GE Vernova (NYSE:GEV) Shares Down 1.1% on Insider Selling

GE Vernova Inc. (NYSE:GEV)’s stock price was down 1.1% on Wednesday following insider selling activity. The stock traded as low as $956.59 and last traded at $959.2950. Approximately 2,064,546 shares changed hands during mid-day trading, a decline of 24% from the average daily volume of 2,704,351 shares. The stock had previously closed at $969.67.

Specifically, CEO Victor Abate sold 4,819 shares of GE Vernova stock in a transaction on Monday, June 1st. The shares were sold at an average price of $948.08, for a total transaction 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. The trade was 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 the SEC website.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. JPMorgan Chase & Co. boosted their price objective on shares of GE Vernova from $1,000.00 to $1,150.00 and gave the stock an “overweight” rating in a research note on Thursday, April 16th. TD Cowen lifted their target price on GE Vernova from $780.00 to $1,220.00 and gave the stock a “buy” rating in a report on Thursday, April 23rd. Oppenheimer set a $1,303.00 price target on GE Vernova in a research report on Thursday, April 23rd. Rothschild & Co Redburn raised GE Vernova from a “sell” rating to a “buy” rating and increased their price target for the company from $560.00 to $1,100.00 in a research note on Monday, March 9th. Finally, Barclays raised their price objective on GE Vernova from $993.00 to $1,250.00 and gave the stock an “overweight” rating in a research report on Thursday, April 23rd. 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. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $1,090.76.

GE Vernova Stock Down 1.3%

The company has a quick ratio of 0.65, a current ratio of 0.89 and a debt-to-equity ratio of 0.19. The stock’s 50-day simple moving average is $1,003.51 and its 200 day simple moving average is $818.87. The firm has a market cap of $255.42 billion, a P/E ratio of 27.69, a PEG ratio of 3.59 and a beta of 1.23.

GE Vernova (NYSE:GEV) last posted its quarterly earnings data on Wednesday, April 22nd. The company reported $17.44 earnings per share for the quarter, topping the consensus estimate of $1.95 by $15.49. GE Vernova had a return on equity of 43.97% and a net margin of 23.81%.The firm had revenue of $9.34 billion during the quarter, compared to analyst estimates of $9.19 billion. During the same period last year, the company posted $0.91 EPS. The business’s quarterly revenue was up 17.0% on a year-over-year basis. As a group, research analysts forecast that GE Vernova Inc. will post 14.84 EPS for the current fiscal 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. The ex-dividend date of this dividend is Tuesday, June 16th. This represents a $2.00 annualized dividend and a yield of 0.2%. GE Vernova’s payout ratio is 5.83%.

Hedge Funds Weigh In On GE Vernova

A number of institutional investors and hedge funds have recently modified their holdings of GEV. Jackson Grant Investment Advisers Inc. boosted its stake in GE Vernova by 344.4% during the third quarter. Jackson Grant Investment Advisers Inc. now owns 40 shares of the company’s stock worth $25,000 after acquiring an additional 31 shares in the last quarter. Cornerstone Financial Management LLC bought a new stake in GE Vernova in the fourth quarter valued at $25,000. Wealth Watch Advisors INC acquired a new position in shares of GE Vernova during the third quarter valued at about $25,000. Torren Management LLC acquired a new position in shares of GE Vernova during the fourth quarter valued at about $26,000. Finally, Manning & Napier Advisors LLC boosted its position in shares of GE Vernova by 68.4% during the 1st quarter. Manning & Napier Advisors LLC now owns 32 shares of the company’s stock worth $26,000 after purchasing an additional 13 shares in the last quarter.

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.