State Street Corp Grows Stock Position in GE Vernova Inc. $GEV

State Street Corp grew its holdings in shares of GE Vernova Inc. (NYSE:GEV) by 2.1% in the 4th quarter, Holdings Channel.com reports. The firm owned 11,469,670 shares of the company’s stock after purchasing an additional 231,392 shares during the quarter. State Street Corp’s holdings in GE Vernova were worth $7,496,232,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in GEV. Norges Bank purchased a new stake in shares of GE Vernova during the 4th quarter valued at about $2,283,114,000. Northwestern Mutual Wealth Management Co. increased its position 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 purchasing an additional 2,406,326 shares during the last quarter. Capital World Investors increased its position in shares of GE Vernova by 1,907.5% during the 3rd quarter. Capital World Investors now owns 2,156,197 shares of the company’s stock valued at $1,325,842,000 after purchasing an additional 2,048,792 shares during the last quarter. Franklin Resources Inc. increased its position in shares of GE Vernova by 170.0% during the 3rd quarter. Franklin Resources Inc. now owns 1,175,729 shares of the company’s stock valued at $722,956,000 after purchasing an additional 740,339 shares during the last quarter. Finally, Jennison Associates LLC increased its position in shares of GE Vernova by 1,300.4% during the 4th quarter. Jennison Associates LLC now owns 647,791 shares of the company’s stock valued at $423,377,000 after purchasing an additional 601,533 shares during the last quarter.

Insider Activity at GE Vernova

In other GE Vernova news, CAO Matthew Joseph Potvin sold 2,333 shares of the company’s 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 $3,758,710.41. This represents a 39.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Victor Abate sold 4,819 shares of the company’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $948.08, for a total value of $4,568,797.52. Following the completion of the transaction, the chief executive officer owned 1,835 shares of the company’s stock, valued at $1,739,726.80. The trade was a 72.42% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 0.21% of the company’s stock.

GE Vernova Trading Up 3.7%

GE Vernova stock opened at $940.14 on Friday. The firm has a 50 day moving average of $1,008.85 and a 200 day moving average of $831.73. The firm has a market capitalization of $252.63 billion, a price-to-earnings ratio of 27.39, a P/E/G ratio of 3.36 and a beta of 1.23. GE Vernova Inc. has a 12-month low of $474.21 and a 12-month high of $1,181.95. The company has a current ratio of 0.89, a quick ratio of 0.65 and a debt-to-equity ratio of 0.19.

GE Vernova (NYSE:GEV) last released its earnings results on Wednesday, April 22nd. The company reported $17.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.95 by $15.49. The company had revenue of $9.34 billion during the quarter, compared to analyst estimates of $9.19 billion. GE Vernova had a net margin of 23.81% and a return on equity of 43.97%. The firm’s quarterly revenue was up 17.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.91 EPS. As a group, research analysts predict that GE Vernova Inc. will post 14.99 earnings per share for the current year.

GE Vernova Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 14th. Shareholders of record on Tuesday, June 16th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 0.2%. The ex-dividend date is Tuesday, June 16th. GE Vernova’s dividend payout ratio is presently 5.83%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on GEV shares. Zacks Research lowered shares of GE Vernova from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 28th. Guggenheim upped their price target on shares of GE Vernova from $910.00 to $1,300.00 and gave the company a “buy” rating in a research report on Thursday, April 23rd. Jefferies Financial Group reduced their price target on shares of GE Vernova from $1,350.00 to $1,210.00 and set a “buy” rating for the company in a research report on Thursday. JPMorgan Chase & Co. upped their price target on shares of GE Vernova from $1,000.00 to $1,150.00 and gave the company an “overweight” rating in a research report on Thursday, April 16th. Finally, BNP Paribas Exane lowered shares of GE Vernova from an “outperform” rating to a “neutral” rating and set a $1,190.00 price target for the company. in a research report on Monday, April 27th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $1,085.16.

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.