Simplicity Wealth LLC Acquires New Holdings in GE Vernova Inc. $GEV

Key Points

• Simplicity Wealth LLC acquired 1,939 shares of GE Vernova during the second quarter, valued at approximately $2.28 million. Several other institutional investors also increased or initiated positions.
• GE Vernova’s latest quarterly revenue rose 21.9% year over year to $11.10 billion, beating estimates, but adjusted earnings per share of $2.47 fell short of the $3.17 consensus forecast.
• Analyst sentiment remains favorable, with a “Moderate Buy” consensus and an average price target of $1,133.15, although CEO Victor Abate sold shares worth roughly $4.57 million and insider ownership stands at 0.21%.

Simplicity Wealth LLC bought a new stake in shares of GE Vernova Inc. (NYSE:GEV - Free Report) in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm bought 1,939 shares of the company's stock, valued at approximately $2,278,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Manning & Napier Advisors LLC grew its position in shares of GE Vernova by 68.4% in the first quarter. Manning & Napier Advisors LLC now owns 32 shares of the company's stock valued at $26,000 after purchasing an additional 13 shares during the last quarter. Miller Global Investments LLC raised its position in shares of GE Vernova by 63.6% during the 2nd quarter. Miller Global Investments LLC now owns 36 shares of the company's stock worth $42,000 after purchasing an additional 14 shares during the last quarter. Torren Management LLC purchased a new stake in GE Vernova in the 4th quarter valued at approximately $26,000. Cornerstone Financial Management LLC purchased a new stake in GE Vernova in the 4th quarter valued at approximately $25,000. Finally, Wealth Watch Advisors INC acquired a new stake in GE Vernova during the 3rd quarter valued at $25,000.

Insider Activity at GE Vernova

In other news, CEO Victor Abate sold 4,819 shares of the stock in a transaction dated Monday, June 1st. The shares were 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 in the company, valued at $1,739,726.80. This represents a 72.42% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.21% of the stock is currently owned by corporate insiders.

GE Vernova Stock Performance

GE Vernova stock opened at $956.69 on Friday. The firm has a market capitalization of $254.80 billion, a P/E ratio of 27.38, a PEG ratio of 3.45 and a beta of 1.21. The stock has a fifty day moving average price of $1,042.72 and a 200 day moving average price of $968.13. GE Vernova Inc. has a 52 week low of $530.16 and a 52 week high of $1,195.94. The company has a current ratio of 0.85, a quick ratio of 0.62 and a debt-to-equity ratio of 0.21.

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

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on GEV shares. Sanford C. Bernstein raised their price target on GE Vernova from $1,206.00 to $1,298.00 and gave the stock an "outperform" rating in a research report on Thursday, July 23rd. Argus set a $1,300.00 price objective on GE Vernova in a research report on Monday, April 27th. Zacks Research lowered GE Vernova from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, April 28th. The Goldman Sachs Group reiterated a "buy" rating and set a $1,328.00 price objective on shares of GE Vernova in a research report on Friday, April 24th. Finally, Oppenheimer boosted 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 research note on Thursday, July 23rd. Two analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, GE Vernova currently has an average rating of "Moderate Buy" and an average price target of $1,133.15.

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.

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