GE Vernova Inc. $GEV Shares Sold by Victory Capital Management Inc.

Key Points

• Victory Capital Management cut its GE Vernova stake by 18.3% in the fourth quarter, selling 208,380 shares and ending with 930,735 shares worth about $608.3 million.
• GE Vernova reported a strong quarterly beat, posting $17.44 EPS versus expectations of $1.95 and revenue of $9.34 billion, up 17% year over year.
• The company declared a quarterly dividend of $0.50 per share payable July 14, while analysts remain broadly bullish with a consensus rating of Moderate Buy and an average price target of $1,085.16.

Victory Capital Management Inc. lowered its stake in GE Vernova Inc. (NYSE:GEV - Free Report) by 18.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 930,735 shares of the company's stock after selling 208,380 shares during the period. Victory Capital Management Inc. owned approximately 0.35% of GE Vernova worth $608,304,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of GEV. Brighton Jones LLC increased its holdings in shares of GE Vernova by 29.4% in the fourth quarter. Brighton Jones LLC now owns 3,315 shares of the company's stock valued at $1,091,000 after purchasing an additional 753 shares during the period. Schnieders Capital Management LLC. increased its holdings in shares of GE Vernova by 1.7% in the second quarter. Schnieders Capital Management LLC. now owns 1,564 shares of the company's stock valued at $828,000 after purchasing an additional 26 shares during the period. Jump Financial LLC acquired a new position in shares of GE Vernova in the second quarter valued at approximately $258,000. Ossiam acquired a new position in shares of GE Vernova in the second quarter valued at approximately $42,000. Finally, Nebula Research & Development LLC increased its holdings in shares of GE Vernova by 23.9% in the second quarter. Nebula Research & Development LLC now owns 1,674 shares of the company's stock valued at $886,000 after purchasing an additional 323 shares during the period.

GE Vernova Stock Up 3.7%

GE Vernova stock opened at $940.14 on Friday. 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 Inc. has a 1-year low of $474.21 and a 1-year high of $1,181.95. The company has a market cap of $252.63 billion, a PE ratio of 27.39, a price-to-earnings-growth ratio of 3.36 and a beta of 1.23. The stock's 50 day moving average price is $1,008.85 and its 200 day moving average price is $831.73.

GE Vernova (NYSE:GEV - Get Free Report) last posted its quarterly earnings results on Wednesday, April 22nd. The company reported $17.44 earnings per share for the quarter, beating analysts' consensus estimates of $1.95 by $15.49. The firm had revenue of $9.34 billion for the quarter, compared to the consensus estimate of $9.19 billion. GE Vernova had a return on equity of 43.97% and a net margin of 23.81%.The company's revenue for the quarter was up 17.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.91 earnings per share. On average, sell-side analysts predict that GE Vernova Inc. will post 14.99 EPS for the current fiscal year.

GE Vernova Announces Dividend

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 given 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 is Tuesday, June 16th. GE Vernova's payout ratio is presently 5.83%.

Analyst Ratings Changes

A number of research firms have recently issued reports on GEV. Morgan Stanley boosted their target price on GE Vernova from $817.00 to $960.00 and gave the company an "overweight" rating in a report on Monday, March 23rd. Robert W. Baird lifted 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. Oppenheimer set a $1,303.00 price target on GE Vernova in a research note on Thursday, April 23rd. JPMorgan Chase & Co. lifted their price target on GE Vernova from $1,000.00 to $1,150.00 and gave the company an "overweight" rating in a research note on Thursday, April 16th. Finally, Zacks Research downgraded GE Vernova from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, April 28th. Two research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, GE Vernova presently has an average rating of "Moderate Buy" and a consensus price target of $1,085.16.

Insiders Place Their Bets

In other GE Vernova news, CEO Victor Abate sold 4,819 shares of the business's stock in a transaction 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 in the company, valued at approximately $1,739,726.80. The trade was a 72.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Matthew Joseph Potvin sold 2,333 shares of the business's stock in a transaction on Thursday, May 14th. The stock was 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 owned 3,549 shares in the company, valued at approximately $3,758,710.41. The trade was a 39.66% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.21% of the stock is currently owned by insiders.

GE Vernova Company 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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