GE Vernova Inc. $GEV Stake Lessened by AMF Tjanstepension AB

Key Points

• AMF Tjanstepension AB trimmed its GE Vernova stake by 4.1% in the first quarter, selling 3,980 shares and ending with 93,333 shares worth about $81.5 million.
• Wall Street remains broadly constructive on GE Vernova, with analysts assigning a Moderate Buy consensus and an average price target of $1,089.88; several firms recently reiterated or adjusted bullish ratings.
• The company reported strong first-quarter results, including EPS of $17.44 and revenue of $9.34 billion, while also declaring a quarterly dividend of $0.50 per share.

AMF Tjanstepension AB lessened its position in GE Vernova Inc. (NYSE:GEV - Free Report) by 4.1% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 93,333 shares of the company's stock after selling 3,980 shares during the period. AMF Tjanstepension AB's holdings in GE Vernova were worth $81,470,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of GEV. Auto Owners Insurance Co increased its holdings in shares of GE Vernova by 110,973.4% in 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 in the last quarter. Vanguard Group Inc. lifted its holdings in shares of GE Vernova by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 25,023,625 shares of the company's stock valued at $16,354,691,000 after purchasing an additional 208,162 shares during the last quarter. State Street Corp boosted its position in shares of GE Vernova by 2.1% in the 4th quarter. State Street Corp now owns 11,469,670 shares of the company's stock valued at $7,496,232,000 after purchasing an additional 231,392 shares during the period. Geode Capital Management LLC boosted its position in shares of GE Vernova by 1.1% in the 4th quarter. Geode Capital Management LLC now owns 6,249,193 shares of the company's stock valued at $4,074,039,000 after purchasing an additional 68,894 shares during the period. Finally, Morgan Stanley increased its stake in GE Vernova by 12.8% in the 4th quarter. Morgan Stanley now owns 6,054,474 shares of the company's stock worth $3,957,024,000 after purchasing an additional 685,466 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on GEV. Sanford C. Bernstein initiated coverage on GE Vernova in a report on Tuesday, June 16th. They set an "outperform" rating and a $1,206.00 price objective on the stock. Erste Group Bank raised shares of GE Vernova to a "strong-buy" rating in a research report on Tuesday, March 24th. Jefferies Financial Group cut their price target on shares of GE Vernova from $1,350.00 to $1,210.00 and set a "buy" rating on the stock in a report on Thursday, June 11th. BNP Paribas Exane cut GE Vernova from an "outperform" rating to a "neutral" rating and set a $1,190.00 target price for the company. in a research report on Monday, April 27th. Finally, Robert W. Baird boosted their price objective on shares of GE Vernova from $1,008.00 to $1,400.00 and gave the company an "outperform" rating in a research report on Thursday, April 23rd. Three investment analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $1,089.88.

Insiders Place Their Bets

In other GE Vernova news, CAO Matthew Joseph Potvin sold 2,333 shares of the company's stock in a transaction that occurred 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 completion of the transaction, the chief accounting officer owned 3,549 shares of the company's stock, valued at $3,758,710.41. This represents a 39.66% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Victor Abate sold 4,819 shares of GE Vernova stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $948.08, for a total value of $4,568,797.52. Following the sale, 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. Additional details regarding this sale are available in the official SEC disclosure. 0.21% of the stock is owned by corporate insiders.

GE Vernova Trading Down 0.1%

NYSE:GEV opened at $1,090.64 on Monday. The firm has a market cap of $293.08 billion, a price-to-earnings ratio of 31.77, a P/E/G ratio of 4.03 and a beta of 1.09. GE Vernova Inc. has a 12 month low of $530.16 and a 12 month high of $1,195.94. The company has a quick ratio of 0.65, a current ratio of 0.89 and a debt-to-equity ratio of 0.19. The company's 50 day moving average is $1,040.14 and its 200-day moving average is $896.97.

GE Vernova (NYSE:GEV - Get Free Report) last released its earnings results on Wednesday, April 22nd. The company reported $17.44 earnings per share for the quarter, topping analysts' consensus estimates of $1.95 by $15.49. The firm had revenue of $9.34 billion during the quarter, compared to analyst estimates of $9.19 billion. GE Vernova had a net margin of 23.81% and a return on equity of 43.97%. The business's revenue was up 17.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.91 EPS. Equities analysts anticipate that GE Vernova Inc. will post 15.06 EPS for the current year.

GE Vernova Dividend Announcement

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

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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