GE Vernova Inc. (NYSE:GEV) Shares Sold by iA Global Asset Management Inc.

Key Points

• iA Global Asset Management Inc. reduced its stake in GE Vernova Inc. by 25.1%, holding 22,240 shares worth approximately $6.79 million after selling 7,460 shares.
• Multiple investment firms have adjusted their ratings on GE Vernova, with Seaport Res Ptn upgrading the stock to a "strong-buy" and Robert W. Baird increasing its target price from $568.00 to $706.00.
• GE Vernova reported $1.86 earnings per share for the latest quarter, surpassing analysts' expectations, with revenue rising to $9.11 billion, an 11.1% increase year-over-year.

iA Global Asset Management Inc. trimmed its holdings in shares of GE Vernova Inc. (NYSE:GEV - Free Report) by 25.1% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 22,240 shares of the company's stock after selling 7,460 shares during the quarter. iA Global Asset Management Inc.'s holdings in GE Vernova were worth $6,789,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Navigoe LLC acquired a new stake in shares of GE Vernova in the 4th quarter valued at approximately $27,000. EQ Wealth Advisors LLC acquired a new stake in shares of GE Vernova in the 1st quarter valued at approximately $27,000. IMA Advisory Services Inc. acquired a new stake in shares of GE Vernova in the 1st quarter valued at approximately $27,000. Clarity Asset Management Inc. acquired a new stake in shares of GE Vernova in the 4th quarter valued at approximately $28,000. Finally, Orion Capital Management LLC acquired a new stake in shares of GE Vernova in the 4th quarter valued at approximately $30,000.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Glj Research assumed coverage on shares of GE Vernova in a research report on Monday, June 23rd. They set a "buy" rating on the stock. TD Cowen lifted their target price on shares of GE Vernova from $390.00 to $685.00 and gave the stock a "buy" rating in a research report on Friday, July 25th. Mizuho downgraded shares of GE Vernova from an "outperform" rating to a "neutral" rating and set a $670.00 target price on the stock. in a research report on Monday, July 28th. Bank of America lifted their target price on shares of GE Vernova from $550.00 to $620.00 and gave the stock a "buy" rating in a research report on Thursday, July 17th. Finally, Jefferies Financial Group downgraded shares of GE Vernova from a "buy" rating to a "hold" rating and lifted their target price for the stock from $427.00 to $517.00 in a research report on Thursday, May 29th. Ten equities research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and four have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $560.21.

GE Vernova Stock Performance

GEV stock traded down $18.33 during midday trading on Thursday, reaching $646.22. The company's stock had a trading volume of 2,236,279 shares, compared to its average volume of 2,906,713. The stock has a fifty day simple moving average of $544.98 and a two-hundred day simple moving average of $422.95. GE Vernova Inc. has a 1 year low of $165.05 and a 1 year high of $677.29. The firm has a market capitalization of $175.91 billion, a price-to-earnings ratio of 155.71, a PEG ratio of 4.59 and a beta of 1.90.

GE Vernova (NYSE:GEV - Get Free Report) last released its earnings results on Wednesday, July 23rd. The company reported $1.86 earnings per share for the quarter, topping analysts' consensus estimates of $1.63 by $0.23. The business had revenue of $9.11 billion for the quarter, compared to analyst estimates of $8.78 billion. GE Vernova had a return on equity of 13.23% and a net margin of 3.16%. The business's revenue was up 11.1% compared to the same quarter last year. During the same quarter last year, the firm posted $4.65 earnings per share. As a group, analysts forecast that GE Vernova Inc. will post 6.59 EPS for the current fiscal year.

GE Vernova Dividend Announcement

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