Legal & General Group Plc Boosts Stake in GE Vernova Inc. $GEV

by · The Cerbat Gem

Legal & General Group Plc raised its holdings in shares of GE Vernova Inc. (NYSE:GEV – Free Report) by 5.4% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 1,741,353 shares of the company’s stock after acquiring an additional 88,642 shares during the period. Legal & General Group Plc’s holdings in GE Vernova were worth $1,138,096,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in GEV. J.W. Cole Advisors Inc. lifted its stake in GE Vernova by 25.3% during the third quarter. J.W. Cole Advisors Inc. now owns 16,247 shares of the company’s stock worth $9,990,000 after purchasing an additional 3,278 shares during the last quarter. US Bancorp DE lifted its stake in GE Vernova by 2.2% during the third quarter. US Bancorp DE now owns 100,542 shares of the company’s stock worth $61,824,000 after purchasing an additional 2,163 shares during the last quarter. Vanguard Group Inc. lifted its stake in GE Vernova by 0.6% during the third quarter. Vanguard Group Inc. now owns 24,815,463 shares of the company’s stock worth $15,259,028,000 after purchasing an additional 150,892 shares during the last quarter. Varenne Capital Partners bought a new stake in GE Vernova during the third quarter worth about $4,872,000. Finally, Stevens Capital Management LP lifted its stake in GE Vernova by 56.0% during the third quarter. Stevens Capital Management LP now owns 3,640 shares of the company’s stock worth $2,238,000 after purchasing an additional 1,307 shares during the last quarter.

Analysts Set New Price Targets

Several brokerages have issued reports on GEV. UBS Group reaffirmed a “buy” rating on shares of GE Vernova in a research note on Thursday, January 29th. Weiss Ratings raised GE Vernova from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, April 24th. Oppenheimer set a $1,303.00 target price on GE Vernova in a research note on Thursday, April 23rd. Royal Bank Of Canada boosted their target price on GE Vernova from $996.00 to $1,195.00 and gave the company an “outperform” rating in a research note on Thursday, April 23rd. Finally, Rothschild & Co Redburn raised GE Vernova from a “sell” rating to a “buy” rating and boosted their target price for the company from $560.00 to $1,100.00 in a research note on Monday, March 9th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, GE Vernova presently has an average rating of “Moderate Buy” and a consensus target price of $1,090.76.

View Our Latest Research Report on GEV

GE Vernova Trading Up 0.1%

NYSE GEV opened at $1,039.71 on Monday. GE Vernova Inc. has a 1-year low of $458.65 and a 1-year high of $1,181.95. The company has a current ratio of 0.89, a quick ratio of 0.65 and a debt-to-equity ratio of 0.19. The stock has a 50-day moving average of $978.06 and a 200-day moving average of $791.75. The firm has a market cap of $279.39 billion, a PE ratio of 30.29, a price-to-earnings-growth ratio of 3.89 and a beta of 1.51.

GE Vernova (NYSE:GEV – Get Free Report) last released its earnings results on Wednesday, April 22nd. The company reported $17.44 earnings per share for the quarter, beating analysts’ consensus estimates of $1.95 by $15.49. GE Vernova had a return on equity of 43.97% and a net margin of 23.81%.The company had revenue of $9.34 billion during the quarter, compared to analyst estimates of $9.19 billion. During the same quarter in the previous year, the company posted $0.91 EPS. GE Vernova’s revenue for the quarter was up 17.0% on a year-over-year basis. As a group, sell-side analysts forecast that GE Vernova Inc. will post 14.84 EPS for the current year.

GE Vernova Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 14th. Shareholders of record on Tuesday, June 16th will be given a dividend of $0.50 per share. The ex-dividend date of this dividend is Tuesday, June 16th. This represents a $2.00 dividend on an annualized basis and a yield of 0.2%. GE Vernova’s dividend payout ratio is presently 5.83%.

Insider Buying and Selling

In other GE Vernova news, CAO Matthew Joseph Potvin sold 2,333 shares of the company’s stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $1,059.09, for a total transaction of $2,470,856.97. Following the completion of the transaction, the chief accounting officer owned 3,549 shares of the company’s stock, valued at $3,758,710.41. This represents a 39.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.21% of the stock is owned by insiders.

GE Vernova Profile

(Free Report)

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.

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