Canandaigua National Bank & Trust Co. Buys Shares of 1,659 GE Vernova Inc. $GEV

Canandaigua National Bank & Trust Co. purchased a new position in GE Vernova Inc. (NYSE:GEV) during the second quarter, Holdings Channel reports. The fund purchased 1,659 shares of the company’s stock, valued at approximately $1,949,000.

Other hedge funds also recently made changes to their positions in the company. Cornerstone Financial Management LLC purchased a new position in shares of GE Vernova in the 4th quarter worth about $25,000. Wealth Watch Advisors INC bought a new stake in GE Vernova in the 3rd quarter worth approximately $25,000. Torren Management LLC purchased a new stake in GE Vernova in the fourth quarter worth approximately $26,000. Manning & Napier Advisors LLC grew its position in GE Vernova by 68.4% during the first quarter. Manning & Napier Advisors LLC now owns 32 shares of the company’s stock valued at $26,000 after acquiring an additional 13 shares during the last quarter. Finally, Navalign LLC purchased a new position in shares of GE Vernova during the fourth quarter worth approximately $27,000.

Analyst Ratings Changes

GEV has been the subject of a number of research reports. Sanford C. Bernstein upped their price objective on shares of GE Vernova from $1,206.00 to $1,298.00 and gave the company an “outperform” rating in a research note on Thursday, July 23rd. Mizuho boosted their price target on shares of GE Vernova from $913.00 to $949.00 and gave the stock a “neutral” rating in a research note on Friday, July 24th. William Blair restated an “outperform” rating on shares of GE Vernova in a research report on Monday. Citigroup boosted their target price on GE Vernova from $779.00 to $1,110.00 and gave the company a “neutral” rating in a research note on Monday, April 13th. Finally, Robert W. Baird raised their price target on GE Vernova from $1,008.00 to $1,400.00 and gave the stock an “outperform” rating in a research report on Thursday, April 23rd. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, GE Vernova has a consensus rating of “Moderate Buy” and a consensus target price of $1,133.15.

GE Vernova Stock Performance

GE Vernova stock opened at $1,019.48 on Thursday. The company has a current ratio of 0.85, a quick ratio of 0.62 and a debt-to-equity ratio of 0.21. The firm has a 50-day moving average of $1,026.14 and a 200-day moving average of $942.64. The firm has a market cap of $271.52 billion, a P/E ratio of 29.18, a P/E/G ratio of 3.63 and a beta of 1.21. GE Vernova Inc. has a 1-year low of $530.16 and a 1-year high of $1,195.94.

GE Vernova (NYSE:GEV) last announced its quarterly earnings results 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). The business had revenue of $11.10 billion for the quarter, compared to analysts’ expectations of $10.79 billion. GE Vernova had a net margin of 23.03% and a return on equity of 42.42%. The firm’s revenue for the quarter was up 21.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.86 EPS. Sell-side analysts expect that GE Vernova Inc. will post 15.57 EPS for the current year.

GE Vernova Dividend Announcement

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

Insider Activity

In related news, CEO Victor Abate sold 4,819 shares of GE Vernova 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 directly owned 1,835 shares in the company, valued at $1,739,726.80. The trade was a 72.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Matthew Joseph Potvin sold 2,333 shares of GE Vernova stock in a transaction 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 transaction, the chief accounting officer owned 3,549 shares of the company’s stock, valued at $3,758,710.41. The trade was a 39.66% decrease in their position. The SEC filing for this sale provides additional information. 0.21% of the stock is owned by insiders.

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.