Mitsubishi UFJ Asset Management Co. Ltd. Purchases New Holdings in GE Vernova Inc. $GEV

Key Points

• Mitsubishi UFJ Asset Management acquired 669,232 GE Vernova shares in the second quarter, valued at approximately $786.3 million and representing a 0.25% stake.
• GE Vernova reported quarterly revenue of $11.10 billion, up 21.9% year over year and above estimates, but earnings per share of $2.47 missed the $3.17 consensus forecast.
• Analysts maintain a generally positive outlook, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $1,133.15; shares recently traded at $956.69.

Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in GE Vernova Inc. (NYSE:GEV - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 669,232 shares of the company's stock, valued at approximately $786,254,000. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.25% of GE Vernova as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in GEV. Beverly Hills Private Wealth LLC acquired a new stake in GE Vernova during the 2nd quarter valued at $372,000. OneDigital Investment Advisors LLC purchased a new stake in shares of GE Vernova in the second quarter valued at $7,866,000. Plato Investment Management Ltd acquired a new stake in shares of GE Vernova in the second quarter worth $12,083,000. Bell Investment Advisors Inc acquired a new stake in shares of GE Vernova in the second quarter worth $262,000. Finally, AMG National Trust Bank acquired a new stake in shares of GE Vernova in the second quarter worth $1,966,000.

GE Vernova Stock Down 1.0%

GEV opened at $956.69 on Friday. The company has a market capitalization of $254.80 billion, a PE ratio of 27.38, a price-to-earnings-growth ratio of 3.45 and a beta of 1.21. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.85 and a quick ratio of 0.62. GE Vernova Inc. has a fifty-two week low of $530.16 and a fifty-two week high of $1,195.94. The business has a 50-day moving average of $1,042.72 and a 200-day moving average of $968.13.

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

Insider Buying and Selling

In other GE Vernova news, CEO Victor Abate sold 4,819 shares of the business's stock in a transaction that occurred on 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 completion of the sale, the chief executive officer directly owned 1,835 shares of the company's stock, valued at $1,739,726.80. The trade was a 72.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.21% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on GEV. The Goldman Sachs Group reissued a "buy" rating and set a $1,328.00 price target on shares of GE Vernova in a research report on Friday, April 24th. TD Cowen raised their price objective on GE Vernova from $1,220.00 to $1,235.00 and gave the stock a "buy" rating in a research report on Thursday, July 23rd. BMO Capital Markets reaffirmed an "outperform" rating on shares of GE Vernova in a research note on Friday, August 7th. Argus set a $1,300.00 target price on GE Vernova in a report on Monday, April 27th. Finally, Royal Bank Of Canada increased their price target on shares of GE Vernova from $1,195.00 to $1,225.00 and gave the stock an "outperform" rating in a research report on Thursday, July 23rd. Two research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average 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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