AQR Capital Management LLC Has $366.02 Million Stock Position in GE Vernova Inc. $GEV

Key Points

• AQR Capital Management LLC increased its holdings in GE Vernova Inc. by 252.9% in the first quarter of 2023, now owning approximately $366 million worth of shares.
• GE Vernova reported a quarterly EPS of $1.86, exceeding analysts' expectations, with revenue of $9.11 billion, indicating an 11.1% year-over-year growth.
• The company declared a quarterly dividend of $0.25, translating to an annualized dividend yield of 0.2% and a payout ratio of 24.10%.

AQR Capital Management LLC grew its holdings in shares of GE Vernova Inc. (NYSE:GEV - Free Report) by 252.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,245,420 shares of the company's stock after purchasing an additional 892,549 shares during the period. AQR Capital Management LLC owned approximately 0.46% of GE Vernova worth $366,016,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in the business. Advisors Asset Management Inc. boosted its position in shares of GE Vernova by 56.8% during the 1st quarter. Advisors Asset Management Inc. now owns 29,293 shares of the company's stock valued at $8,943,000 after purchasing an additional 10,612 shares in the last quarter. Alyeska Investment Group L.P. boosted its position in shares of GE Vernova by 85.0% during the 1st quarter. Alyeska Investment Group L.P. now owns 194,225 shares of the company's stock valued at $59,293,000 after purchasing an additional 89,225 shares in the last quarter. Ancora Advisors LLC boosted its position in shares of GE Vernova by 22.9% during the 1st quarter. Ancora Advisors LLC now owns 2,968 shares of the company's stock valued at $906,000 after purchasing an additional 554 shares in the last quarter. Amundi boosted its position in shares of 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 in the last quarter. Finally, 11 Capital Partners LP boosted its position in shares of GE Vernova by 136.4% during the 1st quarter. 11 Capital Partners LP now owns 95,366 shares of the company's stock valued at $29,113,000 after purchasing an additional 55,018 shares in the last quarter.

Insider Buying and Selling

In other GE Vernova news, CFO Kenneth Scott Parks sold 3,300 shares of the stock in a transaction that occurred on Tuesday, August 26th. The stock was sold at an average price of $620.00, for a total transaction of $2,046,000.00. Following 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.15% of the stock is currently owned by company insiders.

GE Vernova Price Performance

GEV traded down $16.90 during midday trading on Friday, hitting $581.92. 3,473,078 shares of the company's stock traded hands, compared to its average volume of 2,574,632. The company has a market cap of $158.41 billion, a PE ratio of 140.22, a price-to-earnings-growth ratio of 4.14 and a beta of 1.87. The stock's fifty day simple moving average is $597.95 and its 200-day simple moving average is $457.43. GE Vernova Inc. has a one year low of $193.38 and a one year high of $677.29.

GE Vernova (NYSE:GEV - Get Free Report) last issued its quarterly earnings data 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 firm had revenue of $9.11 billion for the quarter, compared to analyst estimates of $8.78 billion. GE Vernova had a net margin of 3.16% and a return on equity of 13.23%. The company's revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter last year, the firm earned $4.65 earnings per share. GE Vernova has set its FY 2025 guidance at EPS. On average, research analysts expect 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 was paid on Monday, August 18th. Shareholders of record on Monday, July 21st were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 0.2%. The ex-dividend date was Monday, July 21st. GE Vernova's dividend payout ratio (DPR) is 24.10%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on GEV shares. UBS Group started coverage on shares of GE Vernova in a research note on Monday, July 7th. They set a "buy" rating and a $614.00 price objective for the company. TD Cowen upped their price objective on shares of GE Vernova from $390.00 to $685.00 and gave the company a "buy" rating in a research note on Friday, July 25th. Morgan Stanley upped their price objective on shares of GE Vernova from $511.00 to $675.00 and gave the company an "overweight" rating in a research note on Thursday, July 24th. Robert W. Baird upped their price objective on shares of GE Vernova from $568.00 to $706.00 and gave the company an "outperform" rating in a research note on Thursday, July 24th. Finally, BMO Capital Markets upped their price objective on shares of GE Vernova from $590.00 to $690.00 and gave the company an "outperform" rating in a research note on Thursday, July 24th. Four analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and nine have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, GE Vernova presently has an average rating of "Moderate Buy" and a consensus target price of $573.75.

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.