Perigon Wealth Management LLC Makes New $9.47 Million Investment in GE Vernova Inc. $GEV

Key Points

• Perigon Wealth Management initiated a $9.47 million position in GE Vernova during the second quarter, purchasing 8,057 shares. Several other investment firms also recently opened or increased positions.
• Analysts remain broadly positive, with GE Vernova carrying a consensus “Moderate Buy” rating and an average price target of $1,133.15; recent targets range as high as $1,338.
• GE Vernova’s shares opened at $956.69 after declining 1%, while the company reported 21.9% year-over-year revenue growth to $11.10 billion in its latest quarter but missed EPS estimates, earning $2.47 versus the $3.17 consensus.

Perigon Wealth Management LLC acquired a new stake in GE Vernova Inc. (NYSE:GEV - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 8,057 shares of the company's stock, valued at approximately $9,466,000.

Several other hedge funds also recently made changes to their positions in the business. Cornerstone Financial Management LLC bought a new stake in shares of GE Vernova in the fourth quarter valued at approximately $25,000. Wealth Watch Advisors INC bought a new position in GE Vernova during the 3rd quarter worth $25,000. Torren Management LLC acquired a new position in GE Vernova in the 4th quarter valued at $26,000. Manning & Napier Advisors LLC raised its holdings in GE Vernova by 68.4% in the 1st quarter. Manning & Napier Advisors LLC now owns 32 shares of the company's stock valued at $26,000 after acquiring an additional 13 shares in the last quarter. Finally, Navalign LLC bought a new stake in shares of GE Vernova during the 4th quarter valued at $27,000.

Insider Activity at GE Vernova

In other GE Vernova news, CEO Victor Abate sold 4,819 shares of GE Vernova stock in a transaction dated 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 transaction, the chief executive officer directly owned 1,835 shares of the company's stock, valued at approximately $1,739,726.80. The trade was a 72.42% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.21% of the company's stock.

Analyst Ratings Changes

Several analysts have recently issued reports on the company. Mizuho increased their target price on GE Vernova from $913.00 to $949.00 and gave the stock a "neutral" rating in a report on Friday, July 24th. Royal Bank Of Canada boosted their price target on GE Vernova from $1,195.00 to $1,225.00 and gave the company an "outperform" rating in a research note on Thursday, July 23rd. BMO Capital Markets reaffirmed an "outperform" rating on shares of GE Vernova in a research report on Friday, August 7th. Argus set a $1,300.00 price objective on shares of GE Vernova in a research note on Monday, April 27th. Finally, Oppenheimer raised their target price on shares of GE Vernova from $1,303.00 to $1,338.00 and gave the company an "outperform" rating in a report on Thursday, July 23rd. Two research analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $1,133.15.

GE Vernova Trading Down 1.0%

Shares of GEV stock opened at $956.69 on Friday. GE Vernova Inc. has a fifty-two week low of $530.16 and a fifty-two week high of $1,195.94. The stock's fifty day moving average price is $1,042.72 and its two-hundred day moving average price is $968.13. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.62 and a current ratio of 0.85. The company has a market cap of $254.80 billion, a PE ratio of 27.38, a P/E/G ratio of 3.41 and a beta of 1.21.

GE Vernova (NYSE:GEV - Get Free Report) last released its quarterly earnings data on Wednesday, July 22nd. The company reported $2.47 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $3.17 by ($0.70). GE Vernova had a return on equity of 42.42% and a net margin of 23.03%.The company had revenue of $11.10 billion for the quarter, compared to analyst estimates of $10.79 billion. During the same quarter in the prior year, the company earned $1.86 earnings per share. GE Vernova's revenue for the quarter was up 21.9% compared to the same quarter last year. Equities analysts predict that GE Vernova Inc. will post 15.57 EPS for the current fiscal year.

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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