Family Legacy Inc. Makes New Investment in GE Vernova Inc. $GEV

Key Points

• Family Legacy Inc. acquired 8,622 shares of GE Vernova worth approximately $10.13 million, making the company its sixth-largest holding and representing 2.7% of its portfolio.
• Analysts remain broadly positive, with an overall “Moderate Buy” rating and an average price target of $1,133.15; Oppenheimer and JPMorgan recently raised their targets to $1,338 and $1,330, respectively.
• GE Vernova reported quarterly revenue of $11.10 billion, up 21.9% year over year and above expectations, but earnings per share of $2.47 missed estimates of $3.17. CEO Victor Abate also sold 4,819 shares, reducing his position by 72.42%.

Family Legacy Inc. acquired a new position in GE Vernova Inc. (NYSE:GEV - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 8,622 shares of the company's stock, valued at approximately $10,130,000. GE Vernova comprises 2.7% of Family Legacy Inc.'s investment portfolio, making the stock its 6th biggest holding.

A number of other large investors also recently modified their holdings of the stock. Cornerstone Financial Management LLC bought a new stake in GE Vernova during the fourth quarter worth $25,000. Wealth Watch Advisors INC bought a new position in GE Vernova during the 3rd quarter valued at $25,000. Torren Management LLC bought a new position in GE Vernova during the 4th quarter valued at $26,000. Manning & Napier Advisors LLC boosted its holdings in GE Vernova by 68.4% during the 1st quarter. Manning & Napier Advisors LLC now owns 32 shares of the company's stock worth $26,000 after acquiring an additional 13 shares during the last quarter. Finally, Navalign LLC purchased a new position in GE Vernova during the 4th quarter worth $27,000.

Analysts Set New Price Targets

Several analysts have recently commented on GEV shares. Oppenheimer increased their target price on shares of GE Vernova from $1,303.00 to $1,338.00 and gave the company an "outperform" rating in a report on Thursday, July 23rd. JPMorgan Chase & Co. boosted their price target on shares of GE Vernova from $1,302.00 to $1,330.00 and gave the stock an "overweight" rating in a report on Thursday, July 23rd. BMO Capital Markets reaffirmed an "outperform" rating on shares of GE Vernova in a research report on Friday, August 7th. Jefferies Financial Group reaffirmed a "buy" rating on shares of GE Vernova in a research report on Monday, July 27th. Finally, TD Cowen increased their price target on shares of GE Vernova from $1,220.00 to $1,235.00 and gave the company a "buy" rating in a research report on Thursday, July 23rd. Two research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price 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 that occurred on Monday, June 1st. The shares were sold at an average price of $948.08, for a total value of $4,568,797.52. Following the completion of the transaction, the chief executive officer directly owned 1,835 shares of the company's stock, valued at approximately $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 accessible through this hyperlink. Company insiders own 0.21% of the company's stock.

GE Vernova Price Performance

Shares of NYSE:GEV opened at $965.58 on Friday. The company has a quick ratio of 0.62, a current ratio of 0.85 and a debt-to-equity ratio of 0.21. The firm has a market capitalization of $257.16 billion, a PE ratio of 27.64, a P/E/G ratio of 3.52 and a beta of 1.21. GE Vernova Inc. has a twelve month low of $530.16 and a twelve month high of $1,195.94. The company has a 50-day moving average price of $1,042.39 and a two-hundred day moving average price of $968.21.

GE Vernova (NYSE:GEV - Get Free Report) last posted its earnings results on Wednesday, July 22nd. The company reported $2.47 earnings per share for the quarter, missing the consensus estimate of $3.17 by ($0.70). GE Vernova had a return on equity of 42.42% and a net margin of 23.03%.The business 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 business earned $1.86 EPS. GE Vernova's revenue for the quarter was up 21.9% on a year-over-year basis. Equities analysts forecast that GE Vernova Inc. will post 15.57 EPS for the current year.

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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