Principle Wealth Partners LLC Takes Position in GE Vernova Inc. $GEV

Principle Wealth Partners LLC bought a new stake in shares of GE Vernova Inc. (NYSE:GEV) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 2,572 shares of the company’s stock, valued at approximately $3,022,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. World Investment Advisors increased its holdings in shares of GE Vernova by 19.9% in the fourth quarter. World Investment Advisors now owns 13,497 shares of the company’s stock worth $8,821,000 after purchasing an additional 2,241 shares during the period. Riverbend Wealth Management LLC purchased a new position in shares of GE Vernova during the 4th quarter valued at about $567,000. Vest Financial LLC raised its stake in shares of GE Vernova by 56.7% during the fourth quarter. Vest Financial LLC now owns 66,191 shares of the company’s stock worth $43,260,000 after acquiring an additional 23,956 shares in the last quarter. RiverFront Investment Group LLC raised its position in GE Vernova by 239.2% in the 4th quarter. RiverFront Investment Group LLC now owns 2,191 shares of the company’s stock worth $1,432,000 after purchasing an additional 1,545 shares during the period. Finally, Danske Bank A S increased its holdings in shares of GE Vernova by 5.5% in the fourth quarter. Danske Bank A S now owns 156,236 shares of the company’s stock worth $102,111,000 after buying an additional 8,086 shares during the period.

GE Vernova Stock Performance

GEV stock opened at $956.69 on Friday. The stock’s fifty day moving average price is $1,042.72 and its 200-day moving average price is $968.13. The company has a market cap of $254.80 billion, a P/E ratio of 27.38, a price-to-earnings-growth ratio of 3.41 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. 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 (NYSE:GEV) last released its quarterly earnings results on Wednesday, July 22nd. The company reported $2.47 EPS for the quarter, missing the consensus estimate of $3.17 by ($0.70). GE Vernova had a net margin of 23.03% and a return on equity of 42.42%. The business had revenue of $11.10 billion for the quarter, compared to analysts’ expectations of $10.79 billion. During the same period in the previous year, the company earned $1.86 EPS. GE Vernova’s revenue for the quarter was up 21.9% compared to the same quarter last year. On average, equities analysts forecast that GE Vernova Inc. will post 15.57 earnings per share for the current year.

Wall Street Analysts Forecast Growth

GEV has been the subject of a number of recent analyst reports. Weiss Ratings reiterated a “buy (b)” rating on shares of GE Vernova in a report on Tuesday, July 21st. Guggenheim increased their target price on GE Vernova from $1,300.00 to $1,450.00 and gave the stock a “buy” rating in a research report on Thursday, July 23rd. Oppenheimer lifted their price target on shares of GE Vernova from $1,303.00 to $1,338.00 and gave the company an “outperform” rating in a research report on Thursday, July 23rd. Royal Bank Of Canada lifted their price objective on GE Vernova from $1,195.00 to $1,225.00 and gave the company an “outperform” rating in a research note on Thursday, July 23rd. Finally, Zacks Research cut shares of GE Vernova from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 28th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $1,133.15.

Insider Buying and Selling

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 value of $4,568,797.52. Following the transaction, the chief executive officer owned 1,835 shares of the company’s stock, valued at $1,739,726.80. This trade represents a 72.42% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.21% of the stock is currently owned by 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.