Radnor Capital Management Reduces Stake in GE Vernova by 7.6%
Radnor Capital Management LLC has reduced its stake in GE Vernova Inc. (NYSE: GEV) by 7.6% during the third quarter, as detailed in a recent filing with the Securities and Exchange Commission. Following the sale of 1,264 shares, Radnor now holds 15,336 shares of the company, which constitutes 1.4% of its investment portfolio and ranks as its ninth largest position. The value of Radnor’s holdings in GE Vernova was approximately $9.43 million at the end of the quarter.
Several other institutional investors have made notable adjustments to their positions in GE Vernova. Pines Wealth Management LLC initiated a new stake in the company in the second quarter, valued at around $408,000. Likewise, Dupree Financial Group LLC acquired shares worth approximately $253,000 during the same period. Additionally, International Assets Investment Management LLC increased its stake by 18.8%, now owning 3,903 shares valued at about $2.07 million. Quantbot Technologies LP significantly boosted its position by 91.6%, acquiring an additional 20,853 shares, bringing its total to 43,625 shares worth $23.08 million. Finally, Alpha Financial Partners LLC also entered the market with a new investment valued at approximately $230,000.
Analyst Ratings and Stock Performance
The stock has attracted attention from various analysts. Weiss Ratings reaffirmed a “hold (c)” rating on October 8, 2023. Meanwhile, The Goldman Sachs Group raised its target price from $735.00 to $840.00, maintaining a “buy” rating in a note dated December 16, 2023. Conversely, Mizuho adjusted its price target downward from $677.00 to $660.00, issuing a “neutral” rating on October 24, 2023. Cowen reiterated a “buy” rating, while Susquehanna increased its price objective from $750.00 to $775.00 in a report on December 10, 2023. Overall, four analysts have rated the stock as a Strong Buy, while twenty-two have issued a Buy rating, six have designated it as Hold, and two have issued Sell ratings. According to data from MarketBeat, GE Vernova currently holds a consensus rating of “Moderate Buy” with an average price target of $691.11.
On the market, GE Vernova’s stock opened at $678.29 on Friday. The company boasts a market capitalization of $184.03 billion, with a price-to-earnings ratio of 110.47 and a PEG ratio of 2.85. Over the past year, the stock has fluctuated between a low of $252.25 and a high of $731.00. As of now, its 50-day and 200-day moving average prices stand at $612.80 and $601.50, respectively.
Recent Earnings and Dividend Announcement
GE Vernova recently reported its quarterly earnings on October 22, 2023. The company posted earnings per share (EPS) of $1.64, falling short of the consensus estimate of $1.72 by $0.08. The firm recorded a return on equity of 17.07% and a net margin of 4.52%. Revenue for the quarter reached $9.97 billion, exceeding analysts’ expectations of $9.15 billion. Compared to the same quarter in the previous year, the revenue showed an increase of 11.8%. Sell-side analysts project that GE Vernova will report an EPS of 6.59 for the current fiscal year.
In addition to its financial performance, GE Vernova has announced an increase in its quarterly dividend, which is set to be paid on February 2, 2024. Shareholders of record as of January 5, 2024 will receive a dividend of $0.50 per share. This marks an increase from the previous dividend of $0.25, representing an annualized dividend of $2.00 and a yield of 0.3%. The company’s dividend payout ratio currently stands at 16.29%.
GE Vernova, formed from the energy businesses of General Electric, operates as a publicly listed entity on the NYSE under the ticker symbol GEV. The company is dedicated to designing, manufacturing, and servicing equipment and systems used across the power generation and energy transition value chain. Its portfolio includes large-scale power-generation technologies such as gas and steam turbines, as well as renewable energy solutions including onshore and offshore wind platforms and hydroelectric solutions.
