Assenagon Asset Management S.A. Purchases 834,129 Shares of GE Vernova Inc. $GEV

Key Points

• Assenagon Asset Management S.A. significantly increased its stake in GE Vernova Inc. by 10,044.9%, now owning 842,433 shares valued at approximately $445.77 million.
• Several hedge funds have also raised their holdings in GE Vernova, with GAMMA Investing LLC boosting its investment by an astounding 32,984.2%, acquiring 2,141,539 shares.
• Analysts are optimistic about GE Vernova, with many upgrading their target prices and ratings; notably, Jefferies Financial Group increased their target price from $658.00 to $668.00 while maintaining a "hold" rating.

Assenagon Asset Management S.A. raised its holdings in shares of GE Vernova Inc. (NYSE:GEV - Free Report) by 10,044.9% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 842,433 shares of the company's stock after purchasing an additional 834,129 shares during the period. GE Vernova makes up about 0.7% of Assenagon Asset Management S.A.'s investment portfolio, making the stock its 27th largest holding. Assenagon Asset Management S.A. owned 0.31% of GE Vernova worth $445,773,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in GEV. GAMMA Investing LLC boosted its stake in GE Vernova by 32,984.2% during the 1st quarter. GAMMA Investing LLC now owns 2,141,539 shares of the company's stock valued at $653,769,000 after purchasing an additional 2,135,066 shares during the last quarter. AQR Capital Management LLC boosted its stake in GE Vernova by 252.9% during the 1st quarter. AQR Capital Management LLC now owns 1,245,420 shares of the company's stock valued at $366,016,000 after purchasing an additional 892,549 shares during the last quarter. Amundi boosted its stake in GE Vernova by 109.0% during the 1st quarter. Amundi now owns 1,665,980 shares of the company's stock valued at $496,013,000 after purchasing an additional 868,927 shares during the last quarter. TD Asset Management Inc boosted its stake in shares of GE Vernova by 627.2% in the 1st quarter. TD Asset Management Inc now owns 926,842 shares of the company's stock worth $282,946,000 after buying an additional 799,388 shares during the last quarter. Finally, Nuveen LLC purchased a new position in shares of GE Vernova in the 1st quarter worth $223,556,000.

Insider Activity at GE Vernova

In other news, CFO Kenneth Scott Parks sold 3,300 shares of the business's stock in a transaction dated Tuesday, August 26th. The stock was sold at an average price of $620.00, for a total value of $2,046,000.00. Following the transaction, the chief financial officer directly owned 7,590 shares in the company, valued at $4,705,800. The trade was a 30.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.15% of the stock is owned by insiders.

GE Vernova Stock Performance

Shares of GE Vernova stock traded up $19.50 during trading hours on Monday, hitting $643.67. The company's stock had a trading volume of 2,014,791 shares, compared to its average volume of 3,479,676. The business has a 50 day moving average price of $617.11 and a two-hundred day moving average price of $479.75. GE Vernova Inc. has a 12-month low of $246.79 and a 12-month high of $677.29. The company has a market cap of $175.22 billion, a PE ratio of 155.10, a PEG ratio of 4.55 and a beta of 1.87.

GE Vernova (NYSE:GEV - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The company reported $1.86 EPS for the quarter, beating the consensus estimate of $1.63 by $0.23. GE Vernova had a return on equity of 13.23% and a net margin of 3.16%.The business had revenue of $9.11 billion for the quarter, compared to the consensus estimate of $8.78 billion. During the same period in the previous year, the business earned $4.65 earnings per share. The business's revenue was up 11.1% on a year-over-year basis. GE Vernova has set its FY 2025 guidance at EPS. As a group, research analysts anticipate that GE Vernova Inc. will post 6.59 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Barclays raised their price target on GE Vernova from $580.00 to $706.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. Mizuho downgraded GE Vernova from an "outperform" rating to a "neutral" rating and set a $670.00 price target on the stock. in a research note on Monday, July 28th. The Goldman Sachs Group raised their price target on GE Vernova from $500.00 to $570.00 and gave the stock a "buy" rating in a research note on Tuesday, June 10th. Melius Research set a $740.00 price target on GE Vernova and gave the stock a "buy" rating in a research note on Monday, September 15th. Finally, BMO Capital Markets raised their price target on GE Vernova from $590.00 to $690.00 and gave the stock an "outperform" rating in a research note on Thursday, July 24th. Four investment analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and nine have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $592.35.

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.