Lockheed Martin Investment Management Co. Sells 77,230 Shares of Southern Company (The) $SO

Lockheed Martin Investment Management Co. decreased its position in Southern Company (The) (NYSE:SO) by 55.7% during the 3rd quarter, Holdings Channel reports. The fund owned 61,360 shares of the utilities provider’s stock after selling 77,230 shares during the quarter. Lockheed Martin Investment Management Co.’s holdings in Southern were worth $5,086,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. First Fiduciary Investment Counsel Inc. raised its position in shares of Southern by 39.9% during the 3rd quarter. First Fiduciary Investment Counsel Inc. now owns 130,614 shares of the utilities provider’s stock worth $10,827,000 after acquiring an additional 37,247 shares in the last quarter. Glenmede Trust Co. NA lifted its stake in Southern by 19.1% during the first quarter. Glenmede Trust Co. NA now owns 92,289 shares of the utilities provider’s stock worth $8,908,000 after purchasing an additional 14,798 shares during the last quarter. OMERS ADMINISTRATION Corp lifted its stake in Southern by 29.2% during the first quarter. OMERS ADMINISTRATION Corp now owns 50,628 shares of the utilities provider’s stock worth $4,887,000 after purchasing an additional 11,448 shares during the last quarter. Mystic Asset Management Inc. acquired a new position in Southern in the second quarter valued at approximately $1,908,000. Finally, BIP Wealth LLC acquired a new position in Southern in the second quarter valued at approximately $3,059,000. Hedge funds and other institutional investors own 64.10% of the company’s stock.

Southern Trading Up 1.3%

NYSE:SO opened at $93.51 on Tuesday. The company has a market capitalization of $107.57 billion, a PE ratio of 21.30, a P/E/G ratio of 2.45 and a beta of 0.30. Southern Company has a 52-week low of $81.69 and a 52-week high of $99.58. The stock’s 50 day moving average price is $88.26 and its 200 day moving average price is $92.50. The company has a quick ratio of 0.59, a current ratio of 0.79 and a debt-to-equity ratio of 1.62.

Southern (NYSE:SO) last issued its quarterly earnings data on Thursday, November 5th. The utilities provider reported $1.94 earnings per share for the quarter, beating analysts’ consensus estimates of $1.71 by $0.23. Southern had a return on equity of 12.93% and a net margin of 15.43%. The company had revenue of $8.84 billion during the quarter, compared to analysts’ expectations of $8.38 billion. During the same quarter in the previous year, the business earned $1.54 earnings per share. The firm’s revenue for the quarter was up 13.0% on a year-over-year basis. On average, research analysts anticipate that Southern Company will post 4.70 EPS for the current year.

Southern Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 7th. Stockholders of record on Monday, November 16th will be issued a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend is Monday, November 16th. Southern’s payout ratio is presently 69.25%.

Wall Street Analysts Forecast Growth

SO has been the topic of several recent analyst reports. Bank of America dropped their price target on shares of Southern from $100.00 to $92.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 13th. Royal Bank Of Canada reduced their price objective on shares of Southern from $101.00 to $98.00 in a research report on Monday, October 26th. DA Davidson set a $98.00 price objective on shares of Southern in a research report on Wednesday, October 21st. Jefferies Financial Group lowered their target price on shares of Southern from $96.00 to $95.00 and set a “hold” rating for the company in a report on Tuesday, October 20th. Finally, Scotiabank dropped their target price on shares of Southern from $103.00 to $93.00 and set a “sector perform” rating on the stock in a research report on Wednesday, September 30th. Eight research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $97.32.

Insider Activity at Southern

In related news, EVP Sterling Spainhour, Jr. sold 3,333 shares of the company’s stock in a transaction on Friday, November 6th. The shares were sold at an average price of $91.81, for a total value of $306,002.73. Following the completion of the sale, the executive vice president owned 31,886 shares in the company, valued at $2,927,453.66. This represents a 9.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.16% of the stock is owned by insiders.

About Southern

Southern Company is an energy holding company based in Atlanta, Georgia. Through its subsidiaries, it generates, transmits and distributes electricity and provides natural gas service, primarily across the southeastern United States.

Its electric utility businesses include Alabama Power, Georgia Power and Mississippi Power, which serve customers in their respective states. Southern Company also owns Southern Power, which develops and operates wholesale power generation assets, and Southern Company Gas, whose businesses distribute natural gas to customers in several states.

Formed in 1945, Southern Company has grown from a regional electric utility holding company into a diversified energy provider.