M3 Wealth Management LLC Takes $7.20 Million Position in GE Vernova Inc. $GEV

Key Points

• M3 Wealth Management initiated a $7.2 million position in GE Vernova by purchasing 6,128 shares, making the stock its fourth-largest holding and representing 4.7% of its portfolio.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $1,133.15, although Morgan Stanley downgraded the stock to “underweight.”
• GE Vernova’s latest quarterly revenue rose 21.9% year over year to $11.10 billion, exceeding estimates, but EPS of $2.47 fell short of the $3.17 consensus forecast; CEO Victor Abate also sold shares worth about $4.57 million.

M3 Wealth Management LLC bought a new position in GE Vernova Inc. (NYSE:GEV - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 6,128 shares of the company's stock, valued at approximately $7,200,000. GE Vernova comprises about 4.7% of M3 Wealth Management LLC's investment portfolio, making the stock its 4th biggest holding.

Other hedge funds have also made changes to their positions in the company. World Investment Advisors grew its position in GE Vernova by 19.9% during the 4th quarter. World Investment Advisors now owns 13,497 shares of the company's stock worth $8,821,000 after acquiring an additional 2,241 shares during the last quarter. Riverbend Wealth Management LLC bought a new position in GE Vernova in the 4th quarter valued at $567,000. Vest Financial LLC boosted its stake in GE Vernova by 56.7% in the fourth quarter. Vest Financial LLC now owns 66,191 shares of the company's stock worth $43,260,000 after purchasing an additional 23,956 shares in the last quarter. RiverFront Investment Group LLC grew its holdings in shares of GE Vernova by 239.2% during the fourth quarter. RiverFront Investment Group LLC now owns 2,191 shares of the company's stock worth $1,432,000 after purchasing an additional 1,545 shares during the last quarter. Finally, Danske Bank A S grew its holdings in shares of GE Vernova by 5.5% during the fourth quarter. Danske Bank A S now owns 156,236 shares of the company's stock worth $102,111,000 after purchasing an additional 8,086 shares during the last quarter.

Insider Transactions at GE Vernova

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. Insiders own 0.21% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Sanford C. Bernstein lifted their price target on GE Vernova from $1,206.00 to $1,298.00 and gave the company an "outperform" rating in a report on Thursday, July 23rd. Royal Bank Of Canada increased their price objective on shares of GE Vernova from $1,195.00 to $1,225.00 and gave the stock an "outperform" rating in a report on Thursday, July 23rd. The Goldman Sachs Group restated a "buy" rating and issued a $1,328.00 price objective on shares of GE Vernova in a research report on Friday, April 24th. Oppenheimer boosted their target price on shares of GE Vernova from $1,303.00 to $1,338.00 and gave the stock an "outperform" rating in a research note on Thursday, July 23rd. Finally, Morgan Stanley lowered shares of GE Vernova from an "overweight" rating to an "underweight" rating in a research report on Monday, August 3rd. 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 issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $1,133.15.

GE Vernova Trading Down 2.2%

GEV stock opened at $965.58 on Friday. 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 Inc. has a twelve month low of $530.16 and a twelve month high of $1,195.94. The company has a market cap of $257.16 billion, a P/E ratio of 27.64, a PEG ratio of 3.52 and a beta of 1.21. The business has a fifty day moving average of $1,042.39 and a 200-day moving average of $968.21.

GE Vernova (NYSE:GEV - Get Free Report) last posted its quarterly earnings results on Wednesday, July 22nd. The company reported $2.47 earnings per share (EPS) for the quarter, missing the consensus estimate 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 revenue was up 21.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.86 EPS. As a group, equities research analysts expect that GE Vernova Inc. will post 15.57 EPS for the current year.

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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