Sterling Capital Management LLC Has $5.91 Million Holdings in GE Vernova Inc. $GEV

Key Points

• Sterling Capital Management LLC cut its GE Vernova position by 40.9% in the first quarter, selling 4,677 shares and ending with 6,769 shares worth about $5.91 million.
• Insiders also sold shares: CAO Matthew Joseph Potvin and CEO Victor Abate both reduced their holdings, with Abate's sale representing a 72.42% decrease in his position.
• Analysts remain broadly positive on GE Vernova, with a Moderate Buy consensus and an average price target of $1,089.88; the company also recently reported quarterly results that beat expectations on both earnings and revenue.

Sterling Capital Management LLC lessened its position in shares of GE Vernova Inc. (NYSE:GEV - Free Report) by 40.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,769 shares of the company's stock after selling 4,677 shares during the period. Sterling Capital Management LLC's holdings in GE Vernova were worth $5,909,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Torren Management LLC acquired a new position in shares of GE Vernova during the fourth quarter worth about $26,000. Cornerstone Financial Management LLC acquired a new stake in GE Vernova in the 4th quarter valued at $25,000. Wealth Watch Advisors INC bought a new stake in GE Vernova during the third quarter worth about $25,000. ORG Wealth Partners LLC raised its position in GE Vernova by 241.7% during the fourth quarter. ORG Wealth Partners LLC now owns 41 shares of the company's stock worth $27,000 after acquiring an additional 29 shares in the last quarter. Finally, Navalign LLC bought a new stake in shares of GE Vernova in the 4th quarter valued at about $27,000.

Insider Activity

In other GE Vernova news, CAO Matthew Joseph Potvin sold 2,333 shares of the firm's stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $1,059.09, for a total value of $2,470,856.97. Following the transaction, the chief accounting officer directly owned 3,549 shares of the company's stock, valued at $3,758,710.41. This trade represents a 39.66% decrease in their position. The transaction 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 stock in a transaction that occurred on 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 sale, the chief executive officer owned 1,835 shares in the company, valued at $1,739,726.80. This represents a 72.42% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.21% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research firms have recently issued reports on GEV. JPMorgan Chase & Co. raised their price objective on GE Vernova from $1,000.00 to $1,150.00 and gave the company an "overweight" rating in a research report on Thursday, April 16th. Zacks Research cut GE Vernova from a "strong-buy" rating to a "hold" rating in a report on Tuesday, April 28th. The Goldman Sachs Group reaffirmed a "buy" rating and issued a $1,328.00 target price on shares of GE Vernova in a research report on Friday, April 24th. Royal Bank Of Canada increased their target price on GE Vernova from $996.00 to $1,195.00 and gave the stock an "outperform" rating in a research note on Thursday, April 23rd. Finally, Susquehanna set a $1,300.00 price target on GE Vernova in a report on Thursday, April 23rd. Three research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, GE Vernova presently has a consensus rating of "Moderate Buy" and an average target price of $1,089.88.

GE Vernova Price Performance

GE Vernova stock opened at $1,045.74 on Friday. The stock's fifty day moving average price is $1,031.16 and its two-hundred day moving average price is $863.97. GE Vernova Inc. has a one year low of $482.20 and a one year high of $1,181.95. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.89 and a quick ratio of 0.65. The firm has a market cap of $281.01 billion, a PE ratio of 30.46, a price-to-earnings-growth ratio of 3.87 and a beta of 1.23.

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 return on equity of 43.97% and a net margin of 23.81%.The firm had revenue of $9.34 billion during the quarter, compared to the consensus estimate of $9.19 billion. During the same period in the prior year, the company posted $0.91 EPS. The company's revenue was up 17.0% compared to the same quarter last year. As a group, research analysts expect that GE Vernova Inc. will post 14.99 EPS for the current fiscal year.

GE Vernova Announces Dividend

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

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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