Nippon Life Global Investors Americas Inc. Invests $61.07 Million in GE Vernova Inc. $GEV

Key Points

• Nippon Life Global Investors Americas acquired 51,960 GE Vernova shares worth approximately $61.07 million, making the stock its 14th-largest portfolio holding and representing about 2.4% of assets.
• GE Vernova reported quarterly revenue of $11.10 billion, up 21.9% year over year and above estimates, but EPS of $2.47 fell short of the $3.17 consensus forecast.
• Analysts maintain a broadly positive outlook, with a consensus “Moderate Buy” rating and an average price target of $1,133.15, while CEO Victor Abate recently sold roughly $4.57 million in shares.

Nippon Life Global Investors Americas Inc. acquired a new stake in shares of GE Vernova Inc. (NYSE:GEV - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 51,960 shares of the company's stock, valued at approximately $61,068,000. GE Vernova makes up approximately 2.4% of Nippon Life Global Investors Americas Inc.'s portfolio, making the stock its 14th largest position.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Brighton Jones LLC lifted its stake in GE Vernova by 29.4% in the 4th quarter. Brighton Jones LLC now owns 3,315 shares of the company's stock worth $1,091,000 after purchasing an additional 753 shares in the last quarter. Schnieders Capital Management LLC. increased its holdings in shares of GE Vernova by 1.7% in the second quarter. Schnieders Capital Management LLC. now owns 1,564 shares of the company's stock worth $828,000 after purchasing an additional 26 shares during the period. Jump Financial LLC bought a new stake in GE Vernova during the second quarter valued at $258,000. Ossiam bought a new stake in GE Vernova during the second quarter valued at $42,000. Finally, Nebula Research & Development LLC grew its position in GE Vernova by 23.9% during the second quarter. Nebula Research & Development LLC now owns 1,674 shares of the company's stock worth $886,000 after buying an additional 323 shares in the last quarter.

GE Vernova Stock Performance

GE Vernova stock opened at $956.69 on Friday. GE Vernova Inc. has a fifty-two week low of $530.16 and a fifty-two week high of $1,195.94. The stock has a market cap of $254.80 billion, a price-to-earnings ratio of 27.38, a PEG ratio of 3.45 and a beta of 1.21. The stock's 50 day simple moving average is $1,042.72 and its two-hundred day simple moving average is $968.13. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.62 and a current ratio of 0.85.

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

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Oppenheimer upped their target price on GE Vernova from $1,303.00 to $1,338.00 and gave the stock an "outperform" rating in a research note on Thursday, July 23rd. Wall Street Zen cut GE Vernova from a "buy" rating to a "hold" rating in a research note on Saturday, July 25th. Mizuho lifted their price target on GE Vernova from $913.00 to $949.00 and gave the stock a "neutral" rating in a research note on Friday, July 24th. TD Cowen upped their price objective on GE Vernova from $1,220.00 to $1,235.00 and gave the stock a "buy" rating in a report on Thursday, July 23rd. Finally, The Goldman Sachs Group reissued a "buy" rating and set a $1,328.00 price objective on shares of GE Vernova in a report on Friday, April 24th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $1,133.15.

Insider Activity

In related 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 completion of the transaction, the chief executive officer directly owned 1,835 shares of the company's stock, valued at $1,739,726.80. This trade represents a 72.42% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.21% of the stock is currently owned by insiders.

GE Vernova Company Profile

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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