Lord Abbett & CO. LLC Makes New $91.38 Million Investment in GE Vernova Inc. $GEV

Lord Abbett & CO. LLC acquired a new position in shares of GE Vernova Inc. (NYSE:GEV) in the 4th quarter, HoldingsChannel.com reports. The firm acquired 139,818 shares of the company’s stock, valued at approximately $91,381,000.

Other hedge funds also recently added to or reduced their stakes in the company. Torren Management LLC acquired a new position in GE Vernova during the 4th quarter worth $26,000. Jackson Grant Investment Advisers Inc. grew its holdings in GE Vernova by 344.4% during the 3rd 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. Wealth Watch Advisors INC acquired a new position in GE Vernova during the 3rd quarter worth $25,000. ORG Wealth Partners LLC grew its holdings in GE Vernova by 241.7% during the 4th quarter. ORG Wealth Partners LLC now owns 41 shares of the company’s stock worth $27,000 after acquiring an additional 29 shares in the last quarter. Finally, Navalign LLC acquired a new position in GE Vernova during the 4th quarter worth $27,000.

Insider Activity

In related news, CAO Matthew Joseph Potvin sold 2,333 shares of GE Vernova stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $1,059.09, for a total value of $2,470,856.97. Following the sale, the chief accounting officer directly owned 3,549 shares in the company, valued at $3,758,710.41. This trade represents a 39.66% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Victor Abate sold 4,819 shares of GE Vernova stock in a transaction dated 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 completion of the sale, the chief executive officer owned 1,835 shares in the company, valued at approximately $1,739,726.80. This represents a 72.42% 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.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on GEV shares. Erste Group Bank raised shares of GE Vernova to a “strong-buy” rating in a report on Tuesday, March 24th. Jefferies Financial Group decreased their price objective on shares of GE Vernova from $1,350.00 to $1,210.00 and set a “buy” rating for the company in a report on Thursday. Royal Bank Of Canada raised their price objective on shares of GE Vernova from $996.00 to $1,195.00 and gave the stock an “outperform” rating in a report on Thursday, April 23rd. Barclays raised their price objective on shares of GE Vernova from $993.00 to $1,250.00 and gave the stock an “overweight” rating in a report on Thursday, April 23rd. Finally, The Goldman Sachs Group restated a “buy” rating and issued a $1,328.00 price target on shares of GE Vernova in a research report on Friday, April 24th. Two research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $1,085.16.

GE Vernova Trading Up 3.7%

Shares of NYSE:GEV opened at $940.14 on Friday. The company has a market cap of $252.63 billion, a PE ratio of 27.39, a P/E/G ratio of 3.36 and a beta of 1.23. The company’s 50-day moving average price is $1,008.85 and its 200 day moving average price is $831.73. GE Vernova Inc. has a fifty-two week low of $474.21 and a fifty-two week high of $1,181.95. The company has a quick ratio of 0.65, a current ratio of 0.89 and a debt-to-equity ratio of 0.19.

GE Vernova (NYSE:GEV) last issued its quarterly earnings data on Wednesday, April 22nd. The company reported $17.44 earnings per share for the quarter, beating the consensus estimate 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 net margin of 23.81% and a return on equity of 43.97%. GE Vernova’s quarterly revenue was up 17.0% compared to the same quarter last year. During the same period last year, the firm posted $0.91 EPS. Sell-side analysts anticipate that GE Vernova Inc. will post 14.99 earnings per share for the current year.

GE Vernova Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 14th. Investors of record on Tuesday, June 16th will be given a $0.50 dividend. The ex-dividend date is Tuesday, June 16th. This represents a $2.00 annualized dividend and a yield of 0.2%. GE Vernova’s dividend payout ratio (DPR) is currently 5.83%.

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.