Charles Schwab Investment Management Inc. has increased its stake in GE Vernova Inc. (NYSE: GEV) by 3.3%, now holding a total of 1,800,510 shares valued at approximately $952.74 million. This adjustment occurred during the second quarter, as disclosed in the latest filing with the Securities and Exchange Commission (SEC). The firm acquired an additional 58,211 shares during this period, reinforcing its substantial investment in the energy company.
Other institutional investors have also made notable changes to their positions in GE Vernova. For instance, Caitong International Asset Management Co. Ltd. purchased a new stake in the first quarter, valued at about $912,000. Similarly, Pines Wealth Management LLC acquired shares worth around $408,000 in the second quarter. Resona Asset Management Co. Ltd. increased its holdings by 8.2% during the first quarter, now owning 86,021 shares valued at approximately $26.23 million.
Analysts Adjust Price Targets
Recent evaluations from analysts have led to shifts in price targets for GE Vernova. Guggenheim downgraded the stock from a “buy” rating to a “neutral” rating on July 28. Meanwhile, HSBC raised its target from $570.00 to $580.00, maintaining a “hold” rating as of September 5. Melius Research set a new price target of $740.00 with a “buy” designation on September 15.
TD Cowen adjusted its price objective down from $685.00 to $680.00 while still rating the stock as a “buy.” Morgan Stanley also increased its target price from $690.00 to $710.00, giving GE Vernova an “overweight” rating on October 30. Overall, the consensus rating for the stock stands at “Moderate Buy,” with an average price target of $607.81 according to MarketBeat.
Insider Transactions and Performance Metrics
In related news, GE Vernova’s Chief Financial Officer, Kenneth Scott Parks, sold 3,300 shares on August 26 at an average price of $620.00, totaling $2.05 million. Following this transaction, Parks retained 7,590 shares valued at approximately $4.71 million, reflecting a 30.3% decrease in his holdings. This transaction was officially reported through a filing with the SEC.
As of the market opening on October 22, 2023, GE Vernova’s stock price was $555.98, with a market capitalization of $150.85 billion. The stock’s 50-day moving average stands at $595.52, while the 200-day moving average is $563.46. GE Vernova has experienced a one-year low of $252.25 and a high of $677.29.
The company recently announced its quarterly earnings, reporting earnings per share (EPS) of $1.64, which fell short of analysts’ expectations of $1.72. Despite this, GE Vernova generated revenue of $9.97 billion, exceeding the forecast of $9.15 billion. The firm also noted a year-over-year revenue increase of 11.8%.
Additionally, GE Vernova declared a quarterly dividend of $0.25, paid on November 17, with an annualized dividend yield of 0.2%. The ex-dividend date for this distribution was October 20, and the company’s dividend payout ratio is currently 16.29%.
GE Vernova operates under three segments: Power, Wind, and Electrification, providing diverse energy solutions across various platforms, including hydro, gas, nuclear, and steam power generation. As the energy sector evolves, GE Vernova remains a key player, attracting significant investment and interest from analysts and institutional investors alike.
