Handelsbanken Fonder AB Acquires 34,072 Shares of GE Vernova Inc. $GEV

Key Points

• Handelsbanken Fonder AB increased its GE Vernova stake by 370.3% in the second quarter, acquiring 34,072 shares for a total holding of 43,272 shares valued at approximately $50.8 million.
• GE Vernova reported quarterly revenue of $11.10 billion, beating estimates and rising 21.9% year over year, but earnings of $2.47 per share missed consensus by $0.70. The company also declared a quarterly dividend of $0.50 per share.
• Analyst sentiment remains broadly positive, with a consensus rating of “Moderate Buy” and a $1,133.15 target price, although Morgan Stanley downgraded the stock to “underweight.” CEO Victor Abate and CAO Matthew Joseph Potvin also sold shares, while insiders own 0.21% of the company.

Handelsbanken Fonder AB boosted its stake in shares of GE Vernova Inc. (NYSE:GEV - Free Report) by 370.3% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 43,272 shares of the company's stock after acquiring an additional 34,072 shares during the quarter. Handelsbanken Fonder AB's holdings in GE Vernova were worth $50,839,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in GEV. Manning & Napier Advisors LLC lifted its position in shares of GE Vernova by 68.4% during the first quarter. Manning & Napier Advisors LLC now owns 32 shares of the company's stock worth $26,000 after purchasing an additional 13 shares in the last quarter. Miller Global Investments LLC increased its holdings in shares of GE Vernova by 63.6% in the second quarter. Miller Global Investments LLC now owns 36 shares of the company's stock valued at $42,000 after purchasing an additional 14 shares in the last quarter. Torren Management LLC acquired a new stake in shares of GE Vernova in the fourth quarter valued at approximately $26,000. Cornerstone Financial Management LLC bought a new position in GE Vernova in the 4th quarter worth approximately $25,000. Finally, Wealth Watch Advisors INC bought a new position in GE Vernova in the 3rd quarter worth approximately $25,000.

Insider Transactions at GE Vernova

In related news, CEO Victor Abate sold 4,819 shares of the business'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 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 approximately $1,739,726.80. The trade was a 72.42% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Matthew Joseph Potvin sold 2,333 shares of the 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 sale, the chief accounting officer directly owned 3,549 shares of the company's stock, valued at approximately $3,758,710.41. The trade was a 39.66% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 0.21% of the company's stock.

GE Vernova Trading Up 2.0%

Shares of NYSE GEV opened at $1,010.59 on Wednesday. The company's fifty day moving average is $1,028.19 and its 200-day moving average is $951.59. The stock has a market cap of $269.15 billion, a price-to-earnings ratio of 28.92, a P/E/G ratio of 3.53 and a beta of 1.21. GE Vernova Inc. has a twelve month low of $530.16 and a twelve 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 released 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 the consensus estimate of $10.79 billion. GE Vernova had a net margin of 23.03% and a return on equity of 42.42%. GE Vernova's quarterly revenue was up 21.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.86 EPS. Equities research analysts predict that GE Vernova Inc. will post 15.57 EPS for the current year.

GE Vernova Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 14th. Shareholders of record on Tuesday, June 16th were issued a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 0.2%. The ex-dividend date was Tuesday, June 16th. GE Vernova's dividend payout ratio is 5.72%.

Analyst Ratings Changes

A number of research analysts have commented on GEV shares. The Goldman Sachs Group reiterated a "buy" rating and issued a $1,328.00 price objective on shares of GE Vernova in a research report on Friday, April 24th. Royal Bank Of Canada upped their price target on GE Vernova from $1,195.00 to $1,225.00 and gave the company an "outperform" rating in a research note on Thursday, July 23rd. Morgan Stanley lowered GE Vernova from an "overweight" rating to an "underweight" rating in a research report on Monday, August 3rd. Weiss Ratings reissued a "buy (b)" rating on shares of GE Vernova in a report on Tuesday, July 21st. Finally, Susquehanna set a $1,300.00 target price on shares of GE Vernova in a research report on Thursday, April 23rd. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $1,133.15.

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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