Canandaigua National Bank & Trust Co. Invests $1.95 Million in GE Vernova Inc. $GEV

Key Points

• Canandaigua National Bank & Trust initiated a GE Vernova position worth approximately $1.95 million, while several other institutional investors also increased their holdings.
• GE Vernova reported quarterly revenue of $11.10 billion, up 21.9% year over year and above expectations, but earnings of $2.47 per share missed the $3.17 consensus estimate.
• Analysts remain broadly bullish, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $1,133.15; insiders, however, recently sold shares, and the company pays a $0.50 quarterly dividend.

Canandaigua National Bank & Trust Co. bought a new position in shares of GE Vernova Inc. (NYSE:GEV - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 1,659 shares of the company's stock, valued at approximately $1,949,000.

A number of other hedge funds have also added to or reduced their stakes in the business. World Investment Advisors lifted its position in shares of GE Vernova by 19.9% during the fourth quarter. World Investment Advisors now owns 13,497 shares of the company's stock valued at $8,821,000 after purchasing an additional 2,241 shares in the last quarter. Merit Financial Group LLC grew its position in GE Vernova by 17.4% in the 4th quarter. Merit Financial Group LLC now owns 15,080 shares of the company's stock worth $9,856,000 after purchasing an additional 2,230 shares in the last quarter. Vest Financial LLC increased its stake in GE Vernova by 56.7% in the 4th quarter. Vest Financial LLC now owns 66,191 shares of the company's stock valued at $43,260,000 after buying an additional 23,956 shares during the last quarter. Riverbend Wealth Management LLC bought a new position in shares of GE Vernova during the 4th quarter worth approximately $567,000. Finally, RiverFront Investment Group LLC boosted its stake in shares of GE Vernova by 239.2% in the 4th quarter. RiverFront Investment Group LLC now owns 2,191 shares of the company's stock worth $1,432,000 after buying an additional 1,545 shares during the last quarter.

Insider Activity

In other GE Vernova news, CEO Victor Abate sold 4,819 shares of GE Vernova stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $948.08, for a total transaction of $4,568,797.52. Following the completion of the transaction, the chief executive officer owned 1,835 shares of the company's stock, valued at $1,739,726.80. The trade was a 72.42% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Matthew Joseph Potvin sold 2,333 shares of the business'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 transaction, the chief accounting officer directly owned 3,549 shares of the company's stock, valued at approximately $3,758,710.41. This represents a 39.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.21% of the stock is owned by company insiders.

GE Vernova Trading Up 0.1%

Shares of GE Vernova stock opened at $1,019.48 on Thursday. The stock's 50-day simple moving average is $1,026.14 and its 200 day simple moving average is $942.64. The stock has a market capitalization of $271.52 billion, a P/E ratio of 29.18, a P/E/G ratio of 3.63 and a beta of 1.21. GE Vernova Inc. has a 52-week low of $530.16 and a 52-week high of $1,195.94. 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 (NYSE:GEV - Get Free Report) last released 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). The business had revenue of $11.10 billion during the quarter, compared to analysts' expectations of $10.79 billion. GE Vernova had a net margin of 23.03% and a return on equity of 42.42%. The firm's quarterly revenue was up 21.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.86 earnings per share. As a group, research analysts anticipate that GE Vernova Inc. will post 15.57 EPS for the current year.

GE Vernova Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 14th. Investors of record on Tuesday, June 16th were issued a dividend of $0.50 per share. The ex-dividend date of this dividend was 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 is 5.72%.

Analyst Ratings Changes

A number of analysts recently commented on GEV shares. Robert W. Baird increased their price target on GE Vernova from $1,008.00 to $1,400.00 and gave the company an "outperform" rating in a research report on Thursday, April 23rd. Argus set a $1,300.00 price objective on GE Vernova in a research report on Monday, April 27th. BMO Capital Markets upped their price objective on GE Vernova from $1,110.00 to $1,250.00 and gave the company an "outperform" rating in a research note on Thursday, April 23rd. William Blair reaffirmed an "outperform" rating on shares of GE Vernova in a research report on Monday. Finally, TD Cowen lifted their target price on GE Vernova from $1,220.00 to $1,235.00 and gave the stock a "buy" rating in a research note on Thursday, July 23rd. Two equities research 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 stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $1,133.15.

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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