Fulton Bank N.A. boosted its stake in GE Vernova Inc. (NYSE:GEV – Free Report) by 31.8% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,511 shares of the company’s stock after acquiring an additional 848 shares during the period. Fulton Bank N.A.’s holdings in GE Vernova were worth $4,125,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in GEV. Auto Owners Insurance Co raised its holdings in shares of GE Vernova by 110,973.4% in the 4th quarter. Auto Owners Insurance Co now owns 34,858,156 shares of the company’s stock worth $2,278,224,000 after purchasing an additional 34,826,773 shares during the period. Vanguard Group Inc. grew its holdings in GE Vernova by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 25,023,625 shares of the company’s stock valued at $16,354,691,000 after purchasing an additional 208,162 shares during the period. State Street Corp increased its position in GE Vernova by 2.1% in the fourth quarter. State Street Corp now owns 11,469,670 shares of the company’s stock worth $7,496,232,000 after buying an additional 231,392 shares during the last quarter. Geode Capital Management LLC increased its position in GE Vernova by 1.1% in the fourth quarter. Geode Capital Management LLC now owns 6,249,193 shares of the company’s stock worth $4,074,039,000 after buying an additional 68,894 shares during the last quarter. Finally, Morgan Stanley raised its stake in shares of GE Vernova by 12.8% in the fourth quarter. Morgan Stanley now owns 6,054,474 shares of the company’s stock valued at $3,957,024,000 after buying an additional 685,466 shares during the period.
Analyst Upgrades and Downgrades
A number of research analysts have recently commented on the company. Wall Street Zen cut GE Vernova from a “buy” rating to a “hold” rating in a research report on Saturday, July 25th. William Blair reissued an “outperform” rating on shares of GE Vernova in a report on Monday, August 3rd. Zacks Research cut GE Vernova from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 28th. BMO Capital Markets reaffirmed an “outperform” rating on shares of GE Vernova in a report on Friday. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of GE Vernova in a research report on Tuesday, July 21st. Two research 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 given a Sell rating to the company’s stock. Based on data from MarketBeat, GE Vernova presently has an average rating of “Moderate Buy” and a consensus price target of $1,133.15.
GE Vernova Stock Performance
NYSE:GEV opened at $988.37 on Tuesday. 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 $263.23 billion, a price-to-earnings ratio of 28.29, a PEG ratio of 3.53 and a beta of 1.21. The business’s fifty day moving average is $1,027.37 and its 200 day moving average is $949.18.
GE Vernova (NYSE:GEV – Get Free Report) last issued its quarterly earnings data on Wednesday, July 22nd. The company reported $2.47 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.17 by ($0.70). GE Vernova had a return on equity of 42.42% and a net margin of 23.03%.The company had revenue of $11.10 billion for the quarter, compared to analysts’ expectations of $10.79 billion. During the same period last year, the company posted $1.86 EPS. The business’s revenue for the quarter was up 21.9% on a year-over-year basis. Research analysts predict that GE Vernova Inc. will post 15.57 EPS for the current year.
GE Vernova Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Tuesday, July 14th. Stockholders of record on Tuesday, June 16th were issued 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 of this dividend was Tuesday, June 16th. GE Vernova’s dividend payout ratio is presently 5.72%.
Insider Buying and Selling
In other news, CAO Matthew Joseph Potvin sold 2,333 shares of the firm’s stock in a transaction that occurred on 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 completion of the transaction, the chief accounting officer directly owned 3,549 shares in the company, valued at approximately $3,758,710.41. This trade represents a 39.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Victor Abate sold 4,819 shares of the business’s stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $1,739,726.80. This represents a 72.42% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.21% of the stock is currently owned by company insiders.
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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