Lockheed Martin Investment Management Co. cut its position in shares of American Electric Power Company, Inc. (NASDAQ:AEP – Get Rating) by 27.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 34,800 shares of the company’s stock after selling 13,300 shares during the period. Lockheed Martin Investment Management Co.’s holdings in American Electric Power were worth $3,338,000 at the end of the most recent quarter.
A number of other large investors have also recently made changes to their positions in AEP. Vanguard Group Inc. boosted its stake in shares of American Electric Power by 5.4% during the 1st quarter. Vanguard Group Inc. now owns 45,377,335 shares of the company’s stock worth $4,527,297,000 after purchasing an additional 2,305,001 shares during the period. State Street Corp boosted its stake in shares of American Electric Power by 8.8% during the 1st quarter. State Street Corp now owns 27,777,603 shares of the company’s stock worth $2,771,371,000 after purchasing an additional 2,256,671 shares during the period. Jennison Associates LLC purchased a new position in shares of American Electric Power during the 1st quarter worth about $100,500,000. Neuberger Berman Group LLC boosted its stake in shares of American Electric Power by 240.0% during the 1st quarter. Neuberger Berman Group LLC now owns 1,321,677 shares of the company’s stock worth $131,861,000 after purchasing an additional 932,919 shares during the period. Finally, 1832 Asset Management L.P. purchased a new position in shares of American Electric Power during the 1st quarter worth about $79,851,000. 74.70% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
AEP has been the subject of a number of research analyst reports. StockNews.com initiated coverage on shares of American Electric Power in a report on Wednesday, October 12th. They set a “hold” rating for the company. BMO Capital Markets reiterated a “buy” rating and set a $99.00 price objective (up previously from $96.00) on shares of American Electric Power in a report on Wednesday, October 5th. Morgan Stanley boosted their price target on shares of American Electric Power from $97.00 to $104.00 and gave the company an “overweight” rating in a report on Friday, November 11th. Citigroup boosted their price target on shares of American Electric Power from $94.00 to $99.00 in a report on Thursday, July 28th. Finally, Cfra reduced their price target on shares of American Electric Power from $105.00 to $93.00 and set a “hold” rating for the company in a report on Thursday, October 27th. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $99.60.
American Electric Power Stock Up 1.5 %
American Electric Power (NASDAQ:AEP – Get Rating) last issued its quarterly earnings data on Thursday, October 27th. The company reported $1.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.56 by $0.06. American Electric Power had a net margin of 13.08% and a return on equity of 10.73%. The firm had revenue of $5.50 billion for the quarter, compared to the consensus estimate of $4.75 billion. During the same quarter in the previous year, the firm earned $1.43 EPS. The company’s quarterly revenue was up 19.6% compared to the same quarter last year. As a group, equities research analysts forecast that American Electric Power Company, Inc. will post 5.03 EPS for the current year.
American Electric Power Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, December 9th. Shareholders of record on Thursday, November 10th will be given a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a yield of 3.49%. The ex-dividend date is Wednesday, November 9th. This is an increase from American Electric Power’s previous quarterly dividend of $0.78. American Electric Power’s payout ratio is currently 68.74%.
American Electric Power Profile
American Electric Power Company, Inc, an electric public utility holding company, engages in the generation, transmission, and distribution of electricity for sale to retail and wholesale customers in the United States. It operates through Vertically Integrated Utilities, Transmission and Distribution Utilities, AEP Transmission Holdco, and Generation & Marketing segments.
- Get a free copy of the StockNews.com research report on American Electric Power (AEP)
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