Great Lakes Advisors LLC Has $8.73 Million Holdings in GE Vernova Inc. $GEV

Key Points

• Great Lakes Advisors cut its GE Vernova position by 93.9% in the second quarter, selling 113,953 shares and retaining 7,430 shares valued at approximately $8.73 million.
• Several major institutions established or expanded significant stakes in GE Vernova, including BlackRock, Norges Bank, Bank of New York Mellon, and Auto Owners Insurance.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $1,133.15, although the company’s latest quarterly EPS of $2.47 missed estimates while revenue exceeded expectations.

Great Lakes Advisors LLC cut its holdings in shares of GE Vernova Inc. (NYSE:GEV - Free Report) by 93.9% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,430 shares of the company's stock after selling 113,953 shares during the period. Great Lakes Advisors LLC's holdings in GE Vernova were worth $8,729,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of GEV. Auto Owners Insurance Co boosted its stake in 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 worth $2,278,224,000 after purchasing an additional 34,826,773 shares in the last quarter. BlackRock Inc. acquired a new stake in shares of GE Vernova in the second quarter valued at $25,569,630,000. Norges Bank acquired a new stake in shares of GE Vernova in the fourth quarter valued at $2,283,114,000. Northwestern Mutual Wealth Management Co. raised its holdings in shares of GE Vernova by 5,171.3% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,452,858 shares of the company's stock valued at $1,603,114,000 after buying an additional 2,406,326 shares during the last quarter. Finally, Bank of New York Mellon Corp bought a new position in shares of GE Vernova in the second quarter valued at about $2,497,472,000.

Insider Activity

In other news, CEO Victor Abate sold 4,819 shares of the firm's stock in a transaction dated 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 transaction, the chief executive officer 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.21% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on GEV shares. Weiss Ratings reissued a "buy (b)" rating on shares of GE Vernova in a report on Tuesday, July 21st. William Blair reaffirmed an "outperform" rating on shares of GE Vernova in a research note on Monday, August 3rd. Mizuho upped their target price on shares of GE Vernova from $913.00 to $949.00 and gave the stock a "neutral" rating in a research report on Friday, July 24th. Morgan Stanley cut shares of GE Vernova from an "overweight" rating to an "underweight" rating in a research note on Monday, August 3rd. Finally, Royal Bank Of Canada raised their price target on shares of GE Vernova from $1,195.00 to $1,225.00 and gave the company an "outperform" rating in a report on Thursday, July 23rd. Two 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 given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $1,133.15.

GE Vernova Price Performance

GE Vernova stock opened at $956.69 on Monday. The business's 50-day simple moving average is $1,042.72 and its 200 day simple moving average is $969.61. The stock has a market cap of $254.80 billion, a price-to-earnings ratio of 27.38, a P/E/G ratio of 3.41 and a beta of 1.21. 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 0.62, a current ratio of 0.85 and a debt-to-equity ratio of 0.21.

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