GE Vernova Inc. $GEV Shares Sold by Renaissance Investment Group LLC

Renaissance Investment Group LLC lowered its holdings in GE Vernova Inc. (NYSE:GEV) by 5.7% during the second quarter, Holdings Channel.com reports. The firm owned 19,339 shares of the company’s stock after selling 1,167 shares during the period. GE Vernova makes up 4.5% of Renaissance Investment Group LLC’s holdings, making the stock its 4th biggest holding. Renaissance Investment Group LLC’s holdings in GE Vernova were worth $22,721,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the business. Auto Owners Insurance Co increased its position in shares of GE Vernova by 110,973.4% during the 4th quarter. Auto Owners Insurance Co now owns 34,858,156 shares of the company’s stock worth $2,278,224,000 after purchasing an additional 34,826,773 shares during the last quarter. Vanguard Group Inc. lifted its position in GE Vernova by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 25,023,625 shares of the company’s stock valued at $16,354,691,000 after buying an additional 208,162 shares during the last quarter. State Street Corp lifted its position in GE Vernova by 2.1% in the fourth quarter. State Street Corp now owns 11,469,670 shares of the company’s stock valued at $7,496,232,000 after buying an additional 231,392 shares during the last quarter. Geode Capital Management LLC boosted its stake in GE Vernova by 1.1% during the fourth quarter. Geode Capital Management LLC now owns 6,249,193 shares of the company’s stock worth $4,074,039,000 after buying an additional 68,894 shares during the period. Finally, Morgan Stanley boosted its stake in GE Vernova by 12.8% during the fourth quarter. Morgan Stanley now owns 6,054,474 shares of the company’s stock worth $3,957,024,000 after buying an additional 685,466 shares during the period.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Morgan Stanley cut shares of GE Vernova from an “overweight” rating to an “underweight” rating in a research report on Monday. Royal Bank Of Canada upped their price objective on shares of GE Vernova from $1,195.00 to $1,225.00 and gave the stock an “outperform” rating in a report on Thursday, July 23rd. Argus set a $1,300.00 price objective on shares of GE Vernova in a research report on Monday, April 27th. William Blair reiterated an “outperform” rating on shares of GE Vernova in a report on Monday. Finally, Wall Street Zen lowered GE Vernova from a “buy” rating to a “hold” rating in a research report on Saturday, July 25th. Two research analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $1,133.15.

GE Vernova Stock Performance

Shares of GE Vernova stock opened at $998.35 on Friday. The stock has a market capitalization of $265.89 billion, a price-to-earnings ratio of 28.57, a price-to-earnings-growth ratio of 3.63 and a beta of 1.21. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.85 and a quick ratio of 0.62. The business has a 50-day moving average of $1,026.19 and a 200 day moving average of $944.87. GE Vernova Inc. has a 12 month low of $530.16 and a 12 month high of $1,195.94.

GE Vernova (NYSE:GEV) last issued its quarterly earnings results on Wednesday, July 22nd. The company reported $2.47 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.17 by ($0.70). The business had revenue of $11.10 billion for the quarter, compared to analysts’ expectations of $10.79 billion. GE Vernova had a return on equity of 42.42% and a net margin of 23.03%.The firm’s revenue for the quarter was up 21.9% on a year-over-year basis. During the same quarter last year, the company earned $1.86 earnings per share. As a group, sell-side analysts forecast that GE Vernova Inc. will post 15.57 earnings per share for the current year.

GE Vernova Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 14th. Investors of record on Tuesday, June 16th were issued a $0.50 dividend. The ex-dividend date was Tuesday, June 16th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.2%. GE Vernova’s payout ratio is 5.72%.

Insider Activity at GE Vernova

In other GE Vernova news, CAO Matthew Joseph Potvin sold 2,333 shares of the stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $1,059.09, for a total transaction of $2,470,856.97. Following the sale, the chief accounting officer directly owned 3,549 shares in the company, valued at $3,758,710.41. This represents a 39.66% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Victor Abate sold 4,819 shares of the firm’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 directly owned 1,835 shares of the company’s stock, valued at $1,739,726.80. This represents a 72.42% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.21% of the stock is owned by corporate insiders.

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.