GE Vernova Inc. $GEV Shares Sold by Carnegie Investment Counsel

Key Points

• Carnegie Investment Counsel cut its GE Vernova stake by 34.9% in the second quarter, selling 10,380 shares and retaining 19,345 shares valued at approximately $22.7 million.
• Other institutional investors made significant purchases, including Auto Owners Insurance, Norges Bank, Northwestern Mutual, Corient Private Wealth and Janus Henderson.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $1,133.15. GE Vernova reported quarterly revenue of $11.1 billion, up 21.9% year over year, but EPS of $2.47 fell short of the $3.17 consensus estimate.

Carnegie Investment Counsel decreased its holdings in shares of GE Vernova Inc. (NYSE:GEV - Free Report) by 34.9% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 19,345 shares of the company's stock after selling 10,380 shares during the period. Carnegie Investment Counsel's holdings in GE Vernova were worth $22,728,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Auto Owners Insurance Co grew its holdings in shares of GE Vernova by 110,973.4% during the fourth 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 last quarter. Norges Bank acquired a new position in shares of GE Vernova in the 4th quarter valued at $2,283,114,000. Northwestern Mutual Wealth Management Co. raised its stake in GE Vernova by 5,171.3% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,452,858 shares of the company's stock worth $1,603,114,000 after acquiring an additional 2,406,326 shares during the last quarter. Corient Private Wealth LLC raised its stake in GE Vernova by 2,802.8% in the 4th quarter. Corient Private Wealth LLC now owns 1,608,714 shares of the company's stock worth $1,051,407,000 after acquiring an additional 1,553,295 shares during the last quarter. Finally, Janus Henderson Group PLC raised its stake in GE Vernova by 4,358.6% in the 1st quarter. Janus Henderson Group PLC now owns 1,519,799 shares of the company's stock worth $1,316,076,000 after acquiring an additional 1,485,712 shares during the last quarter.

Wall Street Analyst Weigh In

GEV has been the topic of several research analyst reports. Robert W. Baird boosted their price target on GE Vernova from $1,008.00 to $1,400.00 and gave the company an "outperform" rating in a research note on Thursday, April 23rd. Barclays lifted their target price on GE Vernova from $993.00 to $1,250.00 and gave the stock an "overweight" rating in a report on Thursday, April 23rd. Argus set a $1,300.00 price target on shares of GE Vernova in a report on Monday, April 27th. Sanford C. Bernstein lifted their price objective on shares of GE Vernova from $1,206.00 to $1,298.00 and gave the company an "outperform" rating in a research note on Thursday, July 23rd. Finally, BNP Paribas Exane cut shares of GE Vernova from an "outperform" rating to a "neutral" rating and set a $1,190.00 price objective for the company. in a research note on Monday, April 27th. Two research analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $1,133.15.

GE Vernova Stock Up 1.8%

GE Vernova stock opened at $1,082.30 on Tuesday. The business's 50-day moving average price is $1,037.03 and its 200 day moving average price is $962.56. 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 cap of $288.25 billion, a price-to-earnings ratio of 30.98, a price-to-earnings-growth ratio of 3.79 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.

GE Vernova (NYSE:GEV - Get Free Report) last announced its quarterly earnings results on Wednesday, July 22nd. The company reported $2.47 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $3.17 by ($0.70). GE Vernova had a net margin of 23.03% and a return on equity of 42.42%. The company had revenue of $11.10 billion during the quarter, compared to analyst estimates of $10.79 billion. During the same period in the previous year, the firm posted $1.86 earnings per share. The company's revenue was up 21.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that GE Vernova Inc. will post 15.57 earnings per share for the current year.

Insider Buying and Selling at GE Vernova

In related news, CEO Victor Abate sold 4,819 shares of the business's stock in a transaction 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 in the company, valued at $1,739,726.80. The trade was a 72.42% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.21% of the stock is currently owned by company insiders.

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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