Gabelli Funds LLC has increased its holdings in shares of GE Vernova Inc. (NYSE: GEV) by 4.5% during the second quarter of 2023. According to a recent filing with the Securities and Exchange Commission, Gabelli now owns 84,431 shares of the company, having acquired an additional 3,616 shares in that period. The total value of Gabelli’s stake in GE Vernova is approximately $44,677,000.
Several other institutional investors have also adjusted their positions in GE Vernova recently. WFA Asset Management Corp purchased a new stake valued at around $29,000 during the second quarter. 1248 Management LLC and the Saudi Central Bank acquired stakes worth approximately $31,000 and $33,000, respectively, during the first quarter. Additionally, Ransom Advisory Ltd invested $33,000 in GE Vernova, while Highline Wealth Partners LLC raised its stake by 34.6%, now holding 70 shares valued at $37,000.
Analyst Ratings and Stock Performance
Equities research analysts have recently updated their ratings for GE Vernova. On October 23, Susquehanna raised its price target from $740.00 to $750.00 and assigned a “positive” rating. Jefferies Financial Group maintained a “hold” rating with a target price of $654.00 as of October 27. Royal Bank of Canada increased its price target from $605.00 to $630.00 and classified the stock as “sector perform.” Meanwhile, Barclays raised its target to $720.00 with an “overweight” rating.
The consensus among analysts indicates a positive outlook for the stock, with four giving it a “Strong Buy” rating, nineteen issuing a “Buy” rating, eight recommending “Hold,” and two advising “Sell.” According to MarketBeat, the stock currently holds an average rating of “Moderate Buy” with an average price target of $616.08.
On the trading front, shares of GE Vernova opened at $630.70 on Friday. The stock has shown robust performance, with a 50-day simple moving average of $590.63 and a 200-day simple moving average of $575.61. Over the past year, the stock has experienced a low of $252.25 and a high of $677.29. The company has a market capitalization of $171.12 billion and a price-to-earnings (P/E) ratio of 102.72.
Recent Financial Results and Dividend Announcement
GE Vernova released its quarterly earnings report on October 22, 2023, revealing an earnings per share (EPS) of $1.64, slightly below the analysts’ expectations of $1.72. The company reported a return on equity of 17.07% and a net margin of 4.52%. Revenue for the quarter reached $9.97 billion, exceeding projections of $9.15 billion. This marks an increase of 11.8% compared to the same period last year, where the company reported a loss of ($0.35) EPS.
The company also announced a quarterly dividend of $0.25 per share, which was paid on November 17, 2023. Shareholders on record as of October 20, 2023 received this dividend, representing an annualized dividend of $1.00 and a yield of 0.2%. The ex-dividend date coincided with the record date. Currently, GE Vernova has a payout ratio of 16.29%.
GE Vernova LLC is engaged in the energy sector, focusing on electricity generation. The company operates through three segments: Power, Wind, and Electrification. The Power segment generates and sells electricity via hydro, gas, nuclear, and steam power. The Wind segment manufactures and sells wind turbine blades, while the Electrification segment provides solutions for grid management, power conversion, solar energy, and energy storage.
