Panagora Asset Management Inc. Buys 39,667 Shares of GE Vernova Inc. $GEV

Key Points

• Panagora Asset Management more than doubled its stake in GE Vernova during the fourth quarter, buying 39,667 additional shares and bringing its total holding to 76,842 shares worth about $50.2 million.
• GE Vernova insiders sold shares recently, including CAO Matthew Joseph Potvin and CEO Victor Abate, though insiders still own only 0.21% of the company overall.
• Wall Street remains broadly positive on GEV, with multiple analysts raising price targets and the stock carrying a consensus rating of “Moderate Buy.” The company also posted strong quarterly results, beating EPS and revenue estimates.

Panagora Asset Management Inc. raised its stake in GE Vernova Inc. (NYSE:GEV - Free Report) by 106.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 76,842 shares of the company's stock after acquiring an additional 39,667 shares during the quarter. Panagora Asset Management Inc.'s holdings in GE Vernova were worth $50,222,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of GEV. Jackson Grant Investment Advisers Inc. raised its holdings in GE Vernova by 344.4% in the 3rd quarter. Jackson Grant Investment Advisers Inc. now owns 40 shares of the company's stock valued at $25,000 after acquiring an additional 31 shares during the period. Cornerstone Financial Management LLC bought a new position in GE Vernova in the 4th quarter valued at about $25,000. Wealth Watch Advisors INC bought a new position in GE Vernova in the 3rd quarter valued at about $25,000. Torren Management LLC bought a new position in GE Vernova in the 4th quarter valued at about $26,000. Finally, ORG Wealth Partners LLC raised its holdings in GE Vernova by 241.7% in the 4th quarter. ORG Wealth Partners LLC now owns 41 shares of the company's stock valued at $27,000 after acquiring an additional 29 shares during the period.

Insiders Place Their Bets

In other news, CAO Matthew Joseph Potvin sold 2,333 shares of the stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $1,059.09, for a total value of $2,470,856.97. Following the completion of the transaction, the chief accounting officer directly owned 3,549 shares in the company, valued at approximately $3,758,710.41. This represents a 39.66% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Victor Abate sold 4,819 shares of the stock in a transaction 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 transaction, the chief executive officer 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 disclosure for this sale is available in the SEC filing. 0.21% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Guggenheim increased their price target on shares of GE Vernova from $910.00 to $1,300.00 and gave the company a "buy" rating in a report on Thursday, April 23rd. Robert W. Baird raised their target price on shares of GE Vernova from $1,008.00 to $1,400.00 and gave the stock an "outperform" rating in a report on Thursday, April 23rd. Erste Group Bank raised shares of GE Vernova to a "strong-buy" rating in a report on Tuesday, March 24th. JPMorgan Chase & Co. raised their target price on shares of GE Vernova from $1,000.00 to $1,150.00 and gave the stock an "overweight" rating in a report on Thursday, April 16th. Finally, Jefferies Financial Group lowered their target price on shares of GE Vernova from $1,350.00 to $1,210.00 and set a "buy" rating on the stock in a report on Thursday. Two analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $1,085.16.

GE Vernova Stock Performance

Shares of NYSE:GEV opened at $980.08 on Tuesday. The company's 50 day simple moving average is $1,010.48 and its 200 day simple moving average is $836.38. The stock has a market capitalization of $263.37 billion, a price-to-earnings ratio of 28.55, a price-to-earnings-growth ratio of 3.49 and a beta of 1.24. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.89 and a quick ratio of 0.65. GE Vernova Inc. has a 1 year low of $479.04 and a 1 year high of $1,181.95.

GE Vernova (NYSE:GEV - Get Free Report) last announced its quarterly earnings data on Wednesday, April 22nd. The company reported $17.44 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.95 by $15.49. The business had revenue of $9.34 billion for the quarter, compared to analysts' expectations of $9.19 billion. GE Vernova had a net margin of 23.81% and a return on equity of 43.97%. The firm's quarterly revenue was up 17.0% compared to the same quarter last year. During the same period last year, the firm posted $0.91 earnings per share. As a group, research analysts predict that GE Vernova Inc. will post 14.99 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. Stockholders of record on Tuesday, June 16th will be issued a dividend of $0.50 per share. The ex-dividend date is Tuesday, June 16th. This represents a $2.00 annualized dividend and a dividend yield of 0.2%. GE Vernova's dividend payout ratio is 5.83%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.