Oliver Luxxe Assets LLC Trims Position in GE Vernova Inc. $GEV

Key Points

• Oliver Luxxe Assets LLC reduced its GE Vernova stake by 18.5% in the second quarter, selling 2,901 shares and retaining 12,804 shares valued at approximately $15.0 million. GE Vernova remains the firm’s largest holding, representing about 2.2% of its portfolio.
• GE Vernova reported quarterly revenue of $11.10 billion, up 21.9% year over year and above estimates, but earnings of $2.47 per share missed consensus by $0.70. The stock opened at $990.15, down 1.0%.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $1,133.15. The company also declared a $0.50 quarterly dividend, equivalent to a 0.2% annualized yield.

Oliver Luxxe Assets LLC lowered its stake in GE Vernova Inc. (NYSE:GEV - Free Report) by 18.5% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 12,804 shares of the company's stock after selling 2,901 shares during the quarter. GE Vernova comprises approximately 2.2% of Oliver Luxxe Assets LLC's holdings, making the stock its largest holding. Oliver Luxxe Assets LLC's holdings in GE Vernova were worth $15,043,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in GEV. World Investment Advisors raised its holdings in shares of 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 in the last quarter. Merit Financial Group LLC boosted its position in shares of GE Vernova by 17.4% during the 4th quarter. Merit Financial Group LLC now owns 15,080 shares of the company's stock valued at $9,856,000 after acquiring an additional 2,230 shares during the last quarter. Riverbend Wealth Management LLC purchased a new position in shares of GE Vernova in the fourth quarter valued at $567,000. Vest Financial LLC increased its position 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 during the last quarter. Finally, RiverFront Investment Group LLC increased its position in GE Vernova by 239.2% in 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.

GE Vernova Trading Down 1.0%

Shares of GEV opened at $990.15 on Friday. The company's fifty day simple moving average is $1,026.62 and its 200-day simple moving average is $945.18. The company has a market cap of $263.71 billion, a P/E ratio of 28.34, a P/E/G ratio of 3.53 and a beta of 1.21. The company has a current ratio of 0.85, a quick ratio of 0.62 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.

GE Vernova (NYSE:GEV - Get Free Report) last released its quarterly earnings results 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 for the quarter, compared to analysts' expectations 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% on a year-over-year basis. During the same period in the prior year, the firm posted $1.86 earnings per share. As a group, analysts expect that GE Vernova Inc. will post 15.57 EPS for the current year.

GE Vernova Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 14th. Stockholders 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 presently 5.72%.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Argus set a $1,300.00 price target on shares of GE Vernova in a research note on Monday, April 27th. 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 report on Thursday, July 23rd. Zacks Research cut shares of GE Vernova from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, April 28th. Robert W. Baird increased their price target on shares of GE Vernova from $1,008.00 to $1,400.00 and gave the company an "outperform" rating in a report on Thursday, April 23rd. Finally, Jefferies Financial Group reaffirmed a "buy" rating on shares of GE Vernova in a report on Monday, July 27th. Two analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $1,133.15.

Insider Buying and Selling

In related news, CEO Victor Abate sold 4,819 shares of the firm'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 transaction 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 approximately $1,739,726.80. This trade represents a 72.42% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Matthew Joseph Potvin sold 2,333 shares of the business's stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $1,059.09, for a total value of $2,470,856.97. Following the transaction, 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 SEC filing for this sale provides additional information. 0.21% of the stock is currently owned by company insiders.

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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