DekaBank Deutsche Girozentrale Acquires Shares of 151,508 GE Vernova Inc. $GEV

Key Points

• DekaBank Deutsche Girozentrale acquired a new stake in GE Vernova Inc., purchasing 151,508 shares valued at approximately $79.86 million during the second quarter.
• GE Vernova reported a quarterly earnings per share of $1.86, exceeding analysts' expectations, with a revenue of $9.11 billion, up 11.1% year-over-year.
• The company recently declared a quarterly dividend of $0.25 per share, with an annualized yield of 0.2%, payable on November 17th.

DekaBank Deutsche Girozentrale acquired a new stake in GE Vernova Inc. (NYSE:GEV - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 151,508 shares of the company's stock, valued at approximately $79,857,000. DekaBank Deutsche Girozentrale owned 0.06% of GE Vernova at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. Caitong International Asset Management Co. Ltd acquired a new stake in GE Vernova during the 1st quarter worth $912,000. Pines Wealth Management LLC purchased a new stake in shares of GE Vernova in the second quarter valued at about $408,000. Resona Asset Management Co. Ltd. boosted its stake in shares of GE Vernova by 8.2% during the first quarter. Resona Asset Management Co. Ltd. now owns 86,021 shares of the company's stock worth $26,229,000 after buying an additional 6,551 shares during the period. Lockheed Martin Investment Management Co. acquired a new stake in shares of GE Vernova during the first quarter worth about $458,000. Finally, Golden State Wealth Management LLC grew its holdings in shares of GE Vernova by 201.7% during the first quarter. Golden State Wealth Management LLC now owns 1,222 shares of the company's stock worth $373,000 after buying an additional 817 shares during the last quarter.

GE Vernova Price Performance

GEV opened at $585.12 on Wednesday. GE Vernova Inc. has a 12 month low of $252.25 and a 12 month high of $677.29. The stock has a market capitalization of $159.28 billion, a P/E ratio of 140.99, a P/E/G ratio of 4.30 and a beta of 1.72. The business has a 50 day simple moving average of $613.83 and a 200-day simple moving average of $524.82.

GE Vernova (NYSE:GEV - Get Free Report) last announced its quarterly earnings data 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. The firm had revenue of $9.11 billion for the quarter, compared to analyst estimates of $8.78 billion. GE Vernova had a return on equity of 13.23% and a net margin of 3.16%.GE Vernova's quarterly revenue was up 11.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $4.65 earnings per share. Research analysts anticipate that GE Vernova Inc. will post 6.59 EPS for the current year.

GE Vernova Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, November 17th. Stockholders of record on Monday, October 20th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, October 20th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.2%. GE Vernova's dividend payout ratio is 24.10%.

Insider Buying and Selling 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 value of $2,046,000.00. Following the completion of the transaction, the chief financial officer owned 7,590 shares in the company, valued at $4,705,800. This trade represents a 30.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.15% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research firms have commented on GEV. Morgan Stanley upped their price objective on GE Vernova from $675.00 to $690.00 and gave the company an "overweight" rating in a research note on Thursday, October 16th. BMO Capital Markets boosted their target price on GE Vernova from $590.00 to $690.00 and gave the company an "outperform" rating in a report on Thursday, July 24th. Bank of America upped their price target on GE Vernova from $550.00 to $620.00 and gave the stock a "buy" rating in a research note on Thursday, July 17th. Mizuho lifted their price objective on shares of GE Vernova from $670.00 to $677.00 and gave the company a "neutral" rating in a research report on Wednesday, October 15th. Finally, HSBC boosted their price objective on shares of GE Vernova from $570.00 to $580.00 and gave the company a "hold" rating in a research note on Friday, September 5th. Four equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, GE Vernova has an average rating of "Moderate Buy" and an average target price of $601.44.

GE Vernova 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.

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