Kornitzer Capital Management Inc. KS Has $8.52 Million Stock Position in GE Vernova Inc. $GEV

Key Points

• Kornitzer Capital Management reduced its GE Vernova stake by 11% in Q1, selling 1,211 shares and ending with 9,760 shares valued at about $8.52 million.
• GE Vernova’s stock rose 1.4% to $1,090.64, putting its market cap at roughly $293 billion and keeping it near its 52-week high of $1,195.94.
• The company posted a very strong quarter, with EPS of $17.44 versus $1.95 expected and revenue of $9.34 billion, while analysts remain mostly bullish with a consensus Moderate Buy rating.

Kornitzer Capital Management Inc. KS cut its holdings in shares of GE Vernova Inc. (NYSE:GEV - Free Report) by 11.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 9,760 shares of the company's stock after selling 1,211 shares during the period. Kornitzer Capital Management Inc. KS's holdings in GE Vernova were worth $8,520,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. World Investment Advisors increased its position in shares of GE Vernova by 19.9% in the fourth quarter. World Investment Advisors now owns 13,497 shares of the company's stock worth $8,821,000 after purchasing an additional 2,241 shares during the last quarter. Merit Financial Group LLC lifted its position in GE Vernova by 17.4% during the fourth quarter. Merit Financial Group LLC now owns 15,080 shares of the company's stock valued at $9,856,000 after purchasing an additional 2,230 shares during the last quarter. Vest Financial LLC grew its stake in GE Vernova by 56.7% in the 4th quarter. Vest Financial LLC now owns 66,191 shares of the company's stock worth $43,260,000 after buying an additional 23,956 shares in the last quarter. Riverbend Wealth Management LLC purchased a new position in GE Vernova in the 4th quarter worth approximately $567,000. Finally, RiverFront Investment Group LLC increased its holdings in shares of GE Vernova by 239.2% in the 4th quarter. RiverFront Investment Group LLC now owns 2,191 shares of the company's stock worth $1,432,000 after buying an additional 1,545 shares during the last quarter.

GE Vernova Trading Up 1.4%

GE Vernova stock traded up $15.38 during trading hours on Friday, reaching $1,090.64. The stock had a trading volume of 1,737,069 shares, compared to its average volume of 2,887,361. The stock has a market cap of $293.08 billion, a PE ratio of 31.77, a PEG ratio of 3.97 and a beta of 1.09. GE Vernova Inc. has a 52 week low of $530.16 and a 52 week high of $1,195.94. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.89 and a quick ratio of 0.65. The company has a fifty day simple moving average of $1,040.14 and a 200-day simple moving average of $895.32.

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

GE Vernova Dividend Announcement

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

Analyst Ratings Changes

A number of research firms have recently issued reports on GEV. Guggenheim lifted their price objective on shares of GE Vernova from $910.00 to $1,300.00 and gave the stock a "buy" rating in a report on Thursday, April 23rd. Erste Group Bank raised GE Vernova to a "strong-buy" rating in a research note on Tuesday, March 24th. BMO Capital Markets raised their price target on GE Vernova from $1,110.00 to $1,250.00 and gave the company an "outperform" rating in a research report on Thursday, April 23rd. Sanford C. Bernstein started coverage on GE Vernova in a research note on Tuesday, June 16th. They set an "outperform" rating and a $1,206.00 price target for the company. Finally, JPMorgan Chase & Co. upped their price objective on GE Vernova from $1,000.00 to $1,150.00 and gave the stock an "overweight" rating in a report on Thursday, April 16th. Three research analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, GE Vernova has a consensus rating of "Moderate Buy" and an average target price of $1,089.88.

Insider Buying and Selling at GE Vernova

In other news, CAO Matthew Joseph Potvin sold 2,333 shares of GE Vernova stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $1,059.09, for a total transaction of $2,470,856.97. Following the sale, the chief accounting officer 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 position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Victor Abate sold 4,819 shares of the business's stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $948.08, for a total transaction of $4,568,797.52. Following the transaction, the chief executive officer owned 1,835 shares in the company, valued at $1,739,726.80. This represents a 72.42% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.21% of the company's stock.

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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