Altfest L J & Co. Inc. Boosts Stake in GE Vernova Inc. (NYSE:GEV)

Key Points

• Altfest L J & Co. Inc. increased its shareholding in GE Vernova Inc. by 229.9% in Q1, raising its total to 3,764 shares valued at approximately $1.15 million.
• Deutsche Bank AG has also significantly increased its stake in GE Vernova by 56.6%, now owning 752,998 shares worth about $229.9 million.
• GE Vernova reported a quarterly EPS of $1.86, exceeding estimates, with a year-over-year revenue growth of 11.1% to $9.11 billion.

Altfest L J & Co. Inc. raised its holdings in GE Vernova Inc. (NYSE:GEV - Free Report) by 229.9% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,764 shares of the company's stock after buying an additional 2,623 shares during the quarter. Altfest L J & Co. Inc.'s holdings in GE Vernova were worth $1,149,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in GEV. Deutsche Bank AG raised its holdings in shares of GE Vernova by 56.6% during the first quarter. Deutsche Bank AG now owns 752,998 shares of the company's stock valued at $229,875,000 after purchasing an additional 272,066 shares during the period. Chicago Partners Investment Group LLC raised its holdings in GE Vernova by 18.3% during the first quarter. Chicago Partners Investment Group LLC now owns 7,675 shares of the company's stock worth $2,343,000 after buying an additional 1,186 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in GE Vernova by 3.7% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,742,299 shares of the company's stock worth $531,889,000 after buying an additional 62,903 shares during the last quarter. ASR Vermogensbeheer N.V. acquired a new stake in shares of GE Vernova in the 1st quarter worth about $7,156,000. Finally, Wharton Business Group LLC acquired a new stake in shares of GE Vernova in the 1st quarter worth about $347,000.

GE Vernova Stock Performance

GE Vernova stock traded up $3.08 during mid-day trading on Friday, reaching $648.94. The company's stock had a trading volume of 1,887,386 shares, compared to its average volume of 2,893,177. GE Vernova Inc. has a 12-month low of $172.60 and a 12-month high of $677.29. The company has a market capitalization of $176.65 billion, a P/E ratio of 156.37, a PEG ratio of 4.46 and a beta of 1.90. The firm's fifty day moving average price is $548.53 and its two-hundred day moving average price is $424.55.

GE Vernova (NYSE:GEV - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The company reported $1.86 earnings per share for the quarter, beating the consensus estimate of $1.63 by $0.23. The company had revenue of $9.11 billion during the quarter, compared to analysts' expectations of $8.78 billion. GE Vernova had a return on equity of 13.23% and a net margin of 3.16%. The firm's quarterly revenue 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. On average, research analysts predict that GE Vernova Inc. will post 6.59 EPS for the current fiscal year.

GE Vernova Announces Dividend

The business also recently announced 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 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date of this dividend is Monday, July 21st. GE Vernova's payout ratio is presently 24.10%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. UBS Group began coverage on shares of GE Vernova in a report on Monday, July 7th. They issued a "buy" rating and a $614.00 target price on the stock. Jefferies Financial Group lowered GE Vernova from a "buy" rating to a "hold" rating and increased their price target for the company from $427.00 to $517.00 in a research report on Thursday, May 29th. Seaport Res Ptn raised GE Vernova to a "strong-buy" rating in a research report on Thursday, July 10th. Wolfe Research downgraded shares of GE Vernova from an "outperform" rating to a "peer perform" rating in a report on Friday, June 13th. Finally, BMO Capital Markets increased their target price on shares of GE Vernova from $590.00 to $690.00 and gave the company an "outperform" rating in a report on Thursday, July 24th. Ten investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and four have issued a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $560.21.

GE Vernova Company Profile

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.