Teacher Retirement System of Texas cut its stake in IDACORP Inc (NYSE:IDA) by 8.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,221 shares of the coal producer’s stock after selling 933 shares during the period. Teacher Retirement System of Texas’ holdings in IDACORP were worth $943,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently modified their holdings of the company. IFP Advisors Inc increased its position in IDACORP by 154.9% in the first quarter. IFP Advisors Inc now owns 1,881 shares of the coal producer’s stock worth $166,000 after buying an additional 1,143 shares during the period. First Citizens Bank & Trust Co. acquired a new stake in IDACORP in the second quarter worth $221,000. Fox Run Management L.L.C. acquired a new stake in IDACORP in the second quarter worth $277,000. Pitcairn Co. increased its position in IDACORP by 56.4% in the first quarter. Pitcairn Co. now owns 3,580 shares of the coal producer’s stock worth $316,000 after buying an additional 1,291 shares during the period. Finally, Buckley Wealth Management LLC increased its position in IDACORP by 48.3% in the first quarter. Buckley Wealth Management LLC now owns 3,769 shares of the coal producer’s stock worth $333,000 after buying an additional 1,227 shares during the period. 76.57% of the stock is currently owned by hedge funds and other institutional investors.
In other news, Director Christine King sold 2,900 shares of the stock in a transaction on Thursday, June 14th. The stock was sold at an average price of $87.21, for a total value of $252,909.00. Following the completion of the transaction, the director now owns 13,381 shares of the company’s stock, valued at $1,166,957.01. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 0.71% of the company’s stock.
Several equities research analysts have weighed in on the company. Zacks Investment Research lowered IDACORP from a “buy” rating to a “hold” rating in a research report on Tuesday, June 19th. Williams Capital lowered IDACORP from a “hold” rating to a “sell” rating and set a $80.00 target price on the stock. in a research report on Monday, June 4th. Finally, ValuEngine lowered IDACORP from a “buy” rating to a “hold” rating in a research report on Tuesday, May 8th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $90.67.
Shares of NYSE IDA opened at $97.49 on Thursday. IDACORP Inc has a 1-year low of $79.59 and a 1-year high of $100.04. The company has a current ratio of 2.27, a quick ratio of 1.73 and a debt-to-equity ratio of 0.80. The firm has a market capitalization of $4.87 billion, a price-to-earnings ratio of 21.37, a P/E/G ratio of 8.13 and a beta of 0.34.
IDACORP (NYSE:IDA) last issued its earnings results on Thursday, August 2nd. The coal producer reported $1.23 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.11 by $0.12. IDACORP had a return on equity of 10.05% and a net margin of 16.71%. The firm had revenue of $339.95 million for the quarter, compared to analyst estimates of $328.74 million. During the same period last year, the company earned $0.99 earnings per share. sell-side analysts anticipate that IDACORP Inc will post 4.28 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 30th. Stockholders of record on Monday, August 6th will be paid a $0.59 dividend. The ex-dividend date of this dividend is Friday, August 3rd. This represents a $2.36 annualized dividend and a dividend yield of 2.42%. IDACORP’s payout ratio is 56.06%.
IDACORP Company Profile
IDACORP, Inc, through its subsidiary, Idaho Power Company, engages in the generation, transmission, distribution, purchase, and sale of electric energy in the United States. It operates 17 hydroelectric generating plants located in southern Idaho and eastern Oregon, as well as 3 natural gas-fired plants in southern Idaho; and owns interests in 3 coal-fired steam electric generating plants located in Wyoming, Nevada, and Oregon.
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