GE Vernova Inc. (NYSE:GEV) Shares Sold by Essex Investment Management Co. LLC

Key Points

• Essex Investment Management Co. LLC reduced its holdings in GE Vernova Inc. by 35.5% to a total of 7,475 shares valued at approximately $2.28 million during the first quarter of the year.
• Many institutional investors have significantly increased their stakes in GE Vernova, with Capital International raising its position by 25.3% and GAMMA Investing LLC by an astonishing 32,984.2% during the first quarter.
• GE Vernova is poised for a favorable outlook as analysts have issued multiple buy ratings and adjusted price targets, with the consensus target now at $560.21.

Essex Investment Management Co. LLC trimmed its holdings in GE Vernova Inc. (NYSE:GEV - Free Report) by 35.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 7,475 shares of the company's stock after selling 4,122 shares during the period. Essex Investment Management Co. LLC's holdings in GE Vernova were worth $2,282,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in GEV. Navigoe LLC purchased a new position in shares of GE Vernova in the 4th quarter worth about $27,000. EQ Wealth Advisors LLC purchased a new position in shares of GE Vernova in the 1st quarter worth about $27,000. IMA Advisory Services Inc. purchased a new position in shares of GE Vernova in the 1st quarter worth about $27,000. Clarity Asset Management Inc. purchased a new position in shares of GE Vernova in the 4th quarter worth about $28,000. Finally, Pinpoint Asset Management Ltd purchased a new position in shares of GE Vernova in the 4th quarter worth about $30,000.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. JPMorgan Chase & Co. raised their price objective on GE Vernova from $620.00 to $715.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. Mizuho downgraded GE Vernova from an "outperform" rating to a "neutral" rating and set a $670.00 price objective on the stock. in a report on Monday. Wells Fargo & Company raised their price objective on GE Vernova from $474.00 to $697.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. The Goldman Sachs Group raised their target price on GE Vernova from $500.00 to $570.00 and gave the company a "buy" rating in a report on Tuesday, June 10th. Finally, Susquehanna raised their target price on GE Vernova from $662.00 to $736.00 and gave the company a "positive" rating in a report on Thursday, July 24th. Ten investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and four have given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $560.21.

GE Vernova Stock Down 0.7%

Shares of GEV traded down $4.69 during mid-day trading on Friday, hitting $655.60. The stock had a trading volume of 2,544,093 shares, compared to its average volume of 3,668,968. The company has a market cap of $178.47 billion, a PE ratio of 158.23, a PEG ratio of 4.53 and a beta of 1.86. The company's fifty day simple moving average is $526.57 and its two-hundred day simple moving average is $413.87. GE Vernova Inc. has a fifty-two week low of $150.01 and a fifty-two week high of $677.29.

GE Vernova (NYSE:GEV - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The company reported $1.86 EPS for the quarter, topping the consensus estimate of $1.63 by $0.23. The company had revenue of $9.11 billion during the quarter, compared to analyst estimates of $8.78 billion. GE Vernova had a return on equity of 13.23% and a net margin of 3.16%. The business's revenue was up 11.1% on a year-over-year basis. During the same quarter last year, the firm earned $4.65 EPS. Equities analysts expect that GE Vernova Inc. will post 6.59 earnings per share for the current year.

GE Vernova Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, August 18th. Stockholders of record on Monday, July 21st will be given a $0.25 dividend. The ex-dividend date is Monday, July 21st. This represents a $1.00 annualized dividend and a dividend yield of 0.2%. GE Vernova's dividend payout ratio (DPR) is presently 24.10%.

About GE Vernova

GE Vernova LLC, an energy business company, generates electricity. It operates under three segments: Power, Wind, and Electrification. The Power segments generates and sells electricity through hydro, gas, nuclear, and steam power. Wind segment engages in the manufacturing and sale of wind turbine blades; and Electrification segment provides grid solutions, power conversion, solar, and storage solutions.