Kornitzer Capital Management Inc. KS Lowers Position in GE Vernova Inc. $GEV

Kornitzer Capital Management Inc. KS cut its position in shares of GE Vernova Inc. (NYSE:GEV) by 11.0% during the 1st quarter, HoldingsChannel reports. The firm owned 9,760 shares of the company’s stock after selling 1,211 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in GE Vernova were worth $8,520,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in GEV. Auto Owners Insurance Co boosted its stake in GE Vernova by 110,973.4% during the fourth quarter. Auto Owners Insurance Co now owns 34,858,156 shares of the company’s stock worth $2,278,224,000 after acquiring an additional 34,826,773 shares in the last quarter. Norges Bank bought a new position in shares of GE Vernova during the fourth quarter valued at approximately $2,283,114,000. Northwestern Mutual Wealth Management Co. increased its stake in shares of GE Vernova by 5,171.3% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,452,858 shares of the company’s stock valued at $1,603,114,000 after purchasing an additional 2,406,326 shares in the last quarter. Corient Private Wealth LLC lifted its holdings in shares of GE Vernova by 2,802.8% during the fourth quarter. Corient Private Wealth LLC now owns 1,608,714 shares of the company’s stock valued at $1,051,407,000 after purchasing an additional 1,553,295 shares during the last quarter. Finally, Morgan Stanley lifted its holdings in shares of GE Vernova by 12.8% during the fourth 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 during the last quarter.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. TD Cowen increased their target price on GE Vernova from $780.00 to $1,220.00 and gave the stock a “buy” rating in a research note on Thursday, April 23rd. Susquehanna set a $1,300.00 price target on shares of GE Vernova in a research note on Thursday, April 23rd. Citigroup increased their price objective on shares of GE Vernova from $779.00 to $1,110.00 and gave the company a “neutral” rating in a research report on Monday, April 13th. Weiss Ratings upgraded shares of GE Vernova from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, April 24th. Finally, Royal Bank Of Canada lifted their target price 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. Three investment analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, GE Vernova has a consensus rating of “Moderate Buy” and an average price target of $1,089.88.

Insider Transactions at GE Vernova

In other news, CEO Victor Abate sold 4,819 shares of GE Vernova stock in a transaction dated 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 directly owned 1,835 shares of the company’s stock, valued at $1,739,726.80. The trade was a 72.42% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Matthew Joseph Potvin sold 2,333 shares of the business’s stock in a transaction that occurred on 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 transaction, the chief accounting officer 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. The SEC filing for this sale provides additional information. 0.21% of the stock is owned by insiders.

GE Vernova Stock Performance

GEV stock traded up $15.38 during 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. The firm has a market cap of $293.08 billion, a PE ratio of 31.77, a PEG ratio of 3.97 and a beta of 1.09. The company has a current ratio of 0.89, a quick ratio of 0.65 and a debt-to-equity ratio of 0.19. The stock’s 50 day moving average is $1,040.14 and its two-hundred day moving average is $895.32. GE Vernova Inc. has a 52 week low of $530.16 and a 52 week high of $1,195.94.

GE Vernova (NYSE:GEV) last announced its earnings results on Wednesday, April 22nd. The company reported $17.44 EPS for the quarter, beating analysts’ consensus estimates of $1.95 by $15.49. The business had revenue of $9.34 billion during the quarter, compared to analysts’ expectations of $9.19 billion. GE Vernova had a net margin of 23.81% and a return on equity of 43.97%. The firm’s revenue was up 17.0% on a year-over-year basis. During the same period in the prior year, the company earned $0.91 earnings per share. As a group, equities analysts anticipate that GE Vernova Inc. will post 15.06 earnings per share for the current year.

GE Vernova Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 14th. Stockholders 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 dividend yield of 0.2%. GE Vernova’s dividend payout ratio (DPR) is 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.