Resona Asset Management Co. Ltd. Buys 6,551 Shares of GE Vernova Inc. (NYSE:GEV)

Key Points

• Resona Asset Management Co. Ltd. increased its stake in GE Vernova Inc. by 8.2% in the first quarter, bringing its total holdings to 86,021 shares valued at approximately $26.23 million.
• GE Vernova reported earnings of $1.86 per share, exceeding analyst expectations of $1.63, and achieved a quarterly revenue of $9.11 billion, up 11.1% from the previous year.
• The company announced a quarterly dividend of $0.25, representing an annualized yield of 0.2%, with a payout ratio of 24.10%.

Resona Asset Management Co. Ltd. lifted its stake in shares of GE Vernova Inc. (NYSE:GEV - Free Report) by 8.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 86,021 shares of the company's stock after buying an additional 6,551 shares during the quarter. Resona Asset Management Co. Ltd.'s holdings in GE Vernova were worth $26,229,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Navigoe LLC bought a new stake in GE Vernova during the fourth quarter worth about $27,000. EQ Wealth Advisors LLC bought a new position in shares of GE Vernova in the first quarter worth approximately $27,000. IMA Advisory Services Inc. bought a new position in shares of GE Vernova in the first quarter worth approximately $27,000. Clarity Asset Management Inc. bought a new position in shares of GE Vernova in the fourth quarter worth approximately $28,000. Finally, Orion Capital Management LLC bought a new position in shares of GE Vernova in the fourth quarter worth approximately $30,000.

GE Vernova Stock Performance

Shares of NYSE GEV traded down $4.07 during midday trading on Friday, reaching $621.20. The stock had a trading volume of 2,468,865 shares, compared to its average volume of 3,580,634. The stock has a 50-day moving average of $560.87 and a 200-day moving average of $431.14. The company has a market capitalization of $169.10 billion, a price-to-earnings ratio of 149.69, a price-to-earnings-growth ratio of 4.38 and a beta of 1.90. GE Vernova Inc. has a 12-month low of $173.07 and a 12-month high of $677.29.

GE Vernova (NYSE:GEV - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The company reported $1.86 earnings per share (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 analysts' expectations 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% compared to the same quarter last year. During the same period in the prior year, the company 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 announced 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 is Monday, July 21st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.2%. GE Vernova's dividend payout ratio is currently 24.10%.

Analyst Ratings Changes

Several brokerages have recently issued reports on GEV. JPMorgan Chase & Co. upped their target price on shares of GE Vernova from $620.00 to $715.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. Wall Street Zen cut shares of GE Vernova from a "buy" rating to a "hold" rating in a report on Saturday, July 26th. Susquehanna boosted their price objective on shares of GE Vernova from $662.00 to $736.00 and gave the company a "positive" rating in a report on Thursday, July 24th. Wolfe Research cut shares of GE Vernova from an "outperform" rating to a "peer perform" rating in a report on Friday, June 13th. Finally, Glj Research started coverage on shares of GE Vernova in a report on Monday, June 23rd. They set a "buy" rating for the company. Ten 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. According to MarketBeat, GE Vernova presently has an average rating of "Moderate Buy" and a consensus target price of $560.21.

GE Vernova Company 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.