Renaissance Investment Group LLC Takes $547,000 Position in GE Vernova Inc. (NYSE:GEV)

Key Points

• Renaissance Investment Group LLC acquired 1,791 shares of GE Vernova Inc. valued at approximately $547,000 in the first quarter of 2024, indicating growing institutional interest in the company.
• GE Vernova reported earnings of $1.86 per share for the last quarter, surpassing analyst estimates of $1.63, and achieved a revenue of $9.11 billion, up 11.1% from the previous year.
• The firm announced a quarterly dividend of $0.25 per share, reflecting a 0.15% dividend yield and a dividend payout ratio of 24.10%.

Renaissance Investment Group LLC bought a new position in GE Vernova Inc. (NYSE:GEV - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The fund bought 1,791 shares of the company's stock, valued at approximately $547,000.

A number of other large investors have also added to or reduced their stakes in the stock. Westover Capital Advisors LLC boosted its stake in shares of GE Vernova by 2.3% during the 1st quarter. Westover Capital Advisors LLC now owns 1,130 shares of the company's stock worth $345,000 after acquiring an additional 25 shares during the last quarter. Stonebridge Financial Group LLC boosted its stake in shares of GE Vernova by 8.9% during the 1st quarter. Stonebridge Financial Group LLC now owns 344 shares of the company's stock worth $105,000 after acquiring an additional 28 shares during the last quarter. Whittier Trust Co. of Nevada Inc. boosted its stake in shares of GE Vernova by 0.4% during the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 8,510 shares of the company's stock worth $2,598,000 after acquiring an additional 30 shares during the last quarter. Fulcrum Equity Management boosted its stake in shares of GE Vernova by 3.6% during the 4th quarter. Fulcrum Equity Management now owns 886 shares of the company's stock worth $291,000 after acquiring an additional 31 shares during the last quarter. Finally, Dopkins Wealth Management LLC boosted its stake in shares of GE Vernova by 4.9% during the 1st quarter. Dopkins Wealth Management LLC now owns 668 shares of the company's stock worth $204,000 after acquiring an additional 31 shares during the last quarter.

GE Vernova Stock Down 0.7%

GE Vernova stock traded down $4.75 during midday trading on Friday, hitting $655.54. The company's stock had a trading volume of 2,544,093 shares, compared to its average volume of 3,668,968. The stock's 50-day moving average price is $526.57 and its 200-day moving average price is $413.87. GE Vernova Inc. has a 12 month low of $150.01 and a 12 month high of $677.29. The company has a market capitalization of $178.45 billion, a PE ratio of 158.23, a price-to-earnings-growth ratio of 4.53 and a beta of 1.86.

GE Vernova (NYSE:GEV - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The company reported $1.86 EPS for the quarter, topping the consensus estimate of $1.63 by $0.23. The firm had revenue of $9.11 billion for the quarter, compared to analysts' expectations of $8.78 billion. GE Vernova had a net margin of 3.16% and a return on equity of 13.23%. GE Vernova's revenue for the quarter was up 11.1% compared to the same quarter last year. During the same period in the previous year, the business earned $4.65 earnings per share. As a group, equities analysts anticipate that GE Vernova Inc. will post 6.59 EPS for the current year.

GE Vernova Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 18th. Shareholders of record on Monday, July 21st will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 0.2%. The ex-dividend date is Monday, July 21st. GE Vernova's payout ratio is presently 24.10%.

Wall Street Analysts Forecast Growth

GEV has been the topic of a number of analyst reports. Guggenheim cut shares of GE Vernova from a "buy" rating to a "neutral" rating in a research note on Monday. Bank of America lifted their target price on shares of GE Vernova from $550.00 to $620.00 and gave the company a "buy" rating in a research note on Thursday, July 17th. Barclays lifted their target price on shares of GE Vernova from $580.00 to $706.00 and gave the company an "overweight" rating in a research note on Thursday, July 24th. BMO Capital Markets lifted their target price on shares of GE Vernova from $590.00 to $690.00 and gave the company an "outperform" rating in a research note on Thursday, July 24th. Finally, Citigroup upped their price target on shares of GE Vernova from $544.00 to $670.00 and gave the company a "neutral" rating in a research note on Thursday, July 24th. Ten equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $560.21.

About GE Vernova

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.