Magellan Asset Management Ltd Has $3.87 Million Position in IDACORP Inc (NYSE:IDA)
Magellan Asset Management Ltd boosted its position in shares of IDACORP Inc (NYSE:IDA) by 10.6% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 38,901 shares of the coal producer’s stock after purchasing an additional 3,713 shares during the quarter. Magellan Asset Management Ltd’s holdings in IDACORP were worth $3,872,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc boosted its position in shares of IDACORP by 2.5% during the third quarter. Vanguard Group Inc now owns 5,324,315 shares of the coal producer’s stock worth $528,332,000 after buying an additional 129,108 shares during the period. D.A. Davidson & CO. purchased a new position in shares of IDACORP during the fourth quarter worth $225,000. Oppenheimer Asset Management Inc. purchased a new position in shares of IDACORP during the fourth quarter worth $56,000. Rhumbline Advisers boosted its position in shares of IDACORP by 53.1% during the fourth quarter. Rhumbline Advisers now owns 175,690 shares of the coal producer’s stock worth $16,350,000 after buying an additional 60,898 shares during the period. Finally, State Board of Administration of Florida Retirement System boosted its position in shares of IDACORP by 23.1% during the fourth quarter. State Board of Administration of Florida Retirement System now owns 23,999 shares of the coal producer’s stock worth $2,233,000 after buying an additional 4,501 shares during the period. Hedge funds and other institutional investors own 76.48% of the company’s stock.
In other IDACORP news, VP Tessia Park sold 280 shares of the firm’s stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of $103.29, for a total value of $28,921.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.54% of the stock is currently owned by company insiders.
IDACORP (NYSE:IDA) last announced its quarterly earnings data on Thursday, May 2nd. The coal producer reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.13. The business had revenue of $350.32 million for the quarter, compared to analysts’ expectations of $298.14 million. IDACORP had a return on equity of 9.89% and a net margin of 16.54%. During the same period last year, the firm earned $0.72 earnings per share. On average, equities analysts forecast that IDACORP Inc will post 4.46 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 30th. Stockholders of record on Monday, May 6th were paid a $0.63 dividend. This represents a $2.52 annualized dividend and a dividend yield of 2.43%. The ex-dividend date was Friday, May 3rd. IDACORP’s payout ratio is currently 56.12%.
IDA has been the topic of several analyst reports. Zacks Investment Research cut IDACORP from a “buy” rating to a “hold” rating and set a $120.00 price objective on the stock. in a research note on Monday. ValuEngine upgraded IDACORP from a “hold” rating to a “buy” rating in a research note on Monday, May 13th.
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IDACORP Company Profile
IDACORP, Inc, through its subsidiary, Idaho Power Company, engages in the generation, transmission, distribution, purchase, and sale of electric energy in the United States. The company operates 17 hydroelectric generating plants located in southern Idaho and eastern Oregon; 3 natural gas-fired plants in southern Idaho; and interests in 3 coal-fired steam electric generating plants located in Wyoming, Nevada, and Oregon.
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