Parnassus Investments LLC Buys New Holdings in GE Vernova Inc. $GEV

Key Points

• Parnassus Investments LLC acquired 3,102 shares of GE Vernova Inc. valued at approximately $947,000 during the first quarter, as disclosed in their recent 13F filing.
• Several hedge funds notably increased their stakes in GE Vernova, with GAMMA Investing LLC growing their holdings by 32,984.2%, now owning over 2 million shares valued at approximately $653.77 million.
• GE Vernova's stock has shown significant volatility, with a 52-week range between $185.35 and $677.29, and a recent opening price of $614.60.

Parnassus Investments LLC bought a new stake in shares of GE Vernova Inc. (NYSE:GEV - Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The fund bought 3,102 shares of the company's stock, valued at approximately $947,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Westover Capital Advisors LLC raised its position 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 valued at $345,000 after acquiring an additional 25 shares during the last quarter. SVB Wealth LLC raised its position in shares of GE Vernova by 0.7% during the 1st quarter. SVB Wealth LLC now owns 3,585 shares of the company's stock valued at $1,094,000 after acquiring an additional 26 shares during the last quarter. Stonebridge Financial Group LLC raised its position 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 valued at $105,000 after acquiring an additional 28 shares during the last quarter. Whittier Trust Co. of Nevada Inc. raised its position 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 valued at $2,598,000 after acquiring an additional 30 shares during the last quarter. Finally, Hemington Wealth Management raised its position in shares of GE Vernova by 20.3% during the 1st quarter. Hemington Wealth Management now owns 178 shares of the company's stock valued at $54,000 after acquiring an additional 30 shares during the last quarter.

Insider Activity at GE Vernova

In other news, CFO Kenneth Scott Parks sold 3,300 shares of the stock in a transaction dated Tuesday, August 26th. The shares were sold at an average price of $620.00, for a total transaction of $2,046,000.00. Following the completion of the transaction, the chief financial officer directly owned 7,590 shares in the company, valued at $4,705,800. This represents a 30.30% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.15% of the stock is currently owned by corporate insiders.

GE Vernova Stock Performance

NYSE GEV traded down $19.09 on Friday, reaching $614.60. The company had a trading volume of 2,264,673 shares, compared to its average volume of 2,392,169. The firm has a market capitalization of $167.31 billion, a price-to-earnings ratio of 148.10, a price-to-earnings-growth ratio of 4.24 and a beta of 1.88. GE Vernova Inc. has a 1-year low of $185.35 and a 1-year high of $677.29. The company's fifty day moving average is $589.73 and its 200-day moving average is $450.93.

GE Vernova (NYSE:GEV - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The company reported $1.86 earnings per share for the quarter, topping analysts' consensus estimates of $1.63 by $0.23. GE Vernova had a net margin of 3.16% and a return on equity of 13.23%. The firm had revenue of $9.11 billion during the quarter, compared to analyst estimates of $8.78 billion. During the same period in the prior year, the business earned $4.65 EPS. The company's revenue for the quarter was up 11.1% compared to the same quarter last year. GE Vernova has set its FY 2025 guidance at EPS. On average, research 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 disclosed a quarterly dividend, which was paid on Monday, August 18th. Stockholders of record on Monday, July 21st were paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date was Monday, July 21st. GE Vernova's dividend payout ratio is currently 24.10%.

Analysts Set New Price Targets

A number of analysts recently commented on GEV shares. Mizuho cut shares of GE Vernova from an "outperform" rating to a "neutral" rating and set a $670.00 price objective for the company. in a research report on Monday, July 28th. Bank of America upped their price objective on shares of GE Vernova from $550.00 to $620.00 and gave the company a "buy" rating in a research report on Thursday, July 17th. Wolfe Research cut shares of GE Vernova from an "outperform" rating to a "peer perform" rating in a research report on Friday, June 13th. Royal Bank Of Canada restated an "outperform" rating on shares of GE Vernova in a research report on Thursday, July 24th. Finally, BMO Capital Markets upped their price objective on shares of GE Vernova from $590.00 to $690.00 and gave the company an "outperform" rating in a research report on Thursday, July 24th. Four research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat, GE Vernova currently has a consensus rating of "Moderate Buy" and a consensus price target 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.