Worth Asset Management LLC Sells 1,691 Shares of GE Vernova Inc. $GEV

Key Points

• Worth Asset Management cut its GE Vernova stake by 65.7% in the second quarter, selling 1,691 shares and retaining 882 shares valued at approximately $1.04 million.
• GE Vernova reported quarterly revenue of $11.10 billion, up 21.9% year over year and above estimates, but earnings per share of $2.47 missed consensus by $0.70. The company also declared a quarterly dividend of $0.50 per share.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $1,133.15, although Morgan Stanley recently downgraded the stock to “underweight.”

Worth Asset Management LLC lowered its holdings in shares of GE Vernova Inc. (NYSE:GEV - Free Report) by 65.7% in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 882 shares of the company's stock after selling 1,691 shares during the period. Worth Asset Management LLC's holdings in GE Vernova were worth $1,036,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of the business. Cornerstone Financial Management LLC bought a new position in GE Vernova in the fourth quarter valued at about $25,000. Wealth Watch Advisors INC bought a new position in shares of GE Vernova in the third quarter worth about $25,000. Torren Management LLC bought a new position in shares of GE Vernova in the fourth quarter worth about $26,000. Manning & Napier Advisors LLC lifted its holdings 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 worth $26,000 after acquiring an additional 13 shares during the last quarter. Finally, Navalign LLC acquired a new stake in shares of GE Vernova in the 4th quarter valued at approximately $27,000.

GE Vernova Price Performance

Shares of NYSE:GEV opened at $990.15 on Friday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.62 and a current ratio of 0.85. GE Vernova Inc. has a 52 week low of $530.16 and a 52 week high of $1,195.94. The firm has a market cap of $263.71 billion, a PE ratio of 28.34, a price-to-earnings-growth ratio of 3.57 and a beta of 1.21. The firm's fifty day moving average is $1,026.62 and its 200-day moving average is $945.18.

GE Vernova (NYSE:GEV - Get Free Report) last posted its quarterly earnings data on Wednesday, July 22nd. The company reported $2.47 earnings per share for the quarter, missing analysts' consensus estimates of $3.17 by ($0.70). The company had revenue of $11.10 billion during the quarter, compared to analyst estimates of $10.79 billion. GE Vernova had a net margin of 23.03% and a return on equity of 42.42%. The business's revenue for the quarter was up 21.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.86 earnings per share. Sell-side analysts predict that GE Vernova Inc. will post 15.57 earnings per share for the current year.

GE Vernova Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 14th. Shareholders of record on Tuesday, June 16th were given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date was Tuesday, June 16th. GE Vernova's payout ratio is 5.72%.

Insider Activity

In other news, CEO Victor Abate sold 4,819 shares of the firm's stock in a transaction dated 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 completion of the transaction, the chief executive officer directly owned 1,835 shares in the company, valued at $1,739,726.80. This trade represents a 72.42% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Matthew Joseph Potvin sold 2,333 shares of GE Vernova 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 value 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 approximately $3,758,710.41. This represents a 39.66% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.21% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on GEV shares. Morgan Stanley lowered shares of GE Vernova from an "overweight" rating to an "underweight" rating in a report on Monday. Robert W. Baird increased their price objective on shares of GE Vernova from $1,008.00 to $1,400.00 and gave the company an "outperform" rating in a research note on Thursday, April 23rd. TD Cowen raised their target price on shares of GE Vernova from $1,220.00 to $1,235.00 and gave the company a "buy" rating in a research report on Thursday, July 23rd. BMO Capital Markets reaffirmed an "outperform" rating on shares of GE Vernova in a research note on Friday. Finally, Oppenheimer boosted their target price on shares of GE Vernova from $1,303.00 to $1,338.00 and gave the stock an "outperform" rating in a research note on Thursday, July 23rd. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, GE Vernova currently has a consensus 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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