GE Vernova Inc. $GEV Shares Purchased by Main Street Research LLC

Key Points

• Main Street Research LLC increased its GE Vernova stake by 3.1% in the first quarter, bringing its holdings to 50,692 shares worth about $44.25 million.
• GE Vernova reported blowout quarterly earnings, posting $17.44 EPS versus estimates of $1.95, while revenue of $9.34 billion also beat forecasts and rose 17% year over year.
• The company announced a quarterly dividend of $0.50 per share, and analysts remain mostly positive overall with a consensus rating of Moderate Buy and an average target price of $1,089.88.

Main Street Research LLC boosted its position in GE Vernova Inc. (NYSE:GEV - Free Report) by 3.1% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 50,692 shares of the company's stock after acquiring an additional 1,531 shares during the period. GE Vernova comprises approximately 2.6% of Main Street Research LLC's holdings, making the stock its 16th biggest holding. Main Street Research LLC's holdings in GE Vernova were worth $44,249,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of GEV. World Investment Advisors raised its stake in GE Vernova by 19.9% during the fourth quarter. World Investment Advisors now owns 13,497 shares of the company's stock worth $8,821,000 after purchasing an additional 2,241 shares during the period. Merit Financial Group LLC grew its stake in shares of GE Vernova by 17.4% during the 4th quarter. Merit Financial Group LLC now owns 15,080 shares of the company's stock valued at $9,856,000 after buying an additional 2,230 shares during the period. Vest Financial LLC increased its holdings in shares of GE Vernova by 56.7% during the 4th quarter. Vest Financial LLC now owns 66,191 shares of the company's stock worth $43,260,000 after buying an additional 23,956 shares during the last quarter. Riverbend Wealth Management LLC acquired a new stake in shares of GE Vernova during the 4th quarter worth $567,000. Finally, RiverFront Investment Group LLC raised its position 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 period.

GE Vernova Trading Up 0.3%

NYSE GEV opened at $1,073.77 on Friday. The company's fifty day moving average price is $1,039.56 and its two-hundred day moving average price is $893.94. The company has a market capitalization of $288.54 billion, a price-to-earnings ratio of 31.28, a price-to-earnings-growth ratio of 3.95 and a beta of 1.09. GE Vernova Inc. has a 12 month low of $520.00 and a 12 month high of $1,195.94. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.89 and a quick ratio of 0.65.

GE Vernova (NYSE:GEV - Get Free Report) last issued its quarterly earnings results on Wednesday, April 22nd. The company reported $17.44 EPS for the quarter, topping the consensus estimate of $1.95 by $15.49. The business had revenue of $9.34 billion for the quarter, compared to analysts' expectations of $9.19 billion. GE Vernova had a net margin of 23.81% and a return on equity of 43.97%. The company's quarterly revenue was up 17.0% compared to the same quarter last year. During the same quarter last year, the company posted $0.91 earnings per share. As a group, research analysts predict that GE Vernova Inc. will post 15.05 earnings per share for the current fiscal year.

GE Vernova Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 14th. Shareholders of record on Tuesday, June 16th will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date of this dividend is Tuesday, June 16th. GE Vernova's dividend payout ratio (DPR) is currently 5.83%.

Insider Buying and Selling

In related news, CEO Victor Abate sold 4,819 shares of the company's stock in a transaction that occurred on 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 sale, the chief executive officer directly owned 1,835 shares of the company's stock, valued at approximately $1,739,726.80. This represents a 72.42% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Matthew Joseph Potvin sold 2,333 shares of the company'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 value of $2,470,856.97. Following the sale, the chief accounting officer directly owned 3,549 shares in the company, valued at approximately $3,758,710.41. This represents a 39.66% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.21% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on GEV. Zacks Research cut GE Vernova from a "strong-buy" rating to a "hold" rating in a report on Tuesday, April 28th. Wall Street Zen lowered GE Vernova from a "buy" rating to a "hold" rating in a research note on Saturday, June 27th. Barclays raised their price objective on GE Vernova from $993.00 to $1,250.00 and gave the stock an "overweight" rating in a report on Thursday, April 23rd. TD Cowen lifted their price objective on GE Vernova from $780.00 to $1,220.00 and gave the company a "buy" rating in a research note on Thursday, April 23rd. Finally, Guggenheim boosted their target price on GE Vernova from $910.00 to $1,300.00 and gave the stock a "buy" rating in a report on Thursday, April 23rd. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $1,089.88.

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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