Summit X LLC Raises Stake in GE Vernova Inc. $GEV

Summit X LLC boosted its holdings in shares of GE Vernova Inc. (NYSE:GEV) by 12.6% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,313 shares of the company’s stock after buying an additional 147 shares during the quarter. Summit X LLC’s holdings in GE Vernova were worth $695,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of GEV. Vanguard Group Inc. boosted its holdings in GE Vernova by 1.8% in the first quarter. Vanguard Group Inc. now owns 24,392,613 shares of the company’s stock valued at $7,446,577,000 after purchasing an additional 432,830 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of GE Vernova by 7.4% in 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 during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position 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 valued at $634,984,000 after acquiring 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 valued at $619,703,000 after acquiring an additional 684,794 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its holdings in GE Vernova by 47.4% in the first quarter. Massachusetts Financial Services Co. MA now owns 1,937,018 shares of the company’s stock valued at $591,333,000 after acquiring an additional 622,730 shares during the period.

Insider Activity

In other news, CFO Kenneth Scott Parks sold 3,300 shares of the stock in a transaction dated Tuesday, August 26th. The shares were sold at an average price of $620.00, for a total value of $2,046,000.00. Following the completion of the sale, the chief financial officer directly owned 7,590 shares in the company, valued at $4,705,800. This represents a 30.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.15% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Wells Fargo & Company raised their price objective on shares of GE Vernova from $697.00 to $717.00 and gave the stock an “overweight” rating in a research note on Friday, October 24th. Cowen restated a “buy” rating on shares of GE Vernova in a research report on Thursday, October 23rd. TD Cowen decreased their price objective on shares of GE Vernova from $685.00 to $680.00 and set a “buy” rating for the company in a research report on Thursday, October 23rd. Wall Street Zen lowered shares of GE Vernova from a “buy” rating to a “hold” rating in a research note on Saturday, July 26th. Finally, JPMorgan Chase & Co. raised their target price on GE Vernova from $715.00 to $740.00 and gave the company an “overweight” rating in a research report on Thursday, October 23rd. Four research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, GE Vernova presently has a consensus rating of “Moderate Buy” and a consensus target price of $607.81.

GE Vernova Stock Up 4.6%

GEV stock opened at $575.61 on Friday. GE Vernova Inc. has a 52 week low of $252.25 and a 52 week high of $677.29. The firm has a 50-day simple moving average of $602.58 and a 200-day simple moving average of $549.85. The stock has a market capitalization of $156.18 billion, a P/E ratio of 93.75, a P/E/G ratio of 4.28 and a beta of 1.68.

GE Vernova (NYSE:GEV) last posted its quarterly earnings data on Wednesday, October 22nd. The company reported $1.64 EPS for the quarter, missing the consensus estimate of $1.72 by ($0.08). GE Vernova had a return on equity of 17.07% and a net margin of 4.52%.The firm had revenue of $9.97 billion for the quarter, compared to analysts’ expectations of $9.15 billion. During the same quarter last year, the firm posted ($0.35) earnings per share. GE Vernova’s quarterly revenue was up 11.8% on a year-over-year basis. GE Vernova has set its FY 2025 guidance at EPS. On average, analysts expect that GE Vernova Inc. will post 6.59 earnings per share for the current year.

GE Vernova Dividend Announcement

The firm 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. This represents a $1.00 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend is Monday, October 20th. GE Vernova’s payout ratio is 16.29%.

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.