Auto Owners Insurance Co Purchases 34,826,773 Shares of GE Vernova Inc. $GEV

Key Points

• Auto Owners Insurance Co dramatically increased its GE Vernova stake in the fourth quarter, buying 34.8 million additional shares and bringing its total holding to 34.9 million shares, or about 12.93% of the company.
• GE Vernova reported a strong quarter, with EPS of $17.44 versus expectations of $1.95 and revenue of $9.34 billion, while quarterly revenue rose 17% year over year.
• The company also announced a quarterly dividend of $0.50 per share, while analysts remain generally bullish with an average rating of “Moderate Buy” and an average price target of $1,089.88.

Auto Owners Insurance Co increased its position in GE Vernova Inc. (NYSE:GEV - Free Report) by 110,973.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 34,858,156 shares of the company's stock after purchasing an additional 34,826,773 shares during the period. GE Vernova makes up 0.5% of Auto Owners Insurance Co's investment portfolio, making the stock its 21st largest holding. Auto Owners Insurance Co owned about 12.93% of GE Vernova worth $2,278,224,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Lifetime Wealth Management P.C. bought a new position in shares of GE Vernova in the fourth quarter valued at $43,000. Union Savings Bank acquired a new stake in shares of GE Vernova in the 4th quarter worth about $540,000. Hsbc Holdings PLC lifted its position in GE Vernova by 20.4% in the 4th quarter. Hsbc Holdings PLC now owns 677,820 shares of the company's stock valued at $443,503,000 after acquiring an additional 114,917 shares in the last quarter. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new position in GE Vernova during the 4th quarter valued at about $130,000. Finally, Pure Financial Advisors LLC boosted its stake in GE Vernova by 54.6% during the 4th quarter. Pure Financial Advisors LLC now owns 1,144 shares of the company's stock valued at $748,000 after purchasing an additional 404 shares during the last quarter.

GE Vernova Stock Up 0.2%

Shares of NYSE:GEV opened at $1,111.65 on Friday. The stock has a market capitalization of $298.72 billion, a P/E ratio of 32.38, a price-to-earnings-growth ratio of 4.11 and a beta of 1.23. The stock's 50-day moving average price is $1,022.78 and its 200-day moving average price is $847.85. 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 12-month low of $479.04 and a 12-month high of $1,181.95.

GE Vernova (NYSE:GEV - Get Free Report) last posted its earnings results on Wednesday, April 22nd. The company reported $17.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.95 by $15.49. The company had revenue of $9.34 billion for the quarter, compared to analysts' expectations of $9.19 billion. GE Vernova had a return on equity of 43.97% and a net margin of 23.81%.GE Vernova's quarterly revenue was up 17.0% on a year-over-year basis. During the same period last year, the firm earned $0.91 earnings per share. On average, equities analysts anticipate that GE Vernova Inc. will post 14.99 earnings per share for the current year.

GE Vernova Dividend Announcement

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

Insider Buying and Selling

In other news, CEO Victor Abate sold 4,819 shares of the stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $948.08, for a total value of $4,568,797.52. Following the transaction, the chief executive officer owned 1,835 shares in the company, valued at $1,739,726.80. This represents a 72.42% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Matthew Joseph Potvin sold 2,333 shares of the stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $1,059.09, for a total value of $2,470,856.97. Following the completion of the sale, the chief accounting officer owned 3,549 shares of the company's stock, valued at $3,758,710.41. The trade was a 39.66% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.21% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have recently commented on GEV shares. Oppenheimer set a $1,303.00 price objective on GE Vernova in a research note on Thursday, April 23rd. BMO Capital Markets increased their price target on GE Vernova from $1,110.00 to $1,250.00 and gave the company an "outperform" rating in a research report on Thursday, April 23rd. BNP Paribas Exane cut GE Vernova from an "outperform" rating to a "neutral" rating and set a $1,190.00 price objective on the stock. in a research note on Monday, April 27th. JPMorgan Chase & Co. lifted their price objective on shares of GE Vernova from $1,000.00 to $1,150.00 and gave the stock an "overweight" rating in a report on Thursday, April 16th. Finally, Robert W. Baird upped their target price on shares of GE Vernova from $1,008.00 to $1,400.00 and gave the stock an "outperform" rating in a research note 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 given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price 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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