Main Street Financial Solutions LLC Invests $3.17 Million in GE Vernova Inc. $GEV

Main Street Financial Solutions LLC acquired a new stake in GE Vernova Inc. (NYSE:GEV) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 2,695 shares of the company’s stock, valued at approximately $3,166,000.

Several other hedge funds also recently bought and sold shares of GEV. Auto Owners Insurance Co lifted its stake in GE Vernova by 110,973.4% in the 4th quarter. Auto Owners Insurance Co now owns 34,858,156 shares of the company’s stock worth $2,278,224,000 after purchasing an additional 34,826,773 shares in the last quarter. BlackRock Inc. bought a new position in GE Vernova in the 2nd quarter valued at $25,569,630,000. Norges Bank purchased a new position in shares of GE Vernova during the 4th quarter valued at $2,283,114,000. Northwestern Mutual Wealth Management Co. grew its position in shares of GE Vernova by 5,171.3% during the 4th 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. Finally, Bank of New York Mellon Corp purchased a new position in shares of GE Vernova during the 2nd quarter valued at $2,497,472,000.

Analyst Upgrades and Downgrades

GEV has been the topic of a number of recent analyst reports. Mizuho increased their price objective on GE Vernova from $913.00 to $949.00 and gave the stock a “neutral” rating in a research report on Friday, July 24th. Morgan Stanley cut GE Vernova from an “overweight” rating to an “underweight” rating in a research report on Monday, August 3rd. BMO Capital Markets restated an “outperform” rating on shares of GE Vernova in a research note on Friday, August 7th. Argus set a $1,300.00 price target on GE Vernova in a report on Monday, April 27th. Finally, TD Cowen lifted their price target on GE Vernova from $1,220.00 to $1,235.00 and gave the company a “buy” rating in a research report on Thursday, July 23rd. Two analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $1,133.15.

GE Vernova Stock Down 0.0%

Shares of NYSE:GEV opened at $956.69 on Monday. GE Vernova Inc. has a 52-week low of $530.16 and a 52-week high of $1,195.94. The firm has a fifty day moving average of $1,042.72 and a 200 day moving average of $969.61. The firm has a market capitalization of $254.80 billion, a PE ratio of 27.38, a price-to-earnings-growth ratio of 3.41 and a beta of 1.21. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.62 and a current ratio of 0.85.

GE Vernova (NYSE:GEV) last released its 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). GE Vernova had a net margin of 23.03% and a return on equity of 42.42%. The firm had revenue of $11.10 billion during the quarter, compared to the consensus estimate of $10.79 billion. During the same period in the prior year, the company earned $1.86 EPS. The firm’s revenue was up 21.9% compared to the same quarter last year. As a group, research analysts anticipate that GE Vernova Inc. will post 15.57 EPS for the current fiscal year.

Insider Activity

In other news, CEO Victor Abate sold 4,819 shares of the 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 in the company, valued at approximately $1,739,726.80. This represents a 72.42% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.21% of the company’s stock.

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.