Korea Investment CORP Has $17 Million Stake in Southern Co (SO)

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Korea Investment CORP lifted its stake in shares of Southern Co (NYSE:SO) by 31.7% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 367,006 shares of the utilities provider’s stock after buying an additional 88,300 shares during the quarter. Korea Investment CORP’s holdings in Southern were worth $16,996,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in SO. Franklin Resources Inc. grew its position in shares of Southern by 82.2% during the first quarter. Franklin Resources Inc. now owns 38,962,463 shares of the utilities provider’s stock worth $1,740,063,000 after buying an additional 17,572,472 shares in the last quarter. Massachusetts Financial Services Co. MA grew its position in shares of Southern by 17.3% during the second quarter. Massachusetts Financial Services Co. MA now owns 17,342,735 shares of the utilities provider’s stock worth $803,142,000 after buying an additional 2,552,028 shares in the last quarter. Federated Investors Inc. PA grew its position in shares of Southern by 22.6% during the first quarter. Federated Investors Inc. PA now owns 9,318,556 shares of the utilities provider’s stock worth $416,167,000 after buying an additional 1,717,553 shares in the last quarter. BlackRock Inc. grew its position in shares of Southern by 1.8% during the second quarter. BlackRock Inc. now owns 64,498,296 shares of the utilities provider’s stock worth $2,986,915,000 after buying an additional 1,168,307 shares in the last quarter. Finally, Commonwealth Bank of Australia grew its position in shares of Southern by 16.1% during the second quarter. Commonwealth Bank of Australia now owns 8,334,190 shares of the utilities provider’s stock worth $385,555,000 after buying an additional 1,156,583 shares in the last quarter. 57.22% of the stock is owned by institutional investors and hedge funds.

SO stock opened at $44.33 on Friday. The company has a market cap of $46.41 billion, a P/E ratio of 13.82, a price-to-earnings-growth ratio of 3.42 and a beta of -0.06. Southern Co has a fifty-two week low of $42.38 and a fifty-two week high of $53.51. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.81 and a quick ratio of 0.68.

Southern (NYSE:SO) last posted its earnings results on Wednesday, August 8th. The utilities provider reported $0.80 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.11. The firm had revenue of $5.63 billion during the quarter, compared to analysts’ expectations of $5.28 billion. Southern had a return on equity of 13.06% and a net margin of 9.96%. The firm’s revenue was up 3.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.73 earnings per share. sell-side analysts anticipate that Southern Co will post 2.97 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 6th. Investors of record on Monday, August 20th were paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 5.41%. The ex-dividend date was Friday, August 17th. Southern’s payout ratio is 79.47%.

In related news, EVP Christopher C. Womack sold 16,371 shares of the business’s stock in a transaction that occurred on Thursday, August 16th. The stock was sold at an average price of $47.40, for a total transaction of $775,985.40. Following the completion of the sale, the executive vice president now owns 10,165 shares in the company, valued at $481,821. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.73% of the stock is owned by insiders.

SO has been the subject of a number of analyst reports. Deutsche Bank lowered their price objective on Southern from $49.00 to $48.00 and set a “buy” rating for the company in a research report on Tuesday, May 22nd. TheStreet raised Southern from a “c” rating to a “b-” rating in a research report on Monday, June 4th. Morgan Stanley lowered their price objective on Southern from $44.00 to $42.00 and set an “underweight” rating for the company in a research report on Wednesday, June 13th. Citigroup raised Southern from a “sell” rating to a “neutral” rating and set a $44.00 price objective for the company in a research report on Friday, June 22nd. Finally, ValuEngine raised Southern from a “sell” rating to a “hold” rating in a research report on Monday, July 2nd. Eight investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $47.66.

Southern Profile

The Southern Co is a holding company, which engages in the sale of electricity. It operates through the following segments: Traditional Electric Operating Companies, Southern Power, Southern Company Gas, and All Other. The Traditional Electric Operating Companies segment refers to vertically integrated utilities that own generation, transmission and distribution facilities, and supplies electric services in the states of Alabama, Georgia, Florida, and Mississippi.

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Institutional Ownership by Quarter for Southern (NYSE:SO)

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