Cornerstone Advisors LLC Makes New Investment in GE Vernova Inc. $GEV

Cornerstone Advisors LLC bought a new stake in GE Vernova Inc. (NYSE:GEV - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 21,127 shares of the company's stock, valued at approximately $24,821,000. GE Vernova comprises 0.8% of Cornerstone Advisors LLC's investment portfolio, making the stock its 26th biggest position.

Several other hedge funds have also made changes to their positions in GEV. Auto Owners Insurance Co raised its position in shares of GE Vernova by 110,973.4% during the 4th quarter. Auto Owners Insurance Co now owns 34,858,156 shares of the company's stock valued at $2,278,224,000 after buying an additional 34,826,773 shares during the period. Vanguard Group Inc. lifted its holdings in GE Vernova by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 25,023,625 shares of the company's stock valued at $16,354,691,000 after acquiring an additional 208,162 shares during the last quarter. BlackRock Inc. purchased a new position in GE Vernova in the second quarter worth approximately $25,569,630,000. State Street Corp grew its position in GE Vernova by 2.1% in the fourth quarter. State Street Corp now owns 11,469,670 shares of the company's stock worth $7,496,232,000 after acquiring an additional 231,392 shares during the period. Finally, Geode Capital Management LLC increased its stake in GE Vernova by 1.1% during the fourth quarter. Geode Capital Management LLC now owns 6,249,193 shares of the company's stock worth $4,074,039,000 after acquiring an additional 68,894 shares during the last quarter.

Analysts Set New Price Targets

GEV has been the topic of a number of research analyst reports. BMO Capital Markets restated an "outperform" rating on shares of GE Vernova in a research report on Friday, August 7th. BNP Paribas Exane cut GE Vernova from an "outperform" rating to a "neutral" rating and set a $1,190.00 price target for the company. in a report on Monday, April 27th. Royal Bank Of Canada raised their price objective on GE Vernova from $1,195.00 to $1,225.00 and gave the stock an "outperform" rating in a research report on Thursday, July 23rd. Morgan Stanley lowered shares of GE Vernova from an "overweight" rating to an "underweight" rating in a report on Monday, August 3rd. Finally, Guggenheim upped their target price on shares of GE Vernova from $1,300.00 to $1,450.00 and gave the company a "buy" rating in a research report on Thursday, July 23rd. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, GE Vernova has an average rating of "Moderate Buy" and an average price target of $1,133.15.

Insider Buying and Selling

In related news, CEO Victor Abate sold 4,819 shares of the firm's 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 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 sale was disclosed in a legal filing with the SEC, which is available through this link. 0.21% of the stock is owned by company insiders.

GE Vernova Trading Down 1.0%

GEV opened at $956.69 on Friday. GE Vernova Inc. has a 52 week low of $530.16 and a 52 week high of $1,195.94. The business has a fifty day simple moving average of $1,042.72 and a 200-day simple moving average of $968.13. The firm has a market cap of $254.80 billion, a P/E ratio of 27.38, a P/E/G ratio of 3.41 and a beta of 1.21. The company has a quick ratio of 0.62, a current ratio of 0.85 and a debt-to-equity ratio of 0.21.

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). The firm had revenue of $11.10 billion during the quarter, compared to analyst estimates of $10.79 billion. GE Vernova had a net margin of 23.03% and a return on equity of 42.42%. The company's quarterly revenue was up 21.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.86 earnings per share. On average, equities analysts expect that GE Vernova Inc. will post 15.57 earnings per share for the current year.

GE Vernova 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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