Advisors Asset Management Inc. Grows Stock Position in IDACORP, Inc. (NYSE:IDA)

Advisors Asset Management Inc. raised its holdings in IDACORP, Inc. (NYSE:IDA) by 78.0% in the third quarter, HoldingsChannel reports. The institutional investor owned 6,014 shares of the energy company’s stock after acquiring an additional 2,635 shares during the quarter. Advisors Asset Management Inc.’s holdings in IDACORP were worth $620,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Clean Energy Transition LLP acquired a new position in shares of IDACORP in the second quarter valued at about $49,103,000. Nuance Investments LLC increased its holdings in shares of IDACORP by 19.0% in the second quarter. Nuance Investments LLC now owns 1,114,475 shares of the energy company’s stock valued at $103,813,000 after purchasing an additional 178,294 shares during the period. Deprince Race & Zollo Inc. increased its holdings in shares of IDACORP by 30.8% in the second quarter. Deprince Race & Zollo Inc. now owns 576,136 shares of the energy company’s stock valued at $53,667,000 after purchasing an additional 135,793 shares during the period. Assenagon Asset Management S.A. acquired a new position in shares of IDACORP in the second quarter valued at about $8,032,000. Finally, F M Investments LLC acquired a new position in shares of IDACORP in the second quarter valued at about $5,236,000. 89.10% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently commented on IDA. StockNews.com lowered IDACORP from a “hold” rating to a “sell” rating in a report on Wednesday, November 6th. Morgan Stanley raised their target price on IDACORP from $102.00 to $108.00 and gave the stock an “equal weight” rating in a report on Wednesday, September 25th. Mizuho raised IDACORP from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $102.00 to $116.00 in a report on Friday, November 1st. Jefferies Financial Group began coverage on IDACORP in a report on Friday, September 20th. They set a “hold” rating and a $110.00 target price on the stock. Finally, Wells Fargo & Company raised their target price on IDACORP from $106.00 to $109.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $108.83.

IDACORP Stock Up 0.7 %

Shares of IDA opened at $118.74 on Thursday. The company has a current ratio of 1.70, a quick ratio of 1.34 and a debt-to-equity ratio of 0.93. IDACORP, Inc. has a 12 month low of $86.43 and a 12 month high of $120.42. The stock’s 50 day moving average is $107.29 and its two-hundred day moving average is $100.82. The firm has a market cap of $6.33 billion, a P/E ratio of 22.06, a PEG ratio of 2.65 and a beta of 0.60.

IDACORP (NYSE:IDA) last issued its quarterly earnings data on Thursday, October 31st. The energy company reported $2.12 EPS for the quarter, missing the consensus estimate of $2.17 by ($0.05). IDACORP had a net margin of 15.35% and a return on equity of 9.17%. The business had revenue of $528.53 million during the quarter, compared to analyst estimates of $524.39 million. During the same period in the previous year, the business posted $2.07 earnings per share. Analysts predict that IDACORP, Inc. will post 5.41 earnings per share for the current fiscal year.

IDACORP Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Tuesday, November 5th will be given a $0.86 dividend. This represents a $3.44 annualized dividend and a dividend yield of 2.90%. The ex-dividend date is Tuesday, November 5th. This is an increase from IDACORP’s previous quarterly dividend of $0.83. IDACORP’s dividend payout ratio (DPR) is 63.82%.

IDACORP Company Profile

IDACORP, Inc, together with its subsidiaries, engages in the generation, transmission, distribution, purchase, and sale of electric energy in the United States. The company operates 17 hydropower generating plants located in southern Idaho and eastern Oregon; three natural gas-fired plants in southern Idaho; and interests in two coal-fired steam electric generating plants located in Wyoming and Nevada.