NewEdge Wealth LLC Buys 936 Shares of GE Vernova Inc. $GEV

NewEdge Wealth LLC increased its stake in GE Vernova Inc. (NYSE:GEV) by 8.8% in the 2nd quarter, Holdings Channel reports. The fund owned 11,576 shares of the company’s stock after buying an additional 936 shares during the quarter. NewEdge Wealth LLC’s holdings in GE Vernova were worth $13,601,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Auto Owners Insurance Co lifted its stake in GE Vernova by 110,973.4% during the fourth 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 last quarter. BlackRock Inc. bought a new position in shares of GE Vernova during the 2nd quarter valued at about $25,569,630,000. Norges Bank purchased a new position in shares of GE Vernova during the 4th quarter valued at about $2,283,114,000. Northwestern Mutual Wealth Management Co. raised its holdings in shares of GE Vernova by 5,171.3% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,452,858 shares of the company’s stock valued at $1,603,114,000 after buying an additional 2,406,326 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new position in shares of GE Vernova during the 2nd quarter valued at about $2,497,472,000.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Mizuho upped their target price on GE Vernova from $913.00 to $949.00 and gave the stock a “neutral” rating in a research note on Friday, July 24th. Sanford C. Bernstein boosted their price objective on shares of GE Vernova from $1,206.00 to $1,298.00 and gave the stock an “outperform” rating in a report on Thursday, July 23rd. TD Cowen upped their price objective on shares of GE Vernova from $1,220.00 to $1,235.00 and gave the company a “buy” rating in a research note on Thursday, July 23rd. Guggenheim increased their target price on shares of GE Vernova from $1,300.00 to $1,450.00 and gave the company a “buy” rating in a report on Thursday, July 23rd. Finally, William Blair reiterated an “outperform” rating on shares of GE Vernova in a research report on Monday, August 3rd. Two research analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $1,133.15.

GE Vernova Trading Down 1.5%

Shares of GEV stock opened at $942.69 on Tuesday. The business has a 50-day moving average of $1,041.97 and a 200 day moving average of $970.76. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.85 and a quick ratio of 0.62. GE Vernova Inc. has a 1-year low of $530.16 and a 1-year high of $1,195.94. The stock has a market capitalization of $251.07 billion, a PE ratio of 26.98, a P/E/G ratio of 3.41 and a beta of 1.21.

GE Vernova (NYSE:GEV) last announced its quarterly earnings results on Wednesday, July 22nd. The company reported $2.47 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 during the quarter, compared to analysts’ expectations of $10.79 billion. During the same period last year, the firm earned $1.86 earnings per share. GE Vernova’s revenue for the quarter was up 21.9% on a year-over-year basis. As a group, sell-side analysts anticipate that GE Vernova Inc. will post 15.57 earnings per share for the current year.

Insider Activity

In other news, CEO Victor Abate sold 4,819 shares of the firm’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 value of $4,568,797.52. Following the transaction, the chief executive officer owned 1,835 shares in the company, valued at approximately $1,739,726.80. This trade represents a 72.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.21% of the company’s stock.

GE Vernova 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.