Russell Investments Group Ltd. Increases Position in IDACORP Inc (NYSE:IDA)

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Russell Investments Group Ltd. increased its stake in IDACORP Inc (NYSE:IDA) by 12.2% in the 2nd quarter, Holdings Channel reports. The fund owned 60,221 shares of the coal producer’s stock after buying an additional 6,553 shares during the quarter. Russell Investments Group Ltd.’s holdings in IDACORP were worth $6,054,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. 6 Meridian boosted its holdings in shares of IDACORP by 2.3% during the second quarter. 6 Meridian now owns 5,123 shares of the coal producer’s stock worth $515,000 after purchasing an additional 113 shares during the period. Municipal Employees Retirement System of Michigan raised its stake in IDACORP by 1.4% in the second quarter. Municipal Employees Retirement System of Michigan now owns 9,320 shares of the coal producer’s stock worth $936,000 after buying an additional 130 shares in the last quarter. Bessemer Group Inc. raised its stake in IDACORP by 0.4% in the second quarter. Bessemer Group Inc. now owns 52,600 shares of the coal producer’s stock worth $5,283,000 after buying an additional 200 shares in the last quarter. James Investment Research Inc. raised its stake in IDACORP by 2.0% in the second quarter. James Investment Research Inc. now owns 11,980 shares of the coal producer’s stock worth $1,203,000 after buying an additional 230 shares in the last quarter. Finally, Great West Life Assurance Co. Can raised its stake in IDACORP by 0.8% in the first quarter. Great West Life Assurance Co. Can now owns 30,545 shares of the coal producer’s stock worth $3,039,000 after buying an additional 247 shares in the last quarter. Institutional investors own 98.29% of the company’s stock.

In related news, COO Lisa A. Grow sold 750 shares of the stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $108.26, for a total value of $81,195.00. Following the completion of the transaction, the chief operating officer now directly owns 14,247 shares of the company’s stock, valued at $1,542,380.22. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.54% of the stock is owned by corporate insiders.

Separately, Zacks Investment Research downgraded shares of IDACORP from a “hold” rating to a “sell” rating and set a $108.00 price target for the company. in a research note on Friday, July 26th.

IDA stock traded down $0.49 during trading on Friday, reaching $109.12. The company had a trading volume of 5,915 shares, compared to its average volume of 302,435. IDACORP Inc has a 52 week low of $89.31 and a 52 week high of $111.83. The company has a market cap of $4.20 billion, a P/E ratio of 24.31, a PEG ratio of 6.22 and a beta of 0.24. The business has a 50 day moving average of $106.38 and a 200 day moving average of $102.33. The company has a debt-to-equity ratio of 0.76, a current ratio of 2.03 and a quick ratio of 1.64.

IDACORP (NYSE:IDA) last released its quarterly earnings results on Thursday, August 1st. The coal producer reported $1.05 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.17 by ($0.12). IDACORP had a return on equity of 9.40% and a net margin of 16.16%. The company had revenue of $316.90 million during the quarter, compared to the consensus estimate of $327.38 million. During the same period in the previous year, the company earned $1.23 earnings per share. Research analysts expect that IDACORP Inc will post 4.48 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Monday, August 5th were paid a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date was Friday, August 2nd. IDACORP’s payout ratio is currently 56.12%.

IDACORP 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. The company operates 17 hydroelectric generating plants located in southern Idaho and eastern Oregon; 3 natural gas-fired plants in southern Idaho; and interests in 3 coal-fired steam electric generating plants located in Wyoming, Nevada, and Oregon.

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Institutional Ownership by Quarter for IDACORP (NYSE:IDA)

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