Carnegie Investment Counsel Reduces Stock Holdings in GE Vernova Inc. $GEV

Carnegie Investment Counsel lowered its stake in shares of GE Vernova Inc. (NYSE:GEV) by 2.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 29,725 shares of the company’s stock after selling 683 shares during the quarter. Carnegie Investment Counsel’s holdings in GE Vernova were worth $25,947,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. Onyx Bridge Wealth Group LLC grew its position in shares of GE Vernova by 1.3% in the 1st quarter. Onyx Bridge Wealth Group LLC now owns 727 shares of the company’s stock valued at $635,000 after buying an additional 9 shares during the last quarter. Red Door Wealth Management LLC lifted its position in GE Vernova by 0.6% in the first quarter. Red Door Wealth Management LLC now owns 1,774 shares of the company’s stock valued at $1,548,000 after acquiring an additional 10 shares during the last quarter. Advance Capital Management Inc. lifted its position in GE Vernova by 2.2% in the first quarter. Advance Capital Management Inc. now owns 461 shares of the company’s stock valued at $402,000 after acquiring an additional 10 shares during the last quarter. Bell Investment Advisors Inc boosted its stake in GE Vernova by 5.2% in the first quarter. Bell Investment Advisors Inc now owns 221 shares of the company’s stock valued at $193,000 after acquiring an additional 11 shares in the last quarter. Finally, Sky Investment Group LLC boosted its stake in GE Vernova by 0.5% in the first quarter. Sky Investment Group LLC now owns 2,405 shares of the company’s stock valued at $2,099,000 after acquiring an additional 12 shares in the last quarter.

Insiders Place Their Bets

In related news, CEO Victor Abate sold 4,819 shares of the stock in a transaction dated 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 sale, 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. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Matthew Joseph Potvin sold 2,333 shares of the firm’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 transaction of $2,470,856.97. Following the transaction, the chief accounting officer directly owned 3,549 shares of the company’s stock, valued at approximately $3,758,710.41. This trade represents a 39.66% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.21% of the company’s stock.

GE Vernova Stock Performance

NYSE:GEV traded up $15.38 during mid-day trading on Friday, reaching $1,090.64. The stock had a trading volume of 1,737,069 shares, compared to its average volume of 2,887,361. GE Vernova Inc. has a twelve month low of $530.16 and a twelve month high of $1,195.94. The business has a 50 day simple moving average of $1,040.14 and a 200 day simple moving average of $895.32. The firm has a market capitalization of $293.08 billion, a price-to-earnings ratio of 31.77, a PEG ratio of 4.03 and a beta of 1.09. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.65 and a current ratio of 0.89.

GE Vernova (NYSE:GEV) last posted its quarterly earnings results on Wednesday, April 22nd. The company reported $17.44 earnings per share for the quarter, beating analysts’ consensus estimates of $1.95 by $15.49. The firm had revenue of $9.34 billion for the quarter, compared to the consensus estimate of $9.19 billion. GE Vernova had a return on equity of 43.97% and a net margin of 23.81%.The company’s revenue for the quarter was up 17.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.91 earnings per share. On average, analysts expect that GE Vernova Inc. will post 15.06 earnings per share for the current fiscal year.

GE Vernova Dividend Announcement

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

Wall Street Analysts Forecast Growth

GEV has been the topic of a number of research analyst reports. Royal Bank Of Canada lifted their target price on GE Vernova from $996.00 to $1,195.00 and gave the stock an “outperform” rating in a research report on Thursday, April 23rd. Jefferies Financial Group decreased their target price on GE Vernova from $1,350.00 to $1,210.00 and set a “buy” rating for the company in a research report on Thursday, June 11th. Erste Group Bank upgraded GE Vernova to a “strong-buy” rating in a research note on Tuesday, March 24th. Weiss Ratings raised GE Vernova from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, April 24th. Finally, Guggenheim boosted their price objective on GE Vernova from $910.00 to $1,300.00 and gave the company a “buy” rating in a research note on Thursday, April 23rd. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, GE Vernova has an average rating of “Moderate Buy” and an average price target of $1,089.88.

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.