Congress Asset Management Co. Trims Position in GE Vernova Inc. $GEV

Congress Asset Management Co. lessened its stake in GE Vernova Inc. (NYSE:GEV) by 17.8% during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 158,328 shares of the company’s stock after selling 34,344 shares during the quarter. GE Vernova makes up approximately 1.0% of Congress Asset Management Co.’s holdings, making the stock its 20th biggest holding. Congress Asset Management Co.’s holdings in GE Vernova were worth $150,489,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Parvin Asset Management LLC acquired a new stake in GE Vernova during the second quarter valued at approximately $32,000. Pingora Partners LLC acquired a new position in shares of GE Vernova in the 2nd quarter worth approximately $36,000. Manning & Napier Advisors LLC grew its position in shares of GE Vernova by 68.4% in the 1st quarter. Manning & Napier Advisors LLC now owns 32 shares of the company’s stock worth $26,000 after acquiring an additional 13 shares in the last quarter. IMG Wealth Management Inc. bought a new stake in shares of GE Vernova in the 2nd quarter valued at approximately $39,000. Finally, Miller Global Investments LLC raised its position in shares of GE Vernova by 63.6% during the 2nd quarter. Miller Global Investments LLC now owns 36 shares of the company’s stock valued at $42,000 after acquiring an additional 14 shares in the last quarter.

GE Vernova Stock Performance

GEV stock traded up $38.71 during mid-day trading on Tuesday, reaching $1,028.71. The company had a trading volume of 2,526,386 shares, compared to its average volume of 2,654,039. The stock’s 50-day simple moving average is $965.26 and its two-hundred day simple moving average is $996.71. The stock has a market capitalization of $273.98 billion, a P/E ratio of 29.44, a P/E/G ratio of 3.35 and a beta of 1.14. The company has a quick ratio of 0.62, a current ratio of 0.85 and a debt-to-equity ratio of 0.21. GE Vernova Inc. has a one year low of $530.16 and a one year high of $1,195.94.

GE Vernova (NYSE:GEV) last issued its quarterly earnings data on Wednesday, July 22nd. The company reported $2.47 earnings per share for the quarter, missing the consensus estimate of $3.17 by ($0.70). The firm had revenue of $11.10 billion during the quarter, compared to the consensus estimate of $10.79 billion. GE Vernova had a net margin of 23.03% and a return on equity of 42.42%. The company’s revenue for the quarter was up 21.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.86 earnings per share. Research analysts anticipate that GE Vernova Inc. will post 15.38 EPS for the current year.

GE Vernova Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 24th. Investors of record on Tuesday, October 27th will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date of this dividend is Tuesday, October 27th. GE Vernova’s dividend payout ratio is 5.72%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Evercore restated an “outperform” rating and set a $1,350.00 price objective on shares of GE Vernova in a research note on Thursday, October 1st. TD Cowen lifted their price target on shares of GE Vernova from $1,220.00 to $1,235.00 and gave the company a “buy” rating in a report on Thursday, July 23rd. Wall Street Zen downgraded shares of GE Vernova from a “buy” rating to a “hold” rating in a research report on Saturday, July 25th. William Blair reiterated an “outperform” rating on shares of GE Vernova in a research note on Monday, August 3rd. Finally, Sanford C. Bernstein reissued an “outperform” rating and issued a $1,298.00 target price (up from $1,206.00) on shares of GE Vernova in a report on Tuesday, September 15th. Two research analysts have rated the stock with a Strong Buy rating, twenty-six have given a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $1,171.87.

GE Vernova Profile

GE Vernova Inc (NYSE: GEV) is an energy technology company formed through the separation of General Electric’s energy businesses in April 2024. The company is focused on helping generate, transmit, distribute and store electricity as power systems adapt to rising demand and the transition toward lower-carbon energy sources.

GE Vernova operates across three principal business areas: Power, Wind and Electrification. Its products and services include gas and steam power generation equipment, nuclear and hydropower technologies, onshore and offshore wind turbines, wind services, grid equipment, electrification systems, energy storage solutions and software used to monitor and manage energy infrastructure.

The company serves utilities, independent power producers, industrial customers and other energy-sector organizations in markets around the world.