Westpac Banking Corp Sells 2,817 Shares of GE Vernova Inc. $GEV

Westpac Banking Corp cut its stake in shares of GE Vernova Inc. (NYSE:GEV) by 39.8% in the 2nd quarter, HoldingsChannel reports. The fund owned 4,262 shares of the company’s stock after selling 2,817 shares during the quarter. Westpac Banking Corp’s holdings in GE Vernova were worth $2,255,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently modified their holdings of the company. AQR Capital Management LLC boosted its stake in shares of GE Vernova by 252.9% in the 1st quarter. AQR Capital Management LLC now owns 1,245,420 shares of the company’s stock valued at $366,016,000 after purchasing an additional 892,549 shares in the last quarter. Amundi increased its stake in GE Vernova by 109.0% in the first quarter. Amundi now owns 1,665,980 shares of the company’s stock valued at $496,013,000 after purchasing an additional 868,927 shares in the last quarter. Assenagon Asset Management S.A. increased its stake in GE Vernova by 10,044.9% in the 2nd quarter. Assenagon Asset Management S.A. now owns 842,433 shares of the company’s stock valued at $445,773,000 after buying an additional 834,129 shares during the last quarter. TD Asset Management Inc lifted its holdings in GE Vernova by 627.2% during the first quarter. TD Asset Management Inc now owns 926,842 shares of the company’s stock worth $282,946,000 after acquiring an additional 799,388 shares during the period. Finally, Nuveen LLC bought a new position in GE Vernova during the first quarter valued at about $223,556,000.

Analyst Ratings Changes

A number of analysts have recently issued reports on GEV shares. Weiss Ratings reiterated a “hold (c)” rating on shares of GE Vernova in a research report on Wednesday, October 8th. Wells Fargo & Company increased their target price on GE Vernova from $697.00 to $717.00 and gave the company an “overweight” rating in a report on Friday, October 24th. Citigroup dropped their target price on shares of GE Vernova from $670.00 to $658.00 and set a “neutral” rating for the company in a report on Thursday, October 23rd. Royal Bank Of Canada boosted their price objective on shares of GE Vernova from $605.00 to $630.00 and gave the company a “sector perform” rating in a research report on Thursday, October 23rd. Finally, Jefferies Financial Group restated a “hold” rating and set a $654.00 price target on shares of GE Vernova in a research report on Monday, October 27th. Four equities research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, GE Vernova presently has an average rating of “Moderate Buy” and a consensus price target of $607.81.

GE Vernova Stock Performance

GEV traded up $13.25 during trading on Monday, hitting $591.56. 155,699 shares of the stock were exchanged, compared to its average volume of 3,378,078. The firm has a market cap of $160.50 billion, a price-to-earnings ratio of 96.35, a P/E/G ratio of 4.30 and a beta of 1.69. GE Vernova Inc. has a 1 year low of $252.25 and a 1 year high of $677.29. The firm has a 50 day simple moving average of $600.86 and a 200 day simple moving average of $558.55.

GE Vernova (NYSE:GEV) last issued 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). The business had revenue of $9.97 billion for the quarter, compared to analysts’ expectations of $9.15 billion. GE Vernova had a net margin of 4.52% and a return on equity of 17.07%. The business’s revenue for the quarter was up 11.8% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.35) EPS. GE Vernova has set its FY 2025 guidance at EPS. As a group, equities analysts anticipate that GE Vernova Inc. will post 6.59 earnings per share for the current fiscal year.

GE Vernova Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, November 17th. Investors of record on Monday, October 20th will be given a dividend of $0.25 per share. 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 is 16.29%.

Insider Buying and Selling at GE Vernova

In other news, CFO Kenneth Scott Parks sold 3,300 shares of the company’s stock in a transaction that occurred on 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 transaction, the chief financial officer directly owned 7,590 shares in the company, valued at approximately $4,705,800. This represents a 30.30% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.15% of the company’s stock.

GE Vernova 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.