First Trust Advisors LP Has $400.08 Million Stock Position in GE Vernova Inc. $GEV

First Trust Advisors LP grew its holdings in GE Vernova Inc. (NYSE:GEV) by 45.5% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 650,643 shares of the company’s stock after acquiring an additional 203,600 shares during the quarter. First Trust Advisors LP’s holdings in GE Vernova were worth $400,080,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. Vanguard Group Inc. boosted its holdings in GE Vernova by 0.6% in the 3rd quarter. Vanguard Group Inc. now owns 24,815,463 shares of the company’s stock valued at $15,259,028,000 after purchasing an additional 150,892 shares during the period. State Street Corp grew its position in shares of GE Vernova by 1.9% during the 2nd quarter. State Street Corp now owns 11,097,778 shares of the company’s stock worth $5,872,389,000 after purchasing an additional 206,650 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of GE Vernova by 2.2% during the second quarter. Geode Capital Management LLC now owns 6,108,484 shares of the company’s stock worth $3,221,404,000 after purchasing an additional 129,315 shares during the period. Norges Bank bought a new position in shares of GE Vernova during the second quarter worth approximately $1,809,220,000. Finally, Invesco Ltd. raised its position in shares of GE Vernova by 26.3% in the second quarter. Invesco Ltd. now owns 2,217,257 shares of the company’s stock valued at $1,173,262,000 after buying an additional 462,038 shares in the last quarter.

GE Vernova Price Performance

Shares of GEV opened at $790.00 on Friday. The firm has a 50 day simple moving average of $743.08 and a two-hundred day simple moving average of $655.74. GE Vernova Inc. has a one year low of $252.25 and a one year high of $894.93. The company has a market cap of $212.93 billion, a P/E ratio of 44.38, a P/E/G ratio of 3.24 and a beta of 1.45.

GE Vernova (NYSE:GEV) last issued its earnings results on Wednesday, January 28th. The company reported $13.39 earnings per share for the quarter, beating analysts’ consensus estimates of $2.99 by $10.40. GE Vernova had a return on equity of 46.91% and a net margin of 12.83%.The firm had revenue of $10.96 billion for the quarter, compared to the consensus estimate of $10.21 billion. During the same quarter last year, the business posted $1.73 EPS. The company’s revenue was up 3.8% compared to the same quarter last year. On average, analysts expect that GE Vernova Inc. will post 6.59 earnings per share for the current fiscal year.

GE Vernova Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 14th. Investors of record on Tuesday, March 17th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Tuesday, March 17th. This represents a $2.00 annualized dividend and a yield of 0.3%. GE Vernova’s dividend payout ratio (DPR) is 11.24%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Mizuho set a $714.00 price target on GE Vernova in a research note on Tuesday, February 3rd. Glj Research raised their price objective on GE Vernova from $758.00 to $1,087.00 and gave the stock a “buy” rating in a research note on Monday, January 12th. Evercore lifted their price objective on GE Vernova from $860.00 to $905.00 and gave the company an “outperform” rating in a report on Thursday, January 29th. Robert W. Baird set a $923.00 target price on GE Vernova and gave the company an “outperform” rating in a research report on Wednesday, February 4th. Finally, Erste Group Bank initiated coverage on GE Vernova in a report on Thursday. They set a “buy” rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $805.25.

GE Vernova Company Profile

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.