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

Lord Abbett & CO. LLC purchased a new position in shares of GE Vernova Inc. (NYSE:GEV) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 139,818 shares of the company’s stock, valued at approximately $91,381,000. Lord Abbett & CO. LLC owned 0.05% of GE Vernova as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the stock. Beck Capital Management LLC raised its stake in GE Vernova by 3.8% during the fourth quarter. Beck Capital Management LLC now owns 19,098 shares of the company’s stock worth $12,482,000 after purchasing an additional 691 shares during the period. Sumitomo Life Insurance Co. raised its stake in GE Vernova by 0.9% during the fourth quarter. Sumitomo Life Insurance Co. now owns 3,446 shares of the company’s stock worth $2,252,000 after purchasing an additional 30 shares during the period. Wealthspire Advisors LLC raised its stake in GE Vernova by 26.9% during the fourth quarter. Wealthspire Advisors LLC now owns 6,835 shares of the company’s stock worth $4,467,000 after purchasing an additional 1,447 shares during the period. Gerber Kawasaki Wealth & Investment Management raised its stake in GE Vernova by 23.8% during the fourth quarter. Gerber Kawasaki Wealth & Investment Management now owns 19,159 shares of the company’s stock worth $12,533,000 after purchasing an additional 3,677 shares during the period. Finally, United Capital Management of KS Inc. purchased a new position in GE Vernova during the fourth quarter worth approximately $983,000.

Analysts Set New Price Targets

GEV has been the subject of several recent research reports. Robert W. Baird increased their price objective on shares of GE Vernova from $1,008.00 to $1,400.00 and gave the stock an “outperform” rating in a research report on Thursday, April 23rd. Rothschild & Co Redburn raised shares of GE Vernova from a “sell” rating to a “buy” rating and increased their price objective for the stock from $560.00 to $1,100.00 in a research report on Monday, March 9th. Barclays increased their price objective on shares of GE Vernova from $993.00 to $1,250.00 and gave the stock an “overweight” rating in a research report on Thursday, April 23rd. TD Cowen increased their price objective on shares of GE Vernova from $780.00 to $1,220.00 and gave the stock a “buy” rating in a research report on Thursday, April 23rd. Finally, JPMorgan Chase & Co. increased their price objective on shares of GE Vernova from $1,000.00 to $1,150.00 and gave the stock an “overweight” rating in a research report on Thursday, April 16th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $1,085.16.

Insiders Place Their Bets

In related news, CEO Victor Abate sold 4,819 shares of the firm’s stock in a transaction 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 sale, the chief executive officer directly owned 1,835 shares of the company’s stock, valued at approximately $1,739,726.80. This trade represents a 72.42% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Matthew Joseph Potvin sold 2,333 shares of the firm’s stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $1,059.09, for a total transaction of $2,470,856.97. Following the sale, the chief accounting officer directly owned 3,549 shares of the company’s stock, valued at approximately $3,758,710.41. The trade was a 39.66% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.21% of the stock is currently owned by company insiders.

GE Vernova Price Performance

GE Vernova stock opened at $940.14 on Friday. GE Vernova Inc. has a 52-week low of $474.21 and a 52-week high of $1,181.95. The firm has a fifty day moving average of $1,008.85 and a 200-day moving average of $831.73. The firm has a market capitalization of $252.63 billion, a P/E ratio of 27.39, a PEG ratio of 3.36 and a beta of 1.23. 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 released its quarterly earnings data on Wednesday, April 22nd. The company reported $17.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.95 by $15.49. The company had revenue of $9.34 billion during the quarter, compared to analyst estimates of $9.19 billion. GE Vernova had a net margin of 23.81% and a return on equity of 43.97%. The business’s quarterly revenue was up 17.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.91 earnings per share. As a group, analysts predict that GE Vernova Inc. will post 14.99 EPS for the current year.

GE Vernova Dividend Announcement

The company also recently declared 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. 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, June 16th. GE Vernova’s dividend payout ratio (DPR) is presently 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.