Wealthstar Advisors LLC Invests $1.88 Million in GE Vernova Inc. $GEV

Key Points

• Wealthstar Advisors LLC invested approximately $1.88 million in shares of GE Vernova Inc., acquiring 3,548 shares during the second quarter, making it the firm’s 26th largest position.
• Several institutional investors, including AQR Capital Management and Assenagon Asset Management, significantly increased their holdings in GE Vernova, reflecting strong interest from the investment community.
• GE Vernova's shares have experienced a recent upgrade from various analysts, with the average price target set at $598.50, indicating a generally optimistic outlook for the stock's performance.

Wealthstar Advisors LLC bought a new position in shares of GE Vernova Inc. (NYSE:GEV - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 3,548 shares of the company's stock, valued at approximately $1,877,000. GE Vernova makes up about 0.7% of Wealthstar Advisors LLC's portfolio, making the stock its 26th largest position.

Several other hedge funds and other institutional investors also recently made changes to their positions in GEV. AQR Capital Management LLC increased its position in shares of GE Vernova by 252.9% during the first quarter. AQR Capital Management LLC now owns 1,245,420 shares of the company's stock worth $366,016,000 after acquiring an additional 892,549 shares in the last quarter. Amundi increased its position in shares of GE Vernova by 109.0% during the first quarter. Amundi now owns 1,665,980 shares of the company's stock worth $496,013,000 after acquiring an additional 868,927 shares in the last quarter. Assenagon Asset Management S.A. increased its position in shares of GE Vernova by 10,044.9% during the second quarter. Assenagon Asset Management S.A. now owns 842,433 shares of the company's stock worth $445,773,000 after acquiring an additional 834,129 shares in the last quarter. TD Asset Management Inc increased its position in shares of GE Vernova by 627.2% during the first quarter. TD Asset Management Inc now owns 926,842 shares of the company's stock worth $282,946,000 after acquiring an additional 799,388 shares in the last quarter. Finally, Nuveen LLC bought a new stake in shares of GE Vernova during the first quarter worth about $223,556,000.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Guggenheim downgraded shares of GE Vernova from a "buy" rating to a "neutral" rating in a research report on Monday, July 28th. Wells Fargo & Company boosted their price target on shares of GE Vernova from $474.00 to $697.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. Melius upgraded shares of GE Vernova from a "hold" rating to a "buy" rating and set a $740.00 price target on the stock in a report on Monday, September 15th. Royal Bank Of Canada set a $605.00 price target on shares of GE Vernova and gave the stock a "sector perform" rating in a report on Wednesday, October 1st. Finally, Morgan Stanley boosted their price target on shares of GE Vernova from $511.00 to $675.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. Four analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat, GE Vernova currently has an average rating of "Moderate Buy" and an average target price of $598.50.

GE Vernova Stock Up 1.4%

GEV opened at $634.08 on Friday. The stock has a market cap of $172.61 billion, a price-to-earnings ratio of 152.79, a PEG ratio of 4.55 and a beta of 1.72. GE Vernova Inc. has a twelve month low of $252.25 and a twelve month high of $677.29. The company's 50-day moving average price is $620.64 and its two-hundred day moving average price is $506.61.

GE Vernova (NYSE:GEV - Get Free Report) last released its 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. The firm had revenue of $9.11 billion for the quarter, compared to analysts' expectations of $8.78 billion. GE Vernova had a net margin of 3.16% and a return on equity of 13.23%. The company's quarterly revenue was up 11.1% on a year-over-year basis. During the same period in the previous year, the company earned $4.65 earnings per share. GE Vernova has set its FY 2025 guidance at EPS. As a group, sell-side analysts anticipate that GE Vernova Inc. will post 6.59 earnings per share for the current year.

GE Vernova Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, November 17th. Shareholders of record on Monday, October 20th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date is Monday, October 20th. GE Vernova's payout ratio is presently 24.10%.

Insiders Place Their Bets

In other GE Vernova news, CFO Kenneth Scott Parks sold 3,300 shares of the business's stock in a transaction dated Tuesday, August 26th. The shares were sold at an average price of $620.00, for a total value of $2,046,000.00. Following the transaction, the chief financial officer directly owned 7,590 shares in the company, valued at $4,705,800. The trade was a 30.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.15% of the stock is currently owned by insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.