Westpac Banking Corp Sells 2,817 Shares of GE Vernova Inc. $GEV

by · The Markets Daily

Westpac Banking Corp lowered its stake in shares of GE Vernova Inc. (NYSE:GEV – Free Report) by 39.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,262 shares of the company’s stock after selling 2,817 shares during the quarter. Westpac Banking Corp’s holdings in GE Vernova were worth $2,255,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Sachetta LLC increased its holdings in GE Vernova by 10.7% in the 2nd quarter. Sachetta LLC now owns 165 shares of the company’s stock worth $87,000 after buying an additional 16 shares during the period. Good Life Advisors LLC increased its stake in shares of GE Vernova by 1.0% during the second quarter. Good Life Advisors LLC now owns 1,654 shares of the company’s stock worth $875,000 after purchasing an additional 16 shares in the last quarter. Bell Investment Advisors Inc boosted its stake in GE Vernova by 6.7% during the 2nd quarter. Bell Investment Advisors Inc now owns 256 shares of the company’s stock worth $135,000 after purchasing an additional 16 shares during the last quarter. AMG National Trust Bank lifted its stake in GE Vernova by 1.5% in the 2nd quarter. AMG National Trust Bank now owns 1,145 shares of the company’s stock worth $606,000 after purchasing an additional 17 shares in the last quarter. Finally, Highline Wealth Partners LLC raised its stake in shares of GE Vernova by 34.6% in the 2nd quarter. Highline Wealth Partners LLC now owns 70 shares of the company’s stock valued at $37,000 after acquiring an additional 18 shares during the period.

Analyst Upgrades and Downgrades

GEV has been the subject of several recent analyst reports. TD Cowen decreased their target price on GE Vernova from $685.00 to $680.00 and set a “buy” rating for the company in a research note on Thursday, October 23rd. Wall Street Zen downgraded shares of GE Vernova from a “buy” rating to a “hold” rating in a research report on Saturday, July 26th. Glj Research raised their price target on GE Vernova from $702.00 to $758.00 and gave the company a “buy” rating in a report on Wednesday, October 15th. Mizuho decreased their price target on GE Vernova from $677.00 to $660.00 and set a “neutral” rating on the stock in a research note on Friday, October 24th. Finally, Barclays lifted their price target on GE Vernova from $706.00 to $710.00 and gave the stock an “overweight” rating in a research note on Thursday, October 23rd. Four research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $607.81.

Get Our Latest Analysis on GE Vernova

Insider Activity

In other news, CFO Kenneth Scott Parks sold 3,300 shares of the business’s stock in a transaction on Tuesday, August 26th. The shares were sold at an average price of $620.00, for a total value of $2,046,000.00. Following the sale, the chief financial officer owned 7,590 shares in the company, valued at approximately $4,705,800. The trade was a 30.30% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.15% of the company’s stock.

GE Vernova Trading Up 2.3%

GEV stock traded up $13.25 during trading hours on Monday, hitting $591.56. 155,699 shares of the stock traded hands, compared to its average volume of 3,378,078. The company has a market cap of $160.50 billion, a P/E ratio of 96.35, a P/E/G ratio of 4.30 and a beta of 1.69. GE Vernova Inc. has a one year low of $252.25 and a one year high of $677.29. The stock has a 50-day simple moving average of $600.86 and a 200 day simple moving average of $558.55.

GE Vernova (NYSE:GEV – Get Free Report) last posted its quarterly earnings data on Wednesday, October 22nd. The company reported $1.64 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.72 by ($0.08). GE Vernova had a return on equity of 17.07% and a net margin of 4.52%.The company had revenue of $9.97 billion for the quarter, compared to analyst estimates of $9.15 billion. During the same quarter in the previous year, the firm posted ($0.35) EPS. GE Vernova’s quarterly revenue was up 11.8% on a year-over-year basis. GE Vernova has set its FY 2025 guidance at EPS. Analysts forecast that GE Vernova Inc. will post 6.59 earnings per share for the current year.

GE Vernova Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 17th. Stockholders of record on Monday, October 20th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 0.2%. The ex-dividend date is Monday, October 20th. GE Vernova’s payout ratio is 16.29%.

GE Vernova Profile

(Free Report)

GE Vernova LLC, an energy business company, generates electricity. It operates under three segments: Power, Wind, and Electrification. The Power segments generates and sells electricity through hydro, gas, nuclear, and steam power. Wind segment engages in the manufacturing and sale of wind turbine blades; and Electrification segment provides grid solutions, power conversion, solar, and storage solutions.

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