Comerica Bank cut its stake in AES Corp (NYSE:AES) by 45.9% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 158,736 shares of the utilities provider’s stock after selling 134,696 shares during the period. Comerica Bank’s holdings in AES were worth $2,680,000 at the end of the most recent quarter.
Other hedge funds also recently made changes to their positions in the company. CWM LLC boosted its holdings in AES by 116.4% in the third quarter. CWM LLC now owns 1,913 shares of the utilities provider’s stock valued at $31,000 after acquiring an additional 1,029 shares during the last quarter. Wealthcare Advisory Partners LLC acquired a new position in AES in the second quarter valued at approximately $36,000. Endurance Wealth Management Inc. acquired a new position in AES in the third quarter valued at approximately $35,000. Northwest Investment Counselors LLC acquired a new position in AES in the third quarter valued at approximately $45,000. Finally, North Star Investment Management Corp. acquired a new position in AES in the third quarter valued at approximately $58,000. Institutional investors and hedge funds own 93.96% of the company’s stock.
Shares of AES opened at $17.93 on Tuesday. AES Corp has a 52-week low of $13.55 and a 52-week high of $18.52. The company has a debt-to-equity ratio of 3.32, a quick ratio of 1.00 and a current ratio of 1.10. The business’s 50 day moving average price is $16.55 and its two-hundred day moving average price is $16.39. The firm has a market cap of $11.71 billion, a PE ratio of 14.46, a price-to-earnings-growth ratio of 1.55 and a beta of 1.05.
AES (NYSE:AES) last issued its quarterly earnings results on Wednesday, November 6th. The utilities provider reported $0.48 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.08. AES had a return on equity of 22.67% and a net margin of 4.90%. The firm had revenue of $2.63 billion for the quarter, compared to analyst estimates of $2.90 billion. During the same period in the previous year, the firm earned $0.35 earnings per share. The company’s revenue was down 7.5% compared to the same quarter last year. Research analysts predict that AES Corp will post 1.34 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Friday, November 1st will be given a dividend of $0.137 per share. This represents a $0.55 dividend on an annualized basis and a dividend yield of 3.06%. The ex-dividend date is Thursday, October 31st. AES’s payout ratio is 44.35%.
In other news, SVP Julian Nebreda sold 18,864 shares of the company’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $15.24, for a total transaction of $287,487.36. Following the transaction, the senior vice president now directly owns 35,314 shares of the company’s stock, valued at $538,185.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.06% of the stock is owned by corporate insiders.
Several brokerages have issued reports on AES. ValuEngine raised AES from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. TheStreet raised AES from a “c+” rating to a “b” rating in a research note on Wednesday, November 6th. Evercore ISI set a $19.00 price target on AES and gave the company a “buy” rating in a research note on Wednesday, August 7th. Finally, Morgan Stanley boosted their price target on AES from $17.50 to $18.00 and gave the company an “equal weight” rating in a research note on Wednesday, September 25th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. AES presently has an average rating of “Buy” and a consensus target price of $17.64.
The AES Corporation operates as a diversified power generation and utility company. It owns and/or operates power plants to generate and sell power to customers, such as utilities, industrial users, and other intermediaries. The company also owns and/or operates utilities to generate or purchase, distribute, transmit, and sell electricity to end-user customers in the residential, commercial, industrial, and governmental sectors; and generates and sells electricity on the wholesale market.
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