GE Vernova Inc. $GEV Shares Bought by Candriam S.C.A.

Key Points

• Candriam S.C.A. increased its GE Vernova stake by 56.6% in the first quarter, buying 47,346 more shares and bringing its total to 130,990 shares valued at about $114.3 million.
• Several analysts remain constructive on the stock, with multiple firms lifting price targets to $1,300; the consensus rating is Moderate Buy with an average target of $1,089.88.
• GE Vernova reported strong quarterly results, including $17.44 EPS versus $1.95 expected and $9.34 billion in revenue, while also announcing a quarterly dividend of $0.50 per share.

Candriam S.C.A. grew its stake in GE Vernova Inc. (NYSE:GEV - Free Report) by 56.6% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 130,990 shares of the company's stock after buying an additional 47,346 shares during the quarter. Candriam S.C.A.'s holdings in GE Vernova were worth $114,341,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in GEV. Onyx Bridge Wealth Group LLC lifted its stake in GE Vernova by 1.3% in the first quarter. Onyx Bridge Wealth Group LLC now owns 727 shares of the company's stock worth $635,000 after acquiring an additional 9 shares during the last quarter. Red Door Wealth Management LLC increased its position in shares of GE Vernova by 0.6% in the 1st quarter. Red Door Wealth Management LLC now owns 1,774 shares of the company's stock valued at $1,548,000 after purchasing an additional 10 shares during the last quarter. Advance Capital Management Inc. raised its holdings in shares of GE Vernova by 2.2% in the 1st quarter. Advance Capital Management Inc. now owns 461 shares of the company's stock valued at $402,000 after purchasing an additional 10 shares in the last quarter. Bell Investment Advisors Inc lifted its position in shares of GE Vernova by 5.2% during the 1st quarter. Bell Investment Advisors Inc now owns 221 shares of the company's stock worth $193,000 after purchasing an additional 11 shares during the last quarter. Finally, Sky Investment Group LLC lifted its position in shares of GE Vernova by 0.5% during the 1st quarter. Sky Investment Group LLC now owns 2,405 shares of the company's stock worth $2,099,000 after purchasing an additional 12 shares during the last quarter.

Insider Transactions at GE Vernova

In other GE Vernova news, CEO Victor Abate sold 4,819 shares of GE Vernova stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $948.08, for a total transaction of $4,568,797.52. Following the transaction, the chief executive officer owned 1,835 shares of the company's stock, valued at $1,739,726.80. The trade was a 72.42% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO Matthew Joseph Potvin sold 2,333 shares of the business's stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $1,059.09, for a total value of $2,470,856.97. Following the completion of the sale, the chief accounting officer owned 3,549 shares of the company's stock, valued at approximately $3,758,710.41. This represents a 39.66% decrease in their position. The SEC filing for this sale provides additional information. 0.21% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on GEV shares. Citigroup increased their target price on GE Vernova from $779.00 to $1,110.00 and gave the company a "neutral" rating in a report on Monday, April 13th. Argus set a $1,300.00 price objective on GE Vernova in a research report on Monday, April 27th. Guggenheim increased their price objective on GE Vernova from $910.00 to $1,300.00 and gave the company a "buy" rating in a report on Thursday, April 23rd. Zacks Research lowered GE Vernova from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, April 28th. Finally, Susquehanna set a $1,300.00 target price on GE Vernova in a research note on Thursday, April 23rd. Three research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $1,089.88.

GE Vernova Price Performance

Shares of NYSE:GEV opened at $1,090.64 on Friday. GE Vernova Inc. has a 12 month low of $530.16 and a 12 month high of $1,195.94. The firm has a market capitalization of $293.08 billion, a P/E ratio of 31.77, a P/E/G ratio of 3.97 and a beta of 1.09. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.89 and a quick ratio of 0.65. The company's fifty day moving average price is $1,040.14 and its 200 day moving average price is $895.32.

GE Vernova (NYSE:GEV - Get Free Report) last released its quarterly earnings data on Wednesday, April 22nd. The company reported $17.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.95 by $15.49. The company had revenue of $9.34 billion during the quarter, compared to the consensus estimate of $9.19 billion. GE Vernova had a net margin of 23.81% and a return on equity of 43.97%. GE Vernova's revenue for the quarter was up 17.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.91 earnings per share. As a group, sell-side analysts predict that GE Vernova Inc. will post 15.06 earnings per share for the current fiscal year.

GE Vernova Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 14th. Investors of record on Tuesday, June 16th will be given a $0.50 dividend. The ex-dividend date of this dividend is Tuesday, June 16th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.2%. GE Vernova's dividend payout ratio is 5.83%.

About GE Vernova

GE Vernova is the energy-focused company formed from the energy businesses of General Electric and operates as a publicly listed entity on the NYSE under the ticker GEV. It is organized to design, manufacture and service equipment and systems used across the power generation and energy transition value chain, bringing together legacy capabilities in conventional power, renewables and grid technologies under a single corporate platform.

The company’s offerings span large-scale power-generation equipment such as gas and steam turbines and associated generators and controls, as well as renewable energy technologies including onshore and offshore wind platforms and hydro solutions.

Want to see what other hedge funds are holding GEV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for GE Vernova Inc. (NYSE:GEV - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.