GE Vernova Inc. $GEV Shares Purchased by Fred Alger Management LLC

Key Points

• Fred Alger Management LLC increased its stake in GE Vernova Inc. by 160.1% in the first quarter, holding a total of 25,727 shares worth approximately $7.85 million.
• GE Vernova's quarterly earnings of $1.86 per share exceeded analyst estimates, with revenue reaching $9.11 billion for the quarter, an 11.1% increase year-over-year.
• Several analysts have updated their price targets for GE Vernova, with BMO Capital Markets raising it from $590 to $690 and Royal Bank of Canada maintaining an "outperform" rating.

Fred Alger Management LLC lifted its stake in shares of GE Vernova Inc. (NYSE:GEV - Free Report) by 160.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 25,727 shares of the company's stock after buying an additional 15,836 shares during the period. Fred Alger Management LLC's holdings in GE Vernova were worth $7,854,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. lifted its position in GE Vernova by 1.8% during the first quarter. Vanguard Group Inc. now owns 24,392,613 shares of the company's stock valued at $7,446,577,000 after purchasing an additional 432,830 shares during the period. Goldman Sachs Group Inc. raised its stake in shares of GE Vernova by 7.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 3,129,958 shares of the company's stock worth $955,513,000 after buying an additional 214,483 shares during the period. GAMMA Investing LLC raised its position in GE Vernova by 32,984.2% during the first quarter. GAMMA Investing LLC now owns 2,141,539 shares of the company's stock worth $653,769,000 after acquiring an additional 2,135,066 shares during the period. Wellington Management Group LLP raised its position in shares of GE Vernova by 50.9% during the 1st quarter. Wellington Management Group LLP now owns 2,029,948 shares of the company's stock worth $619,703,000 after purchasing an additional 684,794 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA raised its holdings in shares of GE Vernova by 47.4% during the first quarter. Massachusetts Financial Services Co. MA now owns 1,937,018 shares of the company's stock valued at $591,333,000 after acquiring an additional 622,730 shares during the last quarter.

GE Vernova Price Performance

Shares of GEV stock traded down $7.68 during trading on Friday, reaching $626.47. The company's stock had a trading volume of 1,057,990 shares, compared to its average volume of 3,502,387. The stock's 50-day moving average price is $606.48 and its 200 day moving average price is $465.05. The company has a market capitalization of $170.54 billion, a price-to-earnings ratio of 151.01, a P/E/G ratio of 4.45 and a beta of 1.87. GE Vernova Inc. has a 1-year low of $219.01 and a 1-year high of $677.29.

GE Vernova (NYSE:GEV - Get Free Report) last released its earnings results on Wednesday, July 23rd. The company reported $1.86 EPS for the quarter, topping 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 firm had revenue of $9.11 billion during the quarter, compared to analysts' expectations of $8.78 billion. During the same period in the previous year, the firm posted $4.65 EPS. GE Vernova's revenue for the quarter was up 11.1% on a year-over-year basis. GE Vernova has set its FY 2025 guidance at EPS. On average, sell-side analysts anticipate that GE Vernova Inc. will post 6.59 EPS for the current fiscal year.

GE Vernova Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 18th. Stockholders of record on Monday, July 21st were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Monday, July 21st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.2%. GE Vernova's payout ratio is currently 24.10%.

Analysts Set New Price Targets

GEV has been the subject of a number of recent research reports. Morgan Stanley increased their target price on shares of GE Vernova from $511.00 to $675.00 and gave the company an "overweight" rating in a research report on Thursday, July 24th. Citigroup raised their price objective on GE Vernova from $544.00 to $670.00 and gave the stock a "neutral" rating in a research report on Thursday, July 24th. Wells Fargo & Company raised their price objective on GE Vernova from $474.00 to $697.00 and gave the stock an "overweight" rating in a research report on Thursday, July 24th. Robert W. Baird raised their price objective on GE Vernova from $568.00 to $706.00 and gave the stock an "outperform" rating in a research report on Thursday, July 24th. Finally, Guggenheim cut shares of GE Vernova from a "buy" rating to a "neutral" rating in a research report on Monday, July 28th. Four equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $580.04.

Insider Activity at GE Vernova

In other GE Vernova news, CFO Kenneth Scott Parks sold 3,300 shares of the business's stock in a transaction that occurred on 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 owned 7,590 shares in the company, valued at $4,705,800. The trade was a 30.30% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.15% of the company's stock.

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.