Palumbo Wealth Management LLC Invests $229,000 in GE Vernova Inc. $GEV

Key Points

• Palumbo Wealth Management LLC invested approximately $229,000 in GE Vernova Inc., acquiring 432 shares during the second quarter.
• Several hedge funds also increased their positions in GE Vernova, with Caitong International Asset Management acquiring a stake valued at $912,000 in the first quarter.
• Following various analyst actions, GE Vernova has received mixed ratings, with four analysts assigning a Strong Buy and an average price target of $592.35.

Palumbo Wealth Management LLC bought a new stake in GE Vernova Inc. (NYSE:GEV - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 432 shares of the company's stock, valued at approximately $229,000.

Other hedge funds have also recently modified their holdings of the company. Caitong International Asset Management Co. Ltd acquired a new position in GE Vernova in the first quarter valued at $912,000. Pines Wealth Management LLC acquired a new stake in shares of GE Vernova during the second quarter worth about $408,000. Resona Asset Management Co. Ltd. lifted its holdings in shares of GE Vernova by 8.2% in the 1st quarter. Resona Asset Management Co. Ltd. now owns 86,021 shares of the company's stock valued at $26,229,000 after purchasing an additional 6,551 shares during the last quarter. Lockheed Martin Investment Management Co. acquired a new stake in shares of GE Vernova in the 1st quarter valued at about $458,000. Finally, Golden State Wealth Management LLC grew its stake in GE Vernova by 201.7% during the 1st quarter. Golden State Wealth Management LLC now owns 1,222 shares of the company's stock worth $373,000 after buying an additional 817 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on GEV. Jefferies Financial Group boosted their price objective on GE Vernova from $658.00 to $668.00 and gave the company a "hold" rating in a research note on Friday, September 12th. HSBC upped their price target on shares of GE Vernova from $570.00 to $580.00 and gave the company a "hold" rating in a research report on Friday, September 5th. Wolfe Research downgraded shares of GE Vernova from an "outperform" rating to a "peer perform" rating in a research report on Friday, June 13th. Robert W. Baird upped their target price on shares of GE Vernova from $568.00 to $706.00 and gave the company an "outperform" rating in a report on Thursday, July 24th. Finally, BMO Capital Markets increased their target price on shares of GE Vernova from $590.00 to $690.00 and gave the stock an "outperform" rating in a research note on Thursday, July 24th. Four investment analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $592.35.

Insider Activity at GE Vernova

In related news, CFO Kenneth Scott Parks sold 3,300 shares of the company's stock in a transaction that occurred on Tuesday, August 26th. The stock was sold at an average price of $620.00, for a total value of $2,046,000.00. Following the sale, the chief financial officer owned 7,590 shares in the company, valued at $4,705,800. This represents a 30.30% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.15% of the stock is owned by company insiders.

GE Vernova Trading Down 3.5%

Shares of GEV opened at $606.80 on Friday. The stock's 50 day moving average is $622.39 and its two-hundred day moving average is $486.60. The firm has a market capitalization of $165.18 billion, a PE ratio of 146.22, a P/E/G ratio of 4.58 and a beta of 1.87. GE Vernova Inc. has a twelve month low of $247.07 and a twelve month high of $677.29.

GE Vernova (NYSE:GEV - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The company reported $1.86 EPS for the quarter, topping the consensus estimate of $1.63 by $0.23. GE Vernova had a net margin of 3.16% and a return on equity of 13.23%. The company had revenue of $9.11 billion for the quarter, compared to analyst estimates of $8.78 billion. During the same period in the previous year, the firm earned $4.65 EPS. The business's revenue was up 11.1% on a year-over-year basis. GE Vernova has set its FY 2025 guidance at EPS. On average, sell-side analysts predict that GE Vernova Inc. will post 6.59 EPS for the current year.

GE Vernova Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, November 17th. Stockholders of record on Monday, October 20th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date is Monday, October 20th. GE Vernova's dividend payout ratio (DPR) is presently 24.10%.

About GE Vernova

GE Vernova LLC, an energy business company, generates electricity. It operates under three segments: Power, Wind, and Electrification. The Power segments generates and sells electricity through hydro, gas, nuclear, and steam power. Wind segment engages in the manufacturing and sale of wind turbine blades; and Electrification segment provides grid solutions, power conversion, solar, and storage solutions.

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