OLD National Bancorp IN Raises Stake in GE Vernova Inc. $GEV

Key Points

• OLD National Bancorp IN more than doubled its position in GE Vernova during the first quarter, increasing holdings by 123.5% to 2,400 shares valued at about $2.1 million.
• Wall Street sentiment remains positive, with multiple analysts raising price targets and the stock carrying a consensus rating of Moderate Buy and an average target price of $1,089.88.
• GE Vernova reported strong quarterly results, including revenue of $9.34 billion and EPS of $17.44, while also announcing a quarterly dividend of $0.50 per share.

OLD National Bancorp IN lifted its holdings in shares of GE Vernova Inc. (NYSE:GEV - Free Report) by 123.5% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,400 shares of the company's stock after buying an additional 1,326 shares during the period. OLD National Bancorp IN's holdings in GE Vernova were worth $2,095,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Cornerstone Financial Management LLC acquired a new position in GE Vernova in the 4th quarter valued at $25,000. Wealth Watch Advisors INC acquired a new stake in GE Vernova during the third quarter worth about $25,000. Torren Management LLC bought a new position in GE Vernova in the fourth quarter worth about $26,000. ORG Wealth Partners LLC lifted its holdings in GE Vernova by 241.7% in the fourth quarter. ORG Wealth Partners LLC now owns 41 shares of the company's stock worth $27,000 after acquiring an additional 29 shares during the last quarter. Finally, Navalign LLC acquired a new position in GE Vernova in the fourth quarter valued at approximately $27,000.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. TD Cowen upped their target price on GE Vernova from $780.00 to $1,220.00 and gave the company a "buy" rating in a report on Thursday, April 23rd. Royal Bank Of Canada raised their price target on GE Vernova from $996.00 to $1,195.00 and gave the stock an "outperform" rating in a report on Thursday, April 23rd. Oppenheimer set a $1,303.00 price objective on GE Vernova in a research report on Thursday, April 23rd. BMO Capital Markets increased their target price on GE Vernova from $1,110.00 to $1,250.00 and gave the stock an "outperform" rating in a research report on Thursday, April 23rd. Finally, Jefferies Financial Group dropped their target price on GE Vernova from $1,350.00 to $1,210.00 and set a "buy" rating on the stock in a research report on Thursday, June 11th. Three investment analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $1,089.88.

GE Vernova Trading Down 3.7%

Shares of GE Vernova stock opened at $1,045.74 on Friday. The business has a fifty day simple moving average of $1,031.16 and a 200-day simple moving average of $863.97. The firm has a market cap of $281.01 billion, a price-to-earnings ratio of 30.46, a price-to-earnings-growth ratio of 3.87 and a beta of 1.23. The company has a quick ratio of 0.65, a current ratio of 0.89 and a debt-to-equity ratio of 0.19. GE Vernova Inc. has a fifty-two week low of $482.20 and a fifty-two week high of $1,181.95.

GE Vernova (NYSE:GEV - Get Free Report) last released its earnings results on Wednesday, April 22nd. The company reported $17.44 EPS for the quarter, topping analysts' consensus estimates of $1.95 by $15.49. GE Vernova had a net margin of 23.81% and a return on equity of 43.97%. The business had revenue of $9.34 billion for the quarter, compared to the consensus estimate of $9.19 billion. During the same period in the previous year, the firm earned $0.91 EPS. The business's revenue for the quarter was up 17.0% on a year-over-year basis. On average, equities analysts forecast that GE Vernova Inc. will post 14.99 EPS 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. Shareholders of record on Tuesday, June 16th will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 0.2%. The ex-dividend date is Tuesday, June 16th. GE Vernova's dividend payout ratio (DPR) is presently 5.83%.

Insider Activity at GE Vernova

In other news, CAO Matthew Joseph Potvin sold 2,333 shares of the company's stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $1,059.09, for a total value of $2,470,856.97. Following the transaction, the chief accounting officer owned 3,549 shares in the company, valued at $3,758,710.41. This represents a 39.66% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Victor Abate sold 4,819 shares of the company's stock in a transaction that occurred on 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 owned 1,835 shares in the company, valued at approximately $1,739,726.80. This represents a 72.42% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.21% of the company's stock.

GE Vernova 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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