GE Vernova Inc. $GEV Shares Purchased by Patten Group Inc.

Patten Group Inc. raised its stake in shares of GE Vernova Inc. (NYSE:GEV) by 71.7% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 2,242 shares of the company’s stock after purchasing an additional 936 shares during the quarter. Patten Group Inc.’s holdings in GE Vernova were worth $1,186,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in GEV. AQR Capital Management LLC increased its position in shares of GE Vernova by 252.9% in the first quarter. AQR Capital Management LLC now owns 1,245,420 shares of the company’s stock worth $366,016,000 after acquiring an additional 892,549 shares in the last quarter. Amundi boosted its stake in shares of GE Vernova by 109.0% in the first quarter. Amundi now owns 1,665,980 shares of the company’s stock valued at $496,013,000 after purchasing an additional 868,927 shares during the period. Assenagon Asset Management S.A. boosted its stake in shares of GE Vernova by 10,044.9% in the second quarter. Assenagon Asset Management S.A. now owns 842,433 shares of the company’s stock valued at $445,773,000 after purchasing an additional 834,129 shares during the period. TD Asset Management Inc boosted its stake in shares of GE Vernova by 627.2% in the first quarter. TD Asset Management Inc now owns 926,842 shares of the company’s stock valued at $282,946,000 after purchasing an additional 799,388 shares during the period. Finally, Nuveen LLC purchased a new position in shares of GE Vernova in the first quarter valued at $223,556,000.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on GEV. Mizuho upped their target price on shares of GE Vernova from $670.00 to $677.00 and gave the company a “neutral” rating in a research note on Wednesday, October 15th. Jefferies Financial Group increased their price objective on shares of GE Vernova from $658.00 to $668.00 and gave the company a “hold” rating in a research note on Friday, September 12th. Bank of America increased their price objective on shares of GE Vernova from $550.00 to $620.00 and gave the company a “buy” rating in a research note on Thursday, July 17th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of GE Vernova in a research report on Wednesday, October 8th. Finally, Guggenheim downgraded shares of GE Vernova from a “buy” rating to a “neutral” rating in a research report on Monday, July 28th. Four equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, eight have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, GE Vernova currently has an average rating of “Moderate Buy” and a consensus price target of $601.44.

GE Vernova Stock Down 1.5%

Shares of NYSE:GEV opened at $585.12 on Wednesday. The company has a market cap of $159.28 billion, a PE ratio of 140.99, a P/E/G ratio of 4.30 and a beta of 1.72. The company’s 50-day moving average price is $613.83 and its 200 day moving average price is $524.82. GE Vernova Inc. has a fifty-two week low of $252.25 and a fifty-two week high of $677.29.

GE Vernova (NYSE:GEV) last issued its quarterly earnings data on Wednesday, July 23rd. The company reported $1.86 earnings per share for the quarter, beating the consensus estimate of $1.63 by $0.23. The firm 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%. GE Vernova’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same period last year, the firm posted $4.65 EPS. As a group, equities analysts anticipate that GE Vernova Inc. will post 6.59 EPS for the current year.

GE Vernova Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, November 17th. Shareholders of record on Monday, October 20th will be paid 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 (DPR) is presently 24.10%.

Insider Buying and Selling

In other GE Vernova news, CFO Kenneth Scott Parks sold 3,300 shares of the firm’s stock in a transaction dated 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 owned 7,590 shares of the company’s stock, valued at approximately $4,705,800. This trade represents a 30.30% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.15% of the company’s stock.

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.