Bank of New York Mellon Corp Buys New Position in GE Vernova Inc. $GEV

Bank of New York Mellon Corp purchased a new position in GE Vernova Inc. (NYSE:GEV - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 2,125,762 shares of the company's stock, valued at approximately $2,497,472,000. Bank of New York Mellon Corp owned 0.80% of GE Vernova as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Manning & Napier Advisors LLC lifted its holdings in GE Vernova by 68.4% in the first quarter. Manning & Napier Advisors LLC now owns 32 shares of the company's stock worth $26,000 after buying an additional 13 shares during the period. Miller Global Investments LLC grew its holdings in shares of GE Vernova by 63.6% during the 2nd quarter. Miller Global Investments LLC now owns 36 shares of the company's stock worth $42,000 after acquiring an additional 14 shares during the period. Torren Management LLC purchased a new position in shares of GE Vernova during the 4th quarter worth approximately $26,000. Cornerstone Financial Management LLC bought a new position in shares of GE Vernova in the 4th quarter worth approximately $25,000. Finally, Wealth Watch Advisors INC bought a new position in shares of GE Vernova in the 3rd quarter worth approximately $25,000.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on GEV shares. Sanford C. Bernstein upped their price target on GE Vernova from $1,206.00 to $1,298.00 and gave the stock an "outperform" rating in a research note on Thursday, July 23rd. Wall Street Zen cut shares of GE Vernova from a "buy" rating to a "hold" rating in a report on Saturday, July 25th. TD Cowen upped their target price on shares of GE Vernova from $1,220.00 to $1,235.00 and gave the stock a "buy" rating in a research report on Thursday, July 23rd. Susquehanna set a $1,300.00 price target on shares of GE Vernova in a research note on Thursday, April 23rd. Finally, Jefferies Financial Group reissued a "buy" rating on shares of GE Vernova in a research report on Monday, July 27th. Two analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $1,133.15.

GE Vernova Stock Performance

Shares of GE Vernova stock opened at $965.58 on Friday. The stock has a market cap of $257.16 billion, a price-to-earnings ratio of 27.64, a PEG ratio of 3.52 and a beta of 1.21. The firm's 50-day moving average is $1,042.39 and its 200 day moving average is $968.21. GE Vernova Inc. has a 1 year low of $530.16 and a 1 year high of $1,195.94. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.85 and a quick ratio of 0.62.

GE Vernova (NYSE:GEV - Get Free Report) last announced its quarterly earnings data on Wednesday, July 22nd. The company reported $2.47 earnings per share for the quarter, missing analysts' consensus estimates of $3.17 by ($0.70). GE Vernova had a return on equity of 42.42% and a net margin of 23.03%.The firm had revenue of $11.10 billion during the quarter, compared to analysts' expectations of $10.79 billion. During the same quarter in the previous year, the firm earned $1.86 earnings per share. GE Vernova's revenue was up 21.9% on a year-over-year basis. Sell-side analysts anticipate that GE Vernova Inc. will post 15.57 EPS for the current fiscal year.

Insider Transactions at GE Vernova

In other GE Vernova news, CEO Victor Abate sold 4,819 shares of the company's stock in a transaction dated 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 transaction, the chief executive officer owned 1,835 shares in the company, valued at approximately $1,739,726.80. This represents a 72.42% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.21% of the company's stock.

About GE Vernova

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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