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

Illinois Municipal Retirement Fund raised its holdings in shares of GE Vernova Inc. (NYSE:GEV) by 31.4% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 11,381 shares of the company’s stock after purchasing an additional 2,722 shares during the period. Illinois Municipal Retirement Fund’s holdings in GE Vernova were worth $6,998,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. Bay Harbor Wealth Management LLC boosted its holdings in GE Vernova by 537.5% in the third quarter. Bay Harbor Wealth Management LLC now owns 51 shares of the company’s stock worth $31,000 after acquiring an additional 43 shares in the last quarter. Elevation Wealth Partners LLC raised its position in shares of GE Vernova by 47.2% in the 3rd quarter. Elevation Wealth Partners LLC now owns 53 shares of the company’s stock valued at $33,000 after purchasing an additional 17 shares during the last quarter. Deseret Mutual Benefit Administrators boosted its stake in GE Vernova by 112.0% in the 3rd quarter. Deseret Mutual Benefit Administrators now owns 53 shares of the company’s stock worth $33,000 after purchasing an additional 28 shares in the last quarter. WFA Asset Management Corp purchased a new stake in GE Vernova during the 2nd quarter worth approximately $29,000. Finally, Howard Hughes Medical Institute acquired a new position in GE Vernova during the 2nd quarter valued at approximately $31,000.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on GEV. China Renaissance raised shares of GE Vernova to a “strong-buy” rating in a report on Thursday, January 29th. Susquehanna boosted their price target on GE Vernova from $800.00 to $820.00 and gave the company a “positive” rating in a research note on Thursday, January 29th. Oppenheimer reissued an “outperform” rating on shares of GE Vernova in a report on Thursday, January 29th. BMO Capital Markets reaffirmed an “outperform” rating and set a $785.00 target price on shares of GE Vernova in a report on Thursday, January 29th. Finally, Wells Fargo & Company upped their target price on GE Vernova from $717.00 to $831.00 and gave the company an “overweight” rating in a research report on Tuesday, December 16th. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, three have issued a Hold rating and one has given 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 $788.24.

GE Vernova Price Performance

Shares of NYSE:GEV opened at $801.76 on Friday. The firm has a market capitalization of $216.10 billion, a price-to-earnings ratio of 45.04, a price-to-earnings-growth ratio of 3.25 and a beta of 1.67. GE Vernova Inc. has a 1 year low of $252.25 and a 1 year high of $846.00. The business’s 50 day moving average price is $689.84 and its 200-day moving average price is $635.49.

GE Vernova (NYSE:GEV) last posted its quarterly earnings data on Wednesday, January 28th. The company reported $13.39 EPS for the quarter, topping the consensus estimate of $2.99 by $10.40. GE Vernova had a return on equity of 46.91% and a net margin of 12.83%.The company had revenue of $10.96 billion during the quarter, compared to analyst estimates of $10.21 billion. During the same period in the previous year, the business earned $1.73 EPS. GE Vernova’s quarterly revenue was up 3.8% on a year-over-year basis. On average, sell-side analysts expect that GE Vernova Inc. will post 6.59 earnings per share for the current year.

GE Vernova Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, February 2nd. Shareholders of record on Monday, January 5th were paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 0.2%. This is an increase from GE Vernova’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Monday, January 5th. GE Vernova’s dividend payout ratio is presently 11.24%.

About GE Vernova

GE Vernova is the energy-focused company formed from the energy businesses of General Electric and operates as a publicly listed entity on the NYSE under the ticker GEV. It is organized to design, manufacture and service equipment and systems used across the power generation and energy transition value chain, bringing together legacy capabilities in conventional power, renewables and grid technologies under a single corporate platform.

The company’s offerings span large-scale power-generation equipment such as gas and steam turbines and associated generators and controls, as well as renewable energy technologies including onshore and offshore wind platforms and hydro solutions.