GE Vernova Inc. $GEV Stake Reduced by Renaissance Investment Group LLC

Key Points

• Renaissance Investment Group reduced its GE Vernova stake by 5.7% in the second quarter, selling 1,167 shares and retaining 19,339 shares valued at approximately $22.7 million.
• Analysts maintain a broadly positive outlook, with GE Vernova receiving a consensus “Moderate Buy” rating and an average price target of $1,133.15; several firms recently raised their targets.
• GE Vernova’s latest quarterly revenue rose 21.9% year over year to $11.10 billion, exceeding estimates, although earnings of $2.47 per share missed consensus expectations of $3.17.

Renaissance Investment Group LLC reduced its holdings in GE Vernova Inc. (NYSE:GEV - Free Report) by 5.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 19,339 shares of the company's stock after selling 1,167 shares during the period. GE Vernova comprises 4.5% of Renaissance Investment Group LLC's holdings, making the stock its 4th biggest position. Renaissance Investment Group LLC's holdings in GE Vernova were worth $22,721,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in GEV. Cornerstone Financial Management LLC purchased a new position in shares of GE Vernova during the 4th quarter valued at about $25,000. Wealth Watch Advisors INC acquired a new stake in GE Vernova during the third quarter worth about $25,000. Torren Management LLC acquired a new stake in GE Vernova during the fourth quarter worth about $26,000. Manning & Napier Advisors LLC raised its position in GE Vernova by 68.4% during the first quarter. Manning & Napier Advisors LLC now owns 32 shares of the company's stock valued at $26,000 after acquiring an additional 13 shares in the last quarter. Finally, Navalign LLC purchased a new position in GE Vernova during the fourth quarter valued at approximately $27,000.

Analysts Set New Price Targets

GEV has been the topic of a number of analyst reports. Jefferies Financial Group reaffirmed a "buy" rating on shares of GE Vernova in a research note on Monday, July 27th. Zacks Research downgraded shares of GE Vernova from a "strong-buy" rating to a "hold" rating in a report on Tuesday, April 28th. Mizuho increased their price target on shares of GE Vernova from $913.00 to $949.00 and gave the stock a "neutral" rating in a report on Friday, July 24th. Guggenheim lifted their price objective on shares of GE Vernova from $1,300.00 to $1,450.00 and gave the company a "buy" rating in a report on Thursday, July 23rd. Finally, Royal Bank Of Canada upped their price objective on shares of GE Vernova from $1,195.00 to $1,225.00 and gave the stock an "outperform" rating in a research report on Thursday, July 23rd. Two research analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $1,133.15.

GE Vernova Stock Performance

Shares of NYSE:GEV opened at $998.35 on Friday. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.85 and a quick ratio of 0.62. GE Vernova Inc. has a 1 year low of $530.16 and a 1 year high of $1,195.94. The firm has a market capitalization of $265.89 billion, a PE ratio of 28.57, a P/E/G ratio of 3.63 and a beta of 1.21. The business's 50 day moving average price is $1,026.19 and its 200-day moving average price is $944.87.

GE Vernova (NYSE:GEV - Get Free Report) last issued its earnings results on Wednesday, July 22nd. The company reported $2.47 EPS for the quarter, missing analysts' consensus estimates of $3.17 by ($0.70). GE Vernova had a net margin of 23.03% and a return on equity of 42.42%. The business had revenue of $11.10 billion during the quarter, compared to analyst estimates of $10.79 billion. During the same quarter last year, the company earned $1.86 earnings per share. GE Vernova's quarterly revenue was up 21.9% on a year-over-year basis. As a group, equities research analysts expect that GE Vernova Inc. will post 15.57 earnings per share for the current fiscal year.

GE Vernova Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 14th. Stockholders of record on Tuesday, June 16th were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Tuesday, June 16th. This represents a $2.00 annualized dividend and a dividend yield of 0.2%. GE Vernova's payout ratio is presently 5.72%.

Insider Activity

In other GE Vernova news, CEO Victor Abate sold 4,819 shares of GE Vernova stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $948.08, for a total transaction of $4,568,797.52. Following the transaction, the chief executive officer directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Matthew Joseph Potvin sold 2,333 shares of the business's stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $1,059.09, for a total transaction of $2,470,856.97. Following the completion of the transaction, the chief accounting officer owned 3,549 shares in the company, valued at $3,758,710.41. The trade was a 39.66% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.21% of the company's stock.

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.

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