Victor Abate and CAO Matthew Joseph Potvin, both of whom reduced their ownership positions significantly.
• The company posted strong quarterly results, with EPS of $17.44 and revenue of $9.34 billion, and analysts remain broadly positive with a consensus “Moderate Buy” rating and an average price target of $1,089.88.

Ascentis Independent Advisors grew its position in GE Vernova Inc. (NYSE:GEV - Free Report) by 64.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,456 shares of the company's stock after purchasing an additional 961 shares during the quarter. Ascentis Independent Advisors' holdings in GE Vernova were worth $2,144,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in GEV. Auto Owners Insurance Co lifted its holdings in shares of GE Vernova by 110,973.4% during the fourth quarter. Auto Owners Insurance Co now owns 34,858,156 shares of the company's stock worth $2,278,224,000 after buying an additional 34,826,773 shares in the last quarter. Norges Bank bought a new stake in GE Vernova in the 4th quarter valued at about $2,283,114,000. Northwestern Mutual Wealth Management Co. boosted 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 valued at $1,603,114,000 after purchasing an additional 2,406,326 shares during the period. Capital World Investors grew its position in shares of GE Vernova by 1,907.5% during the 3rd quarter. Capital World Investors now owns 2,156,197 shares of the company's stock worth $1,325,842,000 after purchasing an additional 2,048,792 shares in the last quarter. Finally, Corient Private Wealth LLC grew its position in shares of GE Vernova by 2,802.8% during the 4th 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.

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Insider Activity

In related news, CEO Victor Abate sold 4,819 shares of the company'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 represents a 72.42% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Matthew Joseph Potvin sold 2,333 shares of the firm's stock in a transaction that occurred on 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 completion of the sale, the chief accounting officer directly owned 3,549 shares in the company, valued at approximately $3,758,710.41. This trade represents a 39.66% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.21% of the company's stock.

GE Vernova Stock Up 3.4%

GE Vernova stock opened at $1,151.45 on Tuesday. The firm has a market capitalization of $309.42 billion, a P/E ratio of 58.99, a P/E/G ratio of 4.11 and a beta of 1.09. The company has a current ratio of 0.89, a quick ratio of 0.65 and a debt-to-equity ratio of 0.19. GE Vernova Inc. has a twelve month low of $511.50 and a twelve month high of $1,195.94. The stock's fifty day simple moving average is $1,042.04 and its 200-day simple moving average is $881.37.

GE Vernova (NYSE:GEV - Get Free Report) last released its earnings results on Wednesday, April 22nd. The company reported $17.44 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.95 by $15.49. GE Vernova had a return on equity of 43.97% and a net margin of 23.81%.The firm had revenue of $9.34 billion during the quarter, compared to analyst estimates of $9.19 billion. During the same period last year, the business posted $0.91 earnings per share. GE Vernova's revenue was up 17.0% compared to the same quarter last year. As a group, equities analysts expect that GE Vernova Inc. will post 15.05 earnings per share for the current fiscal year.

GE Vernova Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 14th. Stockholders of record on Tuesday, June 16th will be paid a $0.50 dividend. 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 (DPR) is presently 5.83%.

Analysts Set New Price Targets

GEV has been the subject of a number of analyst reports. Argus set a $1,300.00 price target on shares of GE Vernova in a research report on Monday, April 27th. Royal Bank Of Canada lifted their price objective on GE Vernova from $996.00 to $1,195.00 and gave the company an "outperform" rating in a report on Thursday, April 23rd. Oppenheimer set a $1,303.00 target price on GE Vernova in a research report on Thursday, April 23rd. Morgan Stanley raised their price target on GE Vernova from $817.00 to $960.00 and gave the stock an "overweight" rating in a research report on Monday, March 23rd. Finally, Weiss Ratings raised shares of GE Vernova from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday, April 24th. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $1,089.88.

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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