State of New Jersey Common Pension Fund D reduced its position in Southern Co (NYSE:SO) by 4.9% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 689,795 shares of the utilities provider’s stock after selling 35,232 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Southern were worth $37,401,000 at the end of the most recent quarter.
Several other hedge funds also recently bought and sold shares of SO. APG Asset Management N.V. lifted its stake in Southern by 43.2% in the first quarter. APG Asset Management N.V. now owns 3,848,778 shares of the utilities provider’s stock valued at $208,373,000 after acquiring an additional 1,161,563 shares during the last quarter. State Street Corp lifted its position in Southern by 0.9% during the 1st quarter. State Street Corp now owns 57,756,219 shares of the utilities provider’s stock worth $3,126,922,000 after acquiring an additional 541,205 shares during the last quarter. Thomasville National Bank grew its position in shares of Southern by 1.4% in the second quarter. Thomasville National Bank now owns 80,949 shares of the utilities provider’s stock valued at $4,198,000 after purchasing an additional 1,106 shares during the last quarter. Fulton Bank N. A. grew its position in shares of Southern by 25.7% in the second quarter. Fulton Bank N. A. now owns 46,309 shares of the utilities provider’s stock valued at $2,401,000 after purchasing an additional 9,468 shares during the last quarter. Finally, Private Asset Management Inc. grew its position in Southern by 4.1% during the second quarter. Private Asset Management Inc. now owns 55,661 shares of the utilities provider’s stock worth $2,886,000 after buying an additional 2,177 shares in the last quarter. Institutional investors and hedge funds own 57.29% of the company’s stock.
A number of equities research analysts recently weighed in on the company. Morgan Stanley lifted their target price on Southern from $57.00 to $60.00 and gave the stock an “underweight” rating in a research report on Tuesday, October 20th. KeyCorp lifted their target price on Southern from $65.00 to $66.00 and gave the stock an “overweight” rating in a research report on Monday, October 19th. Barclays upgraded shares of Southern from an “equal weight” rating to an “overweight” rating and set a $61.00 price target for the company in a research note on Monday, September 21st. Mizuho raised their price target on shares of Southern from $48.00 to $53.00 in a research note on Wednesday. Finally, UBS Group cut their target price on shares of Southern from $57.00 to $55.00 and set a “neutral” rating for the company in a research note on Tuesday, September 1st. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $62.50.
NYSE SO opened at $58.21 on Friday. Southern Co has a twelve month low of $41.96 and a twelve month high of $71.10. The business’s fifty day moving average is $56.06 and its 200 day moving average is $55.05. The company has a quick ratio of 0.75, a current ratio of 0.97 and a debt-to-equity ratio of 1.46. The company has a market cap of $61.48 billion, a price-to-earnings ratio of 18.90, a price-to-earnings-growth ratio of 4.58 and a beta of 0.38.
Southern (NYSE:SO) last released its earnings results on Thursday, October 29th. The utilities provider reported $1.22 earnings per share for the quarter, missing analysts’ consensus estimates of $1.26 by ($0.04). Southern had a net margin of 15.83% and a return on equity of 10.47%. The firm had revenue of $5.62 billion for the quarter, compared to analyst estimates of $6.29 billion. During the same period in the prior year, the company posted $1.34 EPS. The business’s revenue for the quarter was down 6.3% compared to the same quarter last year. On average, research analysts anticipate that Southern Co will post 3.16 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, December 7th. Shareholders of record on Monday, November 16th will be issued a $0.64 dividend. This represents a $2.56 dividend on an annualized basis and a yield of 4.40%. The ex-dividend date is Friday, November 13th. Southern’s payout ratio is 82.32%.
In related news, EVP Christopher C. Womack sold 5,930 shares of Southern stock in a transaction on Tuesday, October 6th. The stock was sold at an average price of $58.00, for a total transaction of $343,940.00. Following the sale, the executive vice president now directly owns 12,228 shares in the company, valued at $709,224. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Stephen E. Kuczynski sold 2,500 shares of the business’s stock in a transaction on Monday, August 10th. The stock was sold at an average price of $55.00, for a total value of $137,500.00. Insiders have sold a total of 21,221 shares of company stock worth $1,163,540 in the last three months. Insiders own 0.39% of the company’s stock.
Southern Company Profile
The Southern Company, through its subsidiaries, engages in the generation, transmission, and distribution of electricity. It operates in four segments: Gas Distribution Operations, Gas Pipeline Investments, Wholesale Gas Services, and Gas Marketing Services. The company also constructs, acquires, owns, and manages power generation assets, including renewable energy facilities and sells electricity in the wholesale market; and distributes natural gas in Illinois, Georgia, Virginia, and Tennessee, as well as provides gas marketing services, wholesale gas services, and gas pipeline investments operations.
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