Illinois Municipal Retirement Fund Increases Stake in GE Vernova Inc. $GEV

Illinois Municipal Retirement Fund grew its stake in GE Vernova Inc. (NYSE:GEV) by 261.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,659 shares of the company’s stock after buying an additional 6,261 shares during the period. Illinois Municipal Retirement Fund’s holdings in GE Vernova were worth $4,582,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. IMA Advisory Services Inc. purchased a new position in shares of GE Vernova in the first quarter worth about $27,000. WFA Asset Management Corp purchased a new position in GE Vernova during the 2nd quarter worth approximately $29,000. Mowery & Schoenfeld Wealth Management LLC lifted its stake 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 acquiring an additional 53 shares during the period. 1248 Management LLC acquired a new stake in GE Vernova during the 1st quarter valued at approximately $31,000. Finally, Saudi Central Bank purchased a new stake in shares of GE Vernova in the 1st quarter valued at $33,000.

Insider Activity

In related news, CFO Kenneth Scott Parks sold 3,300 shares of the business’s 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 directly owned 7,590 shares in the company, valued at approximately $4,705,800. The trade was a 30.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.15% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on GEV. TD Cowen reduced their target price on shares of GE Vernova from $685.00 to $680.00 and set a “buy” rating for the company in a report on Thursday, October 23rd. Bank of America lifted their price objective on GE Vernova from $550.00 to $620.00 and gave the company a “buy” rating in a research note on Thursday, July 17th. Mizuho decreased their price objective on GE Vernova from $677.00 to $660.00 and set a “neutral” rating for the company in a report on Friday, October 24th. Weiss Ratings restated a “hold (c)” rating on shares of GE Vernova in a research note on Wednesday, October 8th. Finally, Glj Research lifted their price target on GE Vernova from $702.00 to $758.00 and gave the company a “buy” rating in a research report on Wednesday, October 15th. Four investment analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $607.81.

GE Vernova Price Performance

Shares of NYSE:GEV opened at $575.07 on Thursday. The firm has a market capitalization of $156.03 billion, a price-to-earnings ratio of 93.66, a price-to-earnings-growth ratio of 4.28 and a beta of 1.68. GE Vernova Inc. has a 1 year low of $252.25 and a 1 year high of $677.29. The business’s 50 day moving average price is $601.77 and its 200-day moving average price is $554.47.

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

GE Vernova Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, November 17th. Stockholders of record on Monday, October 20th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 0.2%. The ex-dividend date is Monday, October 20th. GE Vernova’s dividend payout ratio (DPR) is 16.29%.

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.