Perpetual Ltd Reduces Stock Position in GE Vernova Inc. $GEV

Key Points

• Perpetual Ltd reduced its stake in GE Vernova Inc. by 26.7% in the second quarter, owning 5,192 shares valued at approximately $2.74 million after the divestment.
• Several institutional investors, including Vanguard Group and Goldman Sachs, have increased their stakes in GE Vernova, with Vanguard owning over $7.4 billion in shares as of the first quarter.
• Analysts are optimistic, with four giving GE Vernova a Strong Buy rating and a consensus price target raised to $592.35, highlighting its strong quarterly earnings and revenue growth.

Perpetual Ltd reduced its position in GE Vernova Inc. (NYSE:GEV - Free Report) by 26.7% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,192 shares of the company's stock after selling 1,887 shares during the quarter. Perpetual Ltd's holdings in GE Vernova were worth $2,747,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of GEV. Caitong International Asset Management Co. Ltd acquired a new stake in shares of GE Vernova during the first quarter worth $912,000. Pines Wealth Management LLC acquired a new stake in shares of GE Vernova during the second quarter worth $408,000. Resona Asset Management Co. Ltd. lifted its holdings in shares of GE Vernova by 8.2% during the first quarter. Resona Asset Management Co. Ltd. now owns 86,021 shares of the company's stock worth $26,229,000 after purchasing an additional 6,551 shares during the period. Lockheed Martin Investment Management Co. acquired a new stake in shares of GE Vernova during the first quarter worth $458,000. Finally, Golden State Wealth Management LLC lifted its holdings in shares of GE Vernova by 201.7% during the first quarter. Golden State Wealth Management LLC now owns 1,222 shares of the company's stock worth $373,000 after purchasing an additional 817 shares during the period.

Analyst Ratings Changes

GEV has been the subject of several recent research reports. BMO Capital Markets increased their price target on GE Vernova from $590.00 to $690.00 and gave the stock an "outperform" rating in a report on Thursday, July 24th. Melius Research set a $740.00 price objective on GE Vernova and gave the stock a "buy" rating in a research report on Monday, September 15th. JPMorgan Chase & Co. increased their price objective on GE Vernova from $620.00 to $715.00 and gave the stock an "overweight" rating in a research report on Thursday, July 24th. HSBC increased their price objective on GE Vernova from $570.00 to $580.00 and gave the stock a "hold" rating in a research report on Friday, September 5th. Finally, The Goldman Sachs Group increased their price objective on GE Vernova from $500.00 to $570.00 and gave the stock a "buy" rating in a research report on Tuesday, June 10th. Four research analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and nine have issued a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $592.35.

Insider Buying and Selling

In related news, CFO Kenneth Scott Parks sold 3,300 shares of GE Vernova stock in a transaction dated Tuesday, August 26th. The stock was sold at an average price of $620.00, for a total transaction of $2,046,000.00. Following the completion of the sale, the chief financial officer owned 7,590 shares in the company, valued at approximately $4,705,800. This trade represents a 30.30% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.15% of the company's stock.

GE Vernova Trading Up 3.1%

Shares of GEV stock traded up $19.50 during mid-day trading on Monday, reaching $643.67. The stock had a trading volume of 2,014,791 shares, compared to its average volume of 3,479,676. GE Vernova Inc. has a 12-month low of $246.79 and a 12-month high of $677.29. The company has a market cap of $175.22 billion, a P/E ratio of 155.10, a price-to-earnings-growth ratio of 4.55 and a beta of 1.87. The business has a 50-day simple moving average of $617.11 and a 200 day simple moving average of $479.75.

GE Vernova (NYSE:GEV - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The company reported $1.86 earnings per share for the quarter, beating analysts' consensus estimates of $1.63 by $0.23. GE Vernova had a return on equity of 13.23% and a net margin of 3.16%.The business had revenue of $9.11 billion during the quarter, compared to analysts' expectations of $8.78 billion. During the same quarter last year, the business posted $4.65 earnings per share. The business's revenue for the quarter was up 11.1% on a year-over-year basis. GE Vernova has set its FY 2025 guidance at EPS. Research analysts anticipate that GE Vernova Inc. will post 6.59 EPS for the current year.

GE Vernova Company Profile

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.