Wellington Shields Capital Management LLC Raises Position in GE Vernova Inc. $GEV

Wellington Shields Capital Management LLC increased its stake in GE Vernova Inc. (NYSE:GEV) by 35.0% in the second quarter, Holdings Channel.com reports. The institutional investor owned 5,434 shares of the company’s stock after purchasing an additional 1,409 shares during the quarter. GE Vernova comprises about 0.8% of Wellington Shields Capital Management LLC’s holdings, making the stock its 28th largest position. Wellington Shields Capital Management LLC’s holdings in GE Vernova were worth $6,385,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Auto Owners Insurance Co grew its position in GE Vernova by 110,973.4% in the fourth quarter. Auto Owners Insurance Co now owns 34,858,156 shares of the company’s stock valued at $2,278,224,000 after acquiring an additional 34,826,773 shares in the last quarter. BlackRock Inc. acquired a new position in shares of GE Vernova during the second quarter worth $25,569,630,000. State Street Corp boosted its stake in shares of GE Vernova by 2.1% in the fourth quarter. State Street Corp now owns 11,469,670 shares of the company’s stock valued at $7,496,232,000 after purchasing an additional 231,392 shares during the period. Geode Capital Management LLC grew its holdings in GE Vernova by 1.1% during the 4th quarter. Geode Capital Management LLC now owns 6,249,193 shares of the company’s stock valued at $4,074,039,000 after purchasing an additional 68,894 shares in the last quarter. Finally, Morgan Stanley grew its holdings in GE Vernova by 12.8% during the 4th quarter. Morgan Stanley now owns 6,054,474 shares of the company’s stock valued at $3,957,024,000 after purchasing an additional 685,466 shares in the last quarter.

GE Vernova Price Performance

GEV opened at $942.69 on Tuesday. The company has a market capitalization of $251.07 billion, a P/E ratio of 26.98, a PEG ratio of 3.41 and a beta of 1.21. The company 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 quick ratio of 0.62 and a current ratio of 0.85. GE Vernova Inc. has a 1-year low of $530.16 and a 1-year high of $1,195.94.

GE Vernova (NYSE:GEV) last issued 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). The company had revenue of $11.10 billion for the quarter, compared to the consensus estimate of $10.79 billion. GE Vernova had a return on equity of 42.42% and a net margin of 23.03%.The business’s revenue for the quarter was up 21.9% on a year-over-year basis. During the same period in the previous year, the business posted $1.86 EPS. Equities analysts expect that GE Vernova Inc. will post 15.57 EPS for the current fiscal year.

Wall Street Analyst Weigh In

GEV has been the topic of a number of recent analyst reports. Argus set a $1,300.00 price objective on shares of GE Vernova in a report on Monday, April 27th. Sanford C. Bernstein raised their target price on GE Vernova from $1,206.00 to $1,298.00 and gave the company an “outperform” rating in a research note on Thursday, July 23rd. Guggenheim lifted 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. Weiss Ratings reiterated a “buy (b)” rating on shares of GE Vernova in a research note on Tuesday, July 21st. Finally, TD Cowen increased their price target on GE Vernova from $1,220.00 to $1,235.00 and gave the company a “buy” rating in a report on Thursday, July 23rd. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $1,133.15.

Insider Transactions at GE Vernova

In other GE Vernova news, CEO Victor Abate sold 4,819 shares of the stock in a transaction that occurred on Monday, June 1st. The stock was 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 of the company’s stock, valued at $1,739,726.80. This trade represents a 72.42% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.21% of the stock is 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.