Family Legacy Inc. Acquires New Shares in GE Vernova Inc. $GEV

Family Legacy Inc. acquired a new position in shares of GE Vernova Inc. (NYSE:GEV) during the second quarter, Holdings Channel.com reports. The fund acquired 8,622 shares of the company’s stock, valued at approximately $10,130,000. GE Vernova accounts for approximately 2.7% of Family Legacy Inc.’s holdings, making the stock its 6th largest holding.

Other large investors have also added to or reduced their stakes in the company. Cornerstone Financial Management LLC bought a new stake in shares of GE Vernova during the fourth quarter valued at about $25,000. Wealth Watch Advisors INC bought a new position in shares of GE Vernova in the third quarter valued at approximately $25,000. Torren Management LLC bought a new position in shares of GE Vernova in the fourth quarter valued at approximately $26,000. Manning & Napier Advisors LLC boosted its position in shares of GE Vernova by 68.4% in the first quarter. Manning & Napier Advisors LLC now owns 32 shares of the company’s stock valued at $26,000 after acquiring an additional 13 shares during the period. Finally, Navalign LLC purchased a new position in GE Vernova during the fourth quarter valued at approximately $27,000.

GE Vernova Price Performance

GEV stock opened at $965.58 on Friday. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.85 and a quick ratio of 0.62. GE Vernova Inc. has a one year low of $530.16 and a one year high of $1,195.94. The stock has a market cap of $257.16 billion, a PE ratio of 27.64, a P/E/G ratio of 3.52 and a beta of 1.21. The firm has a 50 day simple moving average of $1,042.39 and a two-hundred day simple moving average of $968.21.

GE Vernova (NYSE:GEV) last issued its quarterly earnings results on Wednesday, July 22nd. The company reported $2.47 EPS for the quarter, missing analysts’ consensus estimates of $3.17 by ($0.70). The company had revenue of $11.10 billion during 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%.GE Vernova’s quarterly revenue was up 21.9% on a year-over-year basis. During the same period in the previous year, the company earned $1.86 EPS. On average, analysts predict that GE Vernova Inc. will post 15.57 EPS for the current fiscal year.

Insider Transactions at GE Vernova

In related news, CEO Victor Abate sold 4,819 shares of the company’s stock in a transaction on 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 completion of the transaction, the chief executive officer directly 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.21% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on GEV. Wall Street Zen lowered shares of GE Vernova from a “buy” rating to a “hold” rating in a report on Saturday, July 25th. Sanford C. Bernstein raised their price target on shares of GE Vernova from $1,206.00 to $1,298.00 and gave the company an “outperform” rating in a report on Thursday, July 23rd. Barclays boosted their price target on shares of GE Vernova from $993.00 to $1,250.00 and gave the company an “overweight” rating in a research report on Thursday, April 23rd. JPMorgan Chase & Co. increased their price objective on GE Vernova from $1,302.00 to $1,330.00 and gave the stock an “overweight” rating in a research report on Thursday, July 23rd. Finally, Guggenheim lifted their price objective on GE Vernova from $1,300.00 to $1,450.00 and gave the company a “buy” rating in a research note 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 given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, GE Vernova presently has a consensus rating of “Moderate Buy” and a consensus target price of $1,133.15.

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.