Adams Diversified Equity Fund Inc. Buys 5,200 Shares of GE Vernova Inc. $GEV

Adams Diversified Equity Fund Inc. raised its stake in GE Vernova Inc. (NYSE:GEV) by 12.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 45,900 shares of the company’s stock after purchasing an additional 5,200 shares during the period. GE Vernova makes up approximately 1.0% of Adams Diversified Equity Fund Inc.’s holdings, making the stock its 23rd biggest position. Adams Diversified Equity Fund Inc.’s holdings in GE Vernova were worth $29,999,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of GEV. Vanguard Group Inc. lifted its holdings in shares of GE Vernova by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 25,023,625 shares of the company’s stock worth $16,354,691,000 after acquiring an additional 208,162 shares during the period. State Street Corp lifted its holdings in shares of GE Vernova by 2.1% during the 4th quarter. State Street Corp now owns 11,469,670 shares of the company’s stock worth $7,496,232,000 after acquiring an additional 231,392 shares during the period. Geode Capital Management LLC lifted its holdings in shares of GE Vernova by 1.1% during the 4th quarter. Geode Capital Management LLC now owns 6,249,193 shares of the company’s stock worth $4,074,039,000 after acquiring an additional 68,894 shares during the period. Morgan Stanley lifted its holdings in shares of GE Vernova by 12.8% during the 4th quarter. Morgan Stanley now owns 6,054,474 shares of the company’s stock worth $3,957,024,000 after acquiring an additional 685,466 shares during the period. Finally, Norges Bank bought a new position in shares of GE Vernova during the 4th quarter worth about $2,283,114,000.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Erste Group Bank raised shares of GE Vernova to a “strong-buy” rating in a report on Tuesday, March 24th. Morgan Stanley raised their price objective on shares of GE Vernova from $817.00 to $960.00 and gave the stock an “overweight” rating in a report on Monday, March 23rd. Oppenheimer set a $1,303.00 price target on shares of GE Vernova in a report on Thursday, April 23rd. Susquehanna set a $1,300.00 price target on shares of GE Vernova in a report on Thursday, April 23rd. Finally, TD Cowen lifted their price target on shares of GE Vernova from $780.00 to $1,220.00 and gave the company a “buy” rating in a report on Thursday, April 23rd. Two 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 stock. Based on data from MarketBeat.com, GE Vernova has a consensus rating of “Moderate Buy” and an average price target of $1,085.16.

Insider Activity at GE Vernova

In other news, CAO Matthew Joseph Potvin sold 2,333 shares of the company’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 completion of the transaction, the chief accounting officer owned 3,549 shares in the company, valued at $3,758,710.41. This represents a 39.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Victor Abate sold 4,819 shares of the company’s stock in a transaction that occurred on 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 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 SEC filing for this sale provides additional information. 0.21% of the stock is owned by corporate insiders.

GE Vernova Stock Up 3.7%

Shares of NYSE GEV opened at $940.14 on Friday. The stock has a market cap of $252.63 billion, a P/E ratio of 27.39, a P/E/G ratio of 3.49 and a beta of 1.23. The firm has a 50 day moving average price of $1,008.85 and a 200 day moving average price of $831.73. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.65 and a current ratio of 0.89. GE Vernova Inc. has a 52-week low of $474.21 and a 52-week high of $1,181.95.

GE Vernova (NYSE:GEV) last issued its quarterly earnings data on Wednesday, April 22nd. The company reported $17.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.95 by $15.49. The firm 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 business’s revenue for the quarter was up 17.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.91 earnings per share. Analysts expect that GE Vernova Inc. will post 14.99 EPS for the current year.

GE Vernova Dividend Announcement

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 issued a dividend of $0.50 per share. The ex-dividend date is Tuesday, June 16th. This represents a $2.00 dividend on an annualized basis and a yield of 0.2%. GE Vernova’s payout ratio is currently 5.83%.

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.