Baxter Bros Inc. Invests $12.20 Million in GE Vernova Inc. $GEV

Key Points

• Baxter Bros Inc. bought a new $12.20 million stake in GE Vernova during the second quarter, acquiring 10,385 shares and making it 1.4% of the firm’s portfolio.
• Analyst sentiment remains positive overall, with a consensus “Moderate Buy” rating and an average price target of $1,133.15, despite Morgan Stanley downgrading the stock to “underweight.”
• GE Vernova’s quarterly revenue rose 21.9% year over year to $11.10 billion, beating estimates, but earnings per share of $2.47 fell short of the $3.17 consensus forecast. Shares opened at $956.69, below their 50-day moving average.

Baxter Bros Inc. purchased a new stake in GE Vernova Inc. (NYSE:GEV - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 10,385 shares of the company's stock, valued at approximately $12,201,000. GE Vernova accounts for 1.4% of Baxter Bros Inc.'s portfolio, making the stock its 22nd largest position.

Several other hedge funds have also added to or reduced their stakes in GEV. Cornerstone Financial Management LLC bought a new position in shares of GE Vernova in the fourth quarter valued at about $25,000. Wealth Watch Advisors INC bought a new stake in shares of GE Vernova during the 3rd quarter worth about $25,000. Torren Management LLC bought a new stake in shares of GE Vernova during the 4th quarter worth about $26,000. Manning & Napier Advisors LLC grew its stake in GE Vernova by 68.4% in the 1st quarter. Manning & Napier Advisors LLC now owns 32 shares of the company's stock valued at $26,000 after buying an additional 13 shares during the last quarter. Finally, Navalign LLC acquired a new position in GE Vernova in the 4th quarter valued at about $27,000.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Morgan Stanley downgraded shares of GE Vernova from an "overweight" rating to an "underweight" rating in a research report on Monday, August 3rd. Oppenheimer upped their target price on GE Vernova from $1,303.00 to $1,338.00 and gave the company an "outperform" rating in a research report on Thursday, July 23rd. BMO Capital Markets reissued an "outperform" rating on shares of GE Vernova in a report on Friday, August 7th. Zacks Research lowered GE Vernova from a "strong-buy" rating to a "hold" rating in a report on Tuesday, April 28th. Finally, Guggenheim increased their price objective on GE Vernova from $1,300.00 to $1,450.00 and gave the stock a "buy" rating in a research report on Thursday, July 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, GE Vernova has a consensus rating of "Moderate Buy" and a consensus target price of $1,133.15.

GE Vernova Stock Down 1.0%

Shares of NYSE:GEV opened at $956.69 on Friday. The company has a fifty day moving average of $1,042.72 and a 200-day moving average of $968.13. The company has a market capitalization of $254.80 billion, a PE ratio of 27.38, a price-to-earnings-growth ratio of 3.45 and a beta of 1.21. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.62 and a current ratio of 0.85. GE Vernova Inc. has a 52-week low of $530.16 and a 52-week high of $1,195.94.

GE Vernova (NYSE:GEV - Get Free Report) last issued 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 for the quarter, compared to the consensus estimate of $10.79 billion. During the same quarter in the prior year, the firm earned $1.86 EPS. The company's revenue was up 21.9% on a year-over-year basis. On average, equities analysts predict that GE Vernova Inc. will post 15.57 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Victor Abate sold 4,819 shares of GE Vernova 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 $1,739,726.80. This trade represents a 72.42% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.21% of the stock is currently owned by corporate insiders.

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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