Radnor Capital Management LLC has decreased its holdings in GE Vernova Inc. (NYSE: GEV) by 7.6% during the third quarter of 2023. According to a recent filing with the Securities and Exchange Commission, Radnor now owns 15,336 shares of the company, having sold 1,264 shares during this period. This investment now constitutes 1.4% of Radnor’s total portfolio, ranking as the firm’s ninth largest position. As of the end of the third quarter, Radnor’s holdings in GE Vernova were valued at approximately $9.43 million.
Other institutional investors have also adjusted their stakes in GE Vernova. Notable changes include Pines Wealth Management LLC, which purchased a new position valued at around $408,000 in the second quarter. Meanwhile, Dupree Financial Group LLC acquired shares valued at approximately $253,000, and International Assets Investment Management LLC increased its stake by 18.8%, bringing its ownership to 3,903 shares worth about $2.07 million. Additionally, Quantbot Technologies LP significantly boosted its position by 91.6%, now holding 43,625 shares valued at $23.08 million.
Analyst Ratings and Stock Performance
Recent analyst reports reflect a range of opinions on GE Vernova. Weiss Ratings reissued a “hold (c)” rating on October 8, while The Goldman Sachs Group raised its target price from $735.00 to $840.00, assigning a “buy” rating on December 16. Mizuho adjusted its price target down from $677.00 to $660.00 with a “neutral” rating on October 24. Cowen reiterated a “buy” rating, and Susquehanna increased its price target from $750.00 to $775.00 on December 10. Currently, four analysts rate the stock as a Strong Buy, twenty-two as Buy, six as Hold, and two as Sell, leading to a consensus rating of “Moderate Buy” with an average price target of $691.11, according to MarketBeat.
As of the latest trading session, GE Vernova shares opened at $678.29. The company holds a market capitalization of $184.03 billion, a price-to-earnings ratio of 110.47, and a beta of 1.67. Over the past year, the stock has seen a low of $252.25 and a high of $731.00. The 50-day moving average price stands at $612.80, while the 200-day moving average is $601.50.
Quarterly Earnings and Dividend Increase
On October 22, GE Vernova reported its quarterly earnings, revealing earnings per share (EPS) of $1.64, falling short of the consensus estimate of $1.72 by $0.08. The company achieved a return on equity of 17.07% and a net margin of 4.52%. Total revenue for the quarter reached $9.97 billion, exceeding analysts’ expectations of $9.15 billion and marking an 11.8% increase compared to the same period last year, when the firm posted a loss of $0.35 EPS.
Additionally, GE Vernova has announced an increase in its quarterly dividend, which will be paid on February 2, 2024. Shareholders on record as of January 5, 2024 will receive a dividend of $0.50. This adjustment represents a total annualized dividend of $2.00, yielding 0.3%, up from the previous quarterly dividend of $0.25. The company’s current dividend payout ratio (DPR) stands at 16.29%.
About GE Vernova
GE Vernova, a publicly traded company under the ticker GEV, was formed from the energy businesses of General Electric. The firm focuses on designing, manufacturing, and servicing equipment and systems used across the power generation and energy transition sectors. Its diverse offerings include large-scale power-generation equipment, such as gas and steam turbines, and renewable energy technologies, including both onshore and offshore wind platforms as well as hydro solutions.
