Bank of Nova Scotia Purchases 1,928 Shares of GE Vernova Inc. $GEV

Bank of Nova Scotia boosted its holdings in shares of GE Vernova Inc. (NYSE:GEV) by 3.4% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 59,021 shares of the company’s stock after buying an additional 1,928 shares during the period. Bank of Nova Scotia’s holdings in GE Vernova were worth $31,231,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in GEV. Norges Bank purchased a new position in shares of GE Vernova during the second quarter worth about $1,809,220,000. Arrowstreet Capital Limited Partnership grew its stake in GE Vernova by 273.7% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 1,508,317 shares of the company’s stock worth $798,126,000 after buying an additional 1,104,747 shares in the last quarter. AQR Capital Management LLC increased its holdings 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 worth $366,016,000 after buying an additional 892,549 shares during the last quarter. Amundi raised its position in shares of GE Vernova by 109.0% during the 1st quarter. Amundi now owns 1,665,980 shares of the company’s stock valued at $496,013,000 after buying an additional 868,927 shares in the last quarter. Finally, Assenagon Asset Management S.A. raised its position in GE Vernova by 10,044.9% during the second quarter. Assenagon Asset Management S.A. now owns 842,433 shares of the company’s stock valued at $445,773,000 after purchasing an additional 834,129 shares in the last quarter.

GE Vernova Stock Down 1.6%

Shares of NYSE:GEV opened at $621.27 on Tuesday. The firm has a fifty day simple moving average of $591.04 and a two-hundred day simple moving average of $577.61. GE Vernova Inc. has a 52 week low of $252.25 and a 52 week high of $677.29. The stock has a market capitalization of $168.56 billion, a P/E ratio of 101.18, a PEG ratio of 4.70 and a beta of 1.71.

GE Vernova (NYSE:GEV) last released 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). GE Vernova had a return on equity of 17.07% and a net margin of 4.52%.The firm had revenue of $9.97 billion during the quarter, compared to the consensus estimate of $9.15 billion. During the same quarter last year, the business posted ($0.35) EPS. GE Vernova’s revenue was up 11.8% 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 year.

GE Vernova Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, November 17th. Investors of record on Monday, October 20th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 0.2%. The ex-dividend date was Monday, October 20th. GE Vernova’s payout ratio is presently 16.29%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on GEV shares. Weiss Ratings restated a “hold (c)” rating on shares of GE Vernova in a report on Wednesday, October 8th. Glj Research boosted their target price on GE Vernova from $702.00 to $758.00 and gave the company a “buy” rating in a research note on Wednesday, October 15th. Cowen reissued a “buy” rating on shares of GE Vernova in a research report on Thursday, October 23rd. Mizuho dropped their price objective on shares of GE Vernova from $677.00 to $660.00 and set a “neutral” rating on the stock in a research note on Friday, October 24th. Finally, Rothschild Redb downgraded GE Vernova from a “hold” rating to a “strong sell” rating in a 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 given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $616.08.

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.