Mitsubishi UFJ Asset Management Co. Ltd. Makes New $786.25 Million Investment in GE Vernova Inc. $GEV

Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of GE Vernova Inc. (NYSE:GEV) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 669,232 shares of the company’s stock, valued at approximately $786,254,000.

Other hedge funds have also made changes to their positions in the company. World Investment Advisors boosted its stake in GE Vernova by 19.9% during the 4th quarter. World Investment Advisors now owns 13,497 shares of the company’s stock valued at $8,821,000 after purchasing an additional 2,241 shares during the period. Riverbend Wealth Management LLC acquired a new stake in GE Vernova in the 4th quarter valued at approximately $567,000. Vest Financial LLC increased its position in GE Vernova by 56.7% in the 4th quarter. Vest Financial LLC now owns 66,191 shares of the company’s stock worth $43,260,000 after buying an additional 23,956 shares during the period. RiverFront Investment Group LLC increased its position in GE Vernova by 239.2% in the 4th quarter. RiverFront Investment Group LLC now owns 2,191 shares of the company’s stock worth $1,432,000 after buying an additional 1,545 shares during the period. Finally, Danske Bank A S lifted its holdings in shares of GE Vernova by 5.5% during the fourth quarter. Danske Bank A S now owns 156,236 shares of the company’s stock worth $102,111,000 after buying an additional 8,086 shares during the last quarter.

Insider Activity

In other news, CEO Victor Abate sold 4,819 shares of the stock in a transaction on Monday, June 1st. The shares were sold at an average price of $948.08, for a total value of $4,568,797.52. Following the completion of the transaction, the chief executive officer owned 1,835 shares in the company, valued at approximately $1,739,726.80. This represents a 72.42% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.21% of the company’s stock.

GE Vernova Stock Performance

GEV opened at $956.69 on Friday. The stock’s 50 day simple moving average is $1,042.72 and its 200-day simple moving average is $968.13. The company has a current ratio of 0.85, a quick ratio of 0.62 and a debt-to-equity ratio of 0.21. The stock has a market cap of $254.80 billion, a PE ratio of 27.38, a P/E/G ratio of 3.45 and a beta of 1.21. GE Vernova Inc. has a 1 year low of $530.16 and a 1 year high of $1,195.94.

GE Vernova (NYSE:GEV) last issued its earnings results on Wednesday, July 22nd. The company reported $2.47 EPS for the quarter, missing the consensus estimate of $3.17 by ($0.70). GE Vernova had a return on equity of 42.42% and a net margin of 23.03%.The firm had revenue of $11.10 billion during the quarter, compared to the consensus estimate of $10.79 billion. During the same period last year, the business earned $1.86 earnings per share. The firm’s revenue for the quarter was up 21.9% compared to the same quarter last year. Sell-side analysts forecast that GE Vernova Inc. will post 15.57 EPS for the current year.

Analyst Ratings Changes

Several research firms have recently weighed in on GEV. TD Cowen increased their price objective on GE Vernova from $1,220.00 to $1,235.00 and gave the company a “buy” rating in a research report on Thursday, July 23rd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of GE Vernova in a research report on Tuesday, July 21st. Guggenheim upped their target price on shares of GE Vernova from $1,300.00 to $1,450.00 and gave the company a “buy” rating in a research note on Thursday, July 23rd. Argus set a $1,300.00 price target on shares of GE Vernova in a report on Monday, April 27th. Finally, Zacks Research lowered shares of GE Vernova from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 28th. Two research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $1,133.15.

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.