Renaissance Investment Group LLC Increases Stock Holdings in GE Vernova Inc. $GEV

Key Points

• Renaissance Investment Group LLC increased its stake in GE Vernova Inc. by 938.9% in the second quarter, now owning 18,607 shares valued at approximately $9.8 million.
• GE Vernova's quarterly earnings per share exceeded analyst expectations at $1.86, with revenue hitting $9.11 billion, reflecting an 11.1% year-over-year growth.
• Several analysts have raised their target prices for GE Vernova, with Morgan Stanley and Barclays setting targets of $675.00 and $706.00 respectively, while maintaining an "overweight" rating on the stock.

Renaissance Investment Group LLC lifted its stake in shares of GE Vernova Inc. (NYSE:GEV - Free Report) by 938.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 18,607 shares of the company's stock after purchasing an additional 16,816 shares during the quarter. GE Vernova comprises approximately 2.1% of Renaissance Investment Group LLC's portfolio, making the stock its 25th biggest position. Renaissance Investment Group LLC's holdings in GE Vernova were worth $9,846,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. EQ Wealth Advisors LLC purchased a new position in GE Vernova during the 1st quarter worth $27,000. IMA Advisory Services Inc. acquired a new position in shares of GE Vernova during the first quarter worth about $27,000. Orion Capital Management LLC acquired a new position in shares of GE Vernova during the fourth quarter worth about $30,000. Mowery & Schoenfeld Wealth Management LLC raised its holdings in GE Vernova by 115.2% during the first quarter. Mowery & Schoenfeld Wealth Management LLC now owns 99 shares of the company's stock worth $30,000 after purchasing an additional 53 shares in the last quarter. Finally, 1248 Management LLC acquired a new stake in GE Vernova in the first quarter valued at about $31,000.

Insiders Place Their Bets

In other GE Vernova news, CFO Kenneth Scott Parks sold 3,300 shares of GE Vernova 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 transaction, the chief financial officer directly owned 7,590 shares of the company's stock, valued at $4,705,800. The trade was a 30.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.15% of the stock is currently owned by company insiders.

GE Vernova Stock Up 0.4%

GEV stock opened at $628.09 on Tuesday. The company has a market cap of $170.98 billion, a price-to-earnings ratio of 151.35, a PEG ratio of 4.32 and a beta of 1.87. The business has a fifty day simple moving average of $610.59 and a 200-day simple moving average of $471.14. GE Vernova Inc. has a 52 week low of $225.24 and a 52 week high of $677.29.

GE Vernova (NYSE:GEV - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The company reported $1.86 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.63 by $0.23. The firm had revenue of $9.11 billion during the quarter, compared to the consensus estimate of $8.78 billion. GE Vernova had a return on equity of 13.23% and a net margin of 3.16%.The firm's quarterly revenue was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $4.65 earnings per share. GE Vernova has set its FY 2025 guidance at EPS. As a group, analysts expect that GE Vernova Inc. will post 6.59 earnings per share for the current fiscal year.

GE Vernova Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, August 18th. Investors of record on Monday, July 21st were issued a $0.25 dividend. The ex-dividend date was Monday, July 21st. This represents a $1.00 annualized dividend and a yield of 0.2%. GE Vernova's dividend payout ratio (DPR) is presently 24.10%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on GEV. Morgan Stanley boosted their target price on GE Vernova from $511.00 to $675.00 and gave the stock an "overweight" rating in a research report on Thursday, July 24th. Glj Research started coverage on GE Vernova in a research note on Monday, June 23rd. They issued a "buy" rating on the stock. Guggenheim lowered GE Vernova from a "buy" rating to a "neutral" rating in a report on Monday, July 28th. Barclays raised their target price on GE Vernova from $580.00 to $706.00 and gave the company an "overweight" rating in a report on Thursday, July 24th. Finally, JPMorgan Chase & Co. boosted their target price on shares of GE Vernova from $620.00 to $715.00 and gave the stock an "overweight" rating in a research report on Thursday, July 24th. Four analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and nine have given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $592.35.

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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