Federated Investors Inc. PA Cuts Stake in Great Plains Energy Inc (GXP)
Federated Investors Inc. PA lessened its position in shares of Great Plains Energy Inc (NYSE:GXP) by 6.9% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 107,877 shares of the utilities provider’s stock after selling 7,976 shares during the quarter. Federated Investors Inc. PA owned approximately 0.05% of Great Plains Energy worth $3,159,000 at the end of the most recent quarter.
Several other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of Great Plains Energy by 5.5% during the 1st quarter. Vanguard Group Inc. now owns 19,489,178 shares of the utilities provider’s stock worth $569,474,000 after buying an additional 1,007,461 shares during the last quarter. FMR LLC raised its stake in shares of Great Plains Energy by 6.4% during the 1st quarter. FMR LLC now owns 4,595,468 shares of the utilities provider’s stock worth $134,280,000 after buying an additional 275,161 shares during the last quarter. Jennison Associates LLC acquired a new position in shares of Great Plains Energy during the 2nd quarter worth $104,441,000. Marshall Wace North America L.P. raised its stake in shares of Great Plains Energy by 97.4% during the 2nd quarter. Marshall Wace North America L.P. now owns 2,121,534 shares of the utilities provider’s stock worth $61,525,000 after buying an additional 1,046,835 shares during the last quarter. Finally, Principal Financial Group Inc. raised its stake in shares of Great Plains Energy by 7.6% during the 1st quarter. Principal Financial Group Inc. now owns 1,771,081 shares of the utilities provider’s stock worth $51,752,000 after buying an additional 125,484 shares during the last quarter. 88.63% of the stock is owned by institutional investors and hedge funds.
A number of analysts recently commented on GXP shares. Zacks Investment Research upgraded Great Plains Energy from a “hold” rating to a “buy” rating and set a $32.00 price objective for the company in a research report on Tuesday, May 23rd. BidaskClub upgraded Great Plains Energy from a “sell” rating to a “hold” rating in a research report on Wednesday, June 14th. J P Morgan Chase & Co upgraded Great Plains Energy from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $31.00 to $32.00 in a research report on Tuesday, July 11th. Finally, KeyCorp reiterated a “hold” rating on shares of Great Plains Energy in a research report on Friday. Five analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $31.56.
Shares of Great Plains Energy Inc (GXP) opened at 30.75 on Tuesday. The stock’s 50 day moving average price is $30.86 and its 200-day moving average price is $29.49. Great Plains Energy Inc has a one year low of $25.85 and a one year high of $31.69. The stock has a market cap of $6.62 billion, a PE ratio of 36.48 and a beta of 0.45.
Great Plains Energy (NYSE:GXP) last announced its quarterly earnings data on Wednesday, August 9th. The utilities provider reported $0.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.47 by $0.04. The business had revenue of $682.60 million during the quarter, compared to analysts’ expectations of $677 million. Great Plains Energy had a return on equity of 5.62% and a net margin of 8.00%. During the same period in the prior year, the company posted $0.55 earnings per share. On average, equities analysts predict that Great Plains Energy Inc will post $1.59 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 20th. Shareholders of record on Tuesday, August 29th will be given a $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 3.58%. The ex-dividend date is Friday, August 25th. Great Plains Energy’s payout ratio is currently 105.77%.
Great Plains Energy Profile
Great Plains Energy Incorporated (Great Plains Energy) is a utility holding company. The Company operates through electric utility segment. The Company’s subsidiaries with operations include Kansas City Power & Light Company (KCP&L) and KCP&L Greater Missouri Operations Company (GMO). KCP&L is an integrated, regulated electric utility that provides electricity to customers primarily in the states of Missouri and Kansas.
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