Assenagon Asset Management S.A. Has $263.79 Million Stock Position in GE Vernova Inc. $GEV

Key Points

• Assenagon Asset Management more than doubled its GE Vernova position in the second quarter, acquiring 119,068 additional shares for a total holding valued at approximately $263.8 million.
• Wall Street remains broadly bullish: 24 analysts rate the stock Buy or Strong Buy, producing a “Moderate Buy” consensus and an average price target of $1,133.15, although one firm downgraded the shares to Neutral.
• GE Vernova reported 21.9% year-over-year revenue growth to $11.1 billion, but quarterly EPS of $2.47 fell short of the $3.17 consensus estimate. Shares opened at $998.35, while executives recently sold portions of their holdings.

Assenagon Asset Management S.A. lifted its holdings in GE Vernova Inc. (NYSE:GEV - Free Report) by 112.9% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 224,529 shares of the company's stock after acquiring an additional 119,068 shares during the period. Assenagon Asset Management S.A. owned approximately 0.08% of GE Vernova worth $263,790,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Wealth Watch Advisors INC acquired a new position in shares of GE Vernova during the 3rd quarter worth approximately $25,000. Cornerstone Financial Management LLC acquired a new stake in shares of GE Vernova in the fourth quarter valued at approximately $25,000. Torren Management LLC acquired a new stake in shares of GE Vernova in the fourth quarter valued at approximately $26,000. Manning & Napier Advisors LLC boosted its stake in shares of GE Vernova by 68.4% in the first quarter. Manning & Napier Advisors LLC now owns 32 shares of the company's stock valued at $26,000 after buying an additional 13 shares during the period. Finally, Navalign LLC bought a new stake in shares of GE Vernova in the fourth quarter valued at approximately $27,000.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on GEV. Sanford C. Bernstein increased their price target on GE Vernova from $1,206.00 to $1,298.00 and gave the stock an "outperform" rating in a research report on Thursday, July 23rd. BMO Capital Markets upped their target price on GE Vernova from $1,110.00 to $1,250.00 and gave the company an "outperform" rating in a research report on Thursday, April 23rd. Guggenheim increased their target price on GE Vernova from $1,300.00 to $1,450.00 and gave the stock a "buy" rating in a report on Thursday, July 23rd. JPMorgan Chase & Co. increased their target price on GE Vernova from $1,302.00 to $1,330.00 and gave the stock an "overweight" rating in a report on Thursday, July 23rd. Finally, BNP Paribas Exane cut GE Vernova from an "outperform" rating to a "neutral" rating and set a $1,190.00 price target on the stock. in a research report on Monday, April 27th. Two analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $1,133.15.

Insiders Place Their Bets

In related news, CEO Victor Abate sold 4,819 shares of GE Vernova stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $948.08, for a total transaction of $4,568,797.52. Following the sale, the chief executive officer directly owned 1,835 shares of the company's stock, valued at approximately $1,739,726.80. The trade was a 72.42% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, 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 transaction, the chief accounting officer owned 3,549 shares of the company's stock, valued at approximately $3,758,710.41. This represents a 39.66% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.21% of the stock is currently owned by insiders.

GE Vernova Stock Performance

NYSE GEV opened at $998.35 on Friday. The firm's 50 day simple moving average is $1,026.19 and its 200 day simple moving average is $944.87. The firm has a market capitalization of $265.89 billion, a price-to-earnings ratio of 28.57, a P/E/G ratio of 3.63 and a beta of 1.21. The company has a current ratio of 0.85, a quick ratio of 0.62 and a debt-to-equity ratio of 0.21. GE Vernova Inc. has a 1 year low of $530.16 and a 1 year high of $1,195.94.

GE Vernova (NYSE:GEV - Get Free Report) last announced its quarterly earnings data on Wednesday, July 22nd. The company reported $2.47 EPS for the quarter, missing the consensus estimate of $3.17 by ($0.70). GE Vernova had a net margin of 23.03% and a return on equity of 42.42%. The firm had revenue of $11.10 billion for the quarter, compared to analyst estimates of $10.79 billion. During the same quarter in the prior year, the firm earned $1.86 earnings per share. The firm's revenue for the quarter was up 21.9% on a year-over-year basis. As a group, research analysts expect that GE Vernova Inc. will post 15.57 earnings per share for the current fiscal year.

GE Vernova Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 14th. Stockholders of record on Tuesday, June 16th were paid a $0.50 dividend. The ex-dividend date was Tuesday, June 16th. This represents a $2.00 annualized dividend and a dividend yield of 0.2%. GE Vernova's dividend payout ratio (DPR) is presently 5.72%.

GE Vernova Profile

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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