Park National Corp OH Sells 5,100 Shares of GE Vernova Inc. $GEV

Key Points

• Park National Corp OH cut its GE Vernova stake by 9.2% in the first quarter, selling 5,100 shares and ending with 50,517 shares valued at about $44.1 million.
• Insider selling was notable as well, with CEO Victor Abate and CAO Matthew Joseph Potvin both reducing their holdings in separate transactions.
• GE Vernova continues to post strong fundamentals and analyst support: the company beat quarterly earnings and revenue estimates, raised confidence from several analysts, and recently declared a $0.50 quarterly dividend.

Park National Corp OH trimmed its position in shares of GE Vernova Inc. (NYSE:GEV - Free Report) by 9.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 50,517 shares of the company's stock after selling 5,100 shares during the quarter. GE Vernova accounts for approximately 1.3% of Park National Corp OH's portfolio, making the stock its 13th largest holding. Park National Corp OH's holdings in GE Vernova were worth $44,096,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in GEV. BI Asset Management Fondsmaeglerselskab A S raised its holdings in shares of GE Vernova by 80.8% in the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 27,494 shares of the company's stock valued at $24,000,000 after purchasing an additional 12,283 shares during the last quarter. Silverberg Bernstein Capital Management LLC boosted its holdings in GE Vernova by 2.0% during the first quarter. Silverberg Bernstein Capital Management LLC now owns 1,061 shares of the company's stock worth $926,000 after purchasing an additional 21 shares during the last quarter. ARS Investment Partners LLC boosted its holdings in GE Vernova by 16.9% during the first quarter. ARS Investment Partners LLC now owns 63,447 shares of the company's stock worth $55,383,000 after purchasing an additional 9,182 shares during the last quarter. Diversified Trust Co grew its position in GE Vernova by 18.1% in the 1st quarter. Diversified Trust Co now owns 12,363 shares of the company's stock worth $10,792,000 after purchasing an additional 1,899 shares in the last quarter. Finally, Baron Wealth Management LLC grew its position in GE Vernova by 11.4% in the 1st quarter. Baron Wealth Management LLC now owns 381 shares of the company's stock worth $333,000 after purchasing an additional 39 shares in the last quarter.

Insider Activity at GE Vernova

In other GE Vernova news, CEO Victor Abate sold 4,819 shares of the firm's stock in a transaction on Monday, June 1st. The stock was 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. This trade represents a 72.42% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CAO Matthew Joseph Potvin sold 2,333 shares of GE Vernova stock in a transaction dated 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 sale, the chief accounting officer directly owned 3,549 shares of the company's stock, valued at approximately $3,758,710.41. This trade represents a 39.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.21% of the stock is currently owned by corporate insiders.

GE Vernova Stock Performance

Shares of GEV stock opened at $1,111.65 on Friday. The firm has a market cap of $298.72 billion, a price-to-earnings ratio of 32.38, a P/E/G ratio of 4.11 and a beta of 1.23. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.65 and a current ratio of 0.89. GE Vernova Inc. has a 52 week low of $479.04 and a 52 week high of $1,181.95. The firm's 50-day simple moving average is $1,022.78 and its two-hundred day simple moving average is $847.85.

GE Vernova (NYSE:GEV - Get Free Report) last released its earnings results on Wednesday, April 22nd. The company reported $17.44 earnings per share for the quarter, beating analysts' consensus estimates of $1.95 by $15.49. GE Vernova had a net margin of 23.81% and a return on equity of 43.97%. The firm had revenue of $9.34 billion for the quarter, compared to analysts' expectations of $9.19 billion. During the same period in the previous year, the company earned $0.91 earnings per share. The company's quarterly revenue was up 17.0% on a year-over-year basis. As a group, equities analysts forecast that GE Vernova Inc. will post 14.99 earnings per share for the current year.

GE Vernova Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 14th. Investors of record on Tuesday, June 16th will be paid a $0.50 dividend. The ex-dividend date is Tuesday, June 16th. This represents a $2.00 annualized dividend and a yield of 0.2%. GE Vernova's dividend payout ratio is presently 5.83%.

Analyst Ratings Changes

Several equities analysts have commented on the stock. The Goldman Sachs Group reissued a "buy" rating and set a $1,328.00 target price on shares of GE Vernova in a research report on Friday, April 24th. Argus set a $1,300.00 target price on GE Vernova in a report on Monday, April 27th. Guggenheim increased their price target on GE Vernova from $910.00 to $1,300.00 and gave the company a "buy" rating in a research report on Thursday, April 23rd. Erste Group Bank raised GE Vernova to a "strong-buy" rating in a research report on Tuesday, March 24th. Finally, Royal Bank Of Canada lifted their price target on GE Vernova from $996.00 to $1,195.00 and gave the stock an "outperform" rating in a report on Thursday, April 23rd. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $1,089.88.

About GE Vernova

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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