Platinum Investment Management Ltd. Takes $1.99 Million Position in GE Vernova Inc. $GEV

Key Points

• Platinum Investment Management Ltd. opened a new position in GE Vernova during the fourth quarter, buying 3,047 shares worth about $1.99 million.
• Several other major institutions also boosted their GE Vernova holdings, including Vanguard, State Street, Geode Capital, Norges Bank, and Northern Trust, signaling continued institutional interest in the stock.
• GE Vernova shares were up 3.7% and the company reported strong quarterly results, including EPS of $17.44 versus $1.95 expected and revenue of $9.34 billion; analysts remain broadly positive with a consensus rating of Moderate Buy.

Platinum Investment Management Ltd. purchased a new stake in shares of GE Vernova Inc. (NYSE:GEV - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 3,047 shares of the company's stock, valued at approximately $1,991,000.

Other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in GE Vernova by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 25,023,625 shares of the company's stock worth $16,354,691,000 after purchasing an additional 208,162 shares during the last quarter. State Street Corp lifted its holdings in GE Vernova by 1.3% in the 3rd quarter. State Street Corp now owns 11,238,278 shares of the company's stock worth $6,910,417,000 after purchasing an additional 140,500 shares during the last quarter. Geode Capital Management LLC lifted its holdings in GE Vernova by 1.1% in the 4th quarter. Geode Capital Management LLC now owns 6,249,193 shares of the company's stock worth $4,074,039,000 after purchasing an additional 68,894 shares during the last quarter. Norges Bank acquired a new stake in GE Vernova in the 4th quarter worth approximately $2,283,114,000. Finally, Northern Trust Corp lifted its holdings in GE Vernova by 1.8% in the 3rd quarter. Northern Trust Corp now owns 2,877,458 shares of the company's stock worth $1,769,349,000 after purchasing an additional 51,738 shares during the last quarter.

Insider Buying and Selling

In other news, CAO Matthew Joseph Potvin sold 2,333 shares of the company's stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $1,059.09, for a total transaction 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 $3,758,710.41. The trade was a 39.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Victor Abate sold 4,819 shares of the company's stock in a transaction that occurred 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 transaction, the chief executive officer owned 1,835 shares of the company's stock, valued at approximately $1,739,726.80. This trade represents 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 owned by insiders.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on GEV. Morgan Stanley boosted their target price on GE Vernova from $817.00 to $960.00 and gave the stock an "overweight" rating in a report on Monday, March 23rd. Robert W. Baird boosted their target price on 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 upgraded GE Vernova to a "strong-buy" rating in a report on Tuesday, March 24th. BMO Capital Markets boosted their target price on GE Vernova from $1,110.00 to $1,250.00 and gave the stock an "outperform" rating in a report on Thursday, April 23rd. Finally, Rothschild & Co Redburn upgraded GE Vernova from a "sell" rating to a "buy" rating and boosted their target price for the stock from $560.00 to $1,100.00 in a report on Monday, March 9th. Two 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. Based on data from MarketBeat.com, GE Vernova has a consensus rating of "Moderate Buy" and an average price target of $1,085.16.

GE Vernova Stock Up 3.7%

Shares of GEV stock opened at $940.14 on Friday. GE Vernova Inc. has a 12 month low of $474.21 and a 12 month high of $1,181.95. The firm has a market cap of $252.63 billion, a PE ratio of 27.39, a price-to-earnings-growth ratio of 3.36 and a beta of 1.23. The stock has a 50 day moving average of $1,008.85 and a 200-day moving average of $831.73. The company has a quick ratio of 0.65, a current ratio of 0.89 and a debt-to-equity ratio of 0.19.

GE Vernova (NYSE:GEV - Get Free Report) last issued its quarterly earnings results on Wednesday, April 22nd. The company reported $17.44 EPS for the quarter, topping analysts' consensus estimates of $1.95 by $15.49. GE Vernova had a return on equity of 43.97% and a net margin of 23.81%.The company had revenue of $9.34 billion during the quarter, compared to analyst estimates 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% compared to the same quarter last year. On average, equities analysts predict that GE Vernova Inc. will post 14.99 EPS for the current year.

GE Vernova Announces Dividend

The firm 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 dividend on an annualized basis and a dividend yield of 0.2%. GE Vernova's payout ratio is 5.83%.

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.

Want to see what other hedge funds are holding GEV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for GE Vernova Inc. (NYSE:GEV - Free Report).

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.