GE Vernova Inc. $GEV Stock Position Lifted by Great Lakes Advisors LLC

Key Points

• Great Lakes Advisors LLC increased its stake in GE Vernova Inc. by 9.2% in Q1 2023, owning 64,219 shares valued at approximately $20.4 million.
• Analysts have set new price targets for GE Vernova, with Susquehanna raising their target from $662 to $736, while Wells Fargo increased theirs from $474 to $697.
• GE Vernova recently reported a quarterly earnings of $1.86 EPS, exceeding expectations, and its revenue increased by 11.1% year-over-year, totaling $9.11 billion.

Great Lakes Advisors LLC raised its holdings in GE Vernova Inc. (NYSE:GEV - Free Report) by 9.2% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 64,219 shares of the company's stock after purchasing an additional 5,423 shares during the period. Great Lakes Advisors LLC's holdings in GE Vernova were worth $20,402,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. raised its position in shares of GE Vernova by 1.8% in the 1st 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 in the last quarter. Goldman Sachs Group Inc. raised its position in shares of GE Vernova by 7.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,129,958 shares of the company's stock valued at $955,513,000 after purchasing an additional 214,483 shares in the last quarter. GAMMA Investing LLC raised its position in shares of GE Vernova by 32,984.2% in 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 in the last quarter. Wellington Management Group LLP raised its position in shares of GE Vernova by 50.9% in the 1st quarter. Wellington Management Group LLP now owns 2,029,948 shares of the company's stock valued at $619,703,000 after purchasing an additional 684,794 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA raised its position in shares of GE Vernova by 47.4% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 1,937,018 shares of the company's stock valued at $591,333,000 after purchasing an additional 622,730 shares in the last quarter.

Insider Activity

In other news, CFO Kenneth Scott Parks sold 3,300 shares of the stock in a transaction on 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 completion of the transaction, the chief financial officer owned 7,590 shares of the company's stock, valued at approximately $4,705,800. This represents a 30.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 0.15% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. HSBC boosted their price target on GE Vernova from $570.00 to $580.00 and gave the company a "hold" rating in a report on Friday, September 5th. UBS Group assumed coverage on GE Vernova in a report on Monday, July 7th. They issued a "buy" rating and a $614.00 price target for the company. BMO Capital Markets boosted their price target on GE Vernova from $590.00 to $690.00 and gave the company an "outperform" rating in a report on Thursday, July 24th. Mizuho downgraded GE Vernova from an "outperform" rating to a "neutral" rating and set a $670.00 price target for the company. in a report on Monday, July 28th. Finally, Wolfe Research downgraded GE Vernova from an "outperform" rating to a "peer perform" rating in a report on Friday, June 13th. Four research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $580.04.

GE Vernova Trading Down 1.2%

GEV traded down $7.68 during trading on Friday, reaching $626.47. 1,057,990 shares of the company were exchanged, compared to its average volume of 3,502,387. The stock has a market cap of $170.54 billion, a P/E ratio of 151.01, a PEG ratio of 4.45 and a beta of 1.87. The firm has a 50 day moving average of $606.48 and a 200 day moving average of $465.05. GE Vernova Inc. has a 52 week low of $219.01 and a 52 week 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 EPS for the quarter, topping analysts' consensus estimates of $1.63 by $0.23. The firm had revenue of $9.11 billion during the quarter, compared to the consensus estimate of $8.78 billion. GE Vernova had a return on equity of 13.23% and a net margin of 3.16%.The firm's revenue was up 11.1% on a year-over-year basis. During the same period in the prior year, the business earned $4.65 EPS. GE Vernova has set its FY 2025 guidance at EPS. As a group, analysts forecast that GE Vernova Inc. will post 6.59 earnings per share for the current fiscal year.

GE Vernova Announces Dividend

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

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.