Patten Group Inc. Grows Stock Holdings in GE Vernova Inc. $GEV

Key Points

• Patten Group Inc. has increased its stake in GE Vernova Inc. by 71.7% during the second quarter, bringing its total holdings to 2,242 shares valued at approximately $1.2 million.
• GE Vernova recently declared a quarterly dividend of $0.25 per share, set to be paid on November 17th, with an annualized yield of 0.2%.
• Analysts have issued various price targets for GE Vernova, with the consensus rating being "Moderate Buy" and an average target price of $601.44.

Patten Group Inc. increased its stake in shares of GE Vernova Inc. (NYSE:GEV - Free Report) by 71.7% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,242 shares of the company's stock after buying an additional 936 shares during the period. Patten Group Inc.'s holdings in GE Vernova were worth $1,186,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in GE Vernova by 1.8% during the first quarter. Vanguard Group Inc. now owns 24,392,613 shares of the company's stock worth $7,446,577,000 after buying an additional 432,830 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in GE Vernova by 7.4% during the first quarter. Goldman Sachs Group Inc. now owns 3,129,958 shares of the company's stock worth $955,513,000 after buying an additional 214,483 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in GE Vernova by 21.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,080,006 shares of the company's stock worth $634,984,000 after buying an additional 367,150 shares in the last quarter. Wellington Management Group LLP raised its position in GE Vernova by 50.9% during the first quarter. Wellington Management Group LLP now owns 2,029,948 shares of the company's stock worth $619,703,000 after acquiring an additional 684,794 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA raised its position in GE Vernova by 47.4% during the first quarter. Massachusetts Financial Services Co. MA now owns 1,937,018 shares of the company's stock worth $591,333,000 after acquiring an additional 622,730 shares during the last quarter.

Insider Buying and Selling

In related news, CFO Kenneth Scott Parks sold 3,300 shares of the company's stock in a transaction that occurred on Tuesday, August 26th. The shares were sold at an average price of $620.00, for a total transaction of $2,046,000.00. Following the completion of the transaction, the chief financial officer owned 7,590 shares of the company's stock, valued at approximately $4,705,800. This represents a 30.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.15% of the company's stock.

GE Vernova Stock Performance

Shares of GEV opened at $585.12 on Wednesday. The company has a market capitalization of $159.28 billion, a price-to-earnings ratio of 140.99, a PEG ratio of 4.30 and a beta of 1.72. The company's 50 day simple moving average is $613.83 and its 200 day simple moving average is $524.82. GE Vernova Inc. has a 1 year low of $252.25 and a 1 year 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, beating the consensus estimate of $1.63 by $0.23. The business had revenue of $9.11 billion for the quarter, compared to the consensus estimate of $8.78 billion. GE Vernova had a net margin of 3.16% and a return on equity of 13.23%. The company's quarterly revenue was up 11.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $4.65 earnings per share. Equities analysts expect that GE Vernova Inc. will post 6.59 EPS for the current fiscal year.

GE Vernova Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, November 17th. Investors of record on Monday, October 20th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, October 20th. This represents a $1.00 annualized dividend and a yield of 0.2%. GE Vernova's dividend payout ratio is 24.10%.

Analysts Set New Price Targets

A number of brokerages have issued reports on GEV. Weiss Ratings restated a "hold (c)" rating on shares of GE Vernova in a research report on Wednesday, October 8th. Morgan Stanley lifted their target price on shares of GE Vernova from $675.00 to $690.00 and gave the stock an "overweight" rating in a research report on Thursday, October 16th. Melius Research set a $740.00 target price on shares of GE Vernova and gave the stock a "buy" rating in a research report on Monday, September 15th. Barclays lifted their target price on shares of GE Vernova from $580.00 to $706.00 and gave the stock an "overweight" rating in a research report on Thursday, July 24th. Finally, Susquehanna lifted their target price on shares of GE Vernova from $736.00 to $740.00 and gave the stock a "positive" rating in a research report on Monday, October 13th. Four analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, eight have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $601.44.

About GE Vernova

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.

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