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

OLD National Bancorp IN lowered its position in GE Vernova Inc. (NYSE:GEV) by 13.9% in the 2nd quarter, HoldingsChannel reports. The fund owned 668 shares of the company’s stock after selling 108 shares during the period. OLD National Bancorp IN’s holdings in GE Vernova were worth $353,000 as of its most recent filing with the SEC.

Other large investors also recently added to or reduced their stakes in the company. EQ Wealth Advisors LLC purchased a new position in GE Vernova during the 1st quarter valued at about $27,000. IMA Advisory Services Inc. purchased a new position in GE Vernova during the 1st quarter valued at about $27,000. Mowery & Schoenfeld Wealth Management LLC grew its holdings in GE Vernova by 115.2% during the 1st quarter. Mowery & Schoenfeld Wealth Management LLC now owns 99 shares of the company’s stock valued at $30,000 after buying an additional 53 shares in the last quarter. 1248 Management LLC purchased a new position in GE Vernova during the 1st quarter valued at about $31,000. Finally, Saudi Central Bank purchased a new position in GE Vernova during the 1st quarter valued at about $33,000.

Analyst Ratings Changes

A number of brokerages have recently issued reports on GEV. BMO Capital Markets lifted their price target on GE Vernova from $590.00 to $690.00 and gave the company an “outperform” rating in a research report on Thursday, July 24th. Citigroup lifted their price target on GE Vernova from $544.00 to $670.00 and gave the company a “neutral” rating in a research report on Thursday, July 24th. Barclays lifted their price target on GE Vernova from $580.00 to $706.00 and gave the company an “overweight” rating in a research report on Thursday, July 24th. Morgan Stanley lifted their price target on GE Vernova from $511.00 to $675.00 and gave the company an “overweight” rating in a research report on Thursday, July 24th. Finally, Jefferies Financial Group lifted their price target on GE Vernova from $658.00 to $668.00 and gave the company a “hold” rating in a research report on Friday, September 12th. Four analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $598.50.

Insider Buying and Selling at GE Vernova

In other news, CFO Kenneth Scott Parks sold 3,300 shares of the stock in a transaction that occurred on Tuesday, August 26th. The stock was sold at an average price of $620.00, for a total transaction of $2,046,000.00. Following the completion of the sale, 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.15% of the company’s stock.

GE Vernova Price Performance

NYSE:GEV opened at $606.24 on Wednesday. The business has a 50 day moving average of $621.76 and a 200 day moving average of $503.77. The company has a market capitalization of $165.03 billion, a price-to-earnings ratio of 146.08, a PEG ratio of 4.39 and a beta of 1.72. GE Vernova Inc. has a 1-year low of $252.25 and a 1-year high of $677.29.

GE Vernova (NYSE:GEV) last released its earnings results on Wednesday, July 23rd. The company reported $1.86 earnings per share for the quarter, topping analysts’ consensus estimates of $1.63 by $0.23. The company 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%.GE Vernova’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $4.65 EPS. GE Vernova has set its FY 2025 guidance at EPS. As a group, sell-side analysts anticipate that GE Vernova Inc. will post 6.59 EPS for the current year.

GE Vernova Dividend Announcement

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

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.