Panagora Asset Management Inc. Increases Stake in Spire Inc (NYSE:SR)
Panagora Asset Management Inc. raised its holdings in shares of Spire Inc (NYSE:SR) by 41.7% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,164 shares of the utilities provider’s stock after buying an additional 931 shares during the period. Panagora Asset Management Inc.’s holdings in Spire were worth $266,000 at the end of the most recent quarter.
A number of other hedge funds have also made changes to their positions in SR. American Century Companies Inc. increased its holdings in Spire by 6.1% during the first quarter. American Century Companies Inc. now owns 3,394,915 shares of the utilities provider’s stock valued at $279,368,000 after buying an additional 194,435 shares during the last quarter. FMR LLC increased its stake in shares of Spire by 19.7% in the first quarter. FMR LLC now owns 821,696 shares of the utilities provider’s stock worth $67,617,000 after purchasing an additional 135,051 shares in the last quarter. Northern Trust Corp increased its stake in shares of Spire by 13.1% in the first quarter. Northern Trust Corp now owns 1,135,646 shares of the utilities provider’s stock worth $93,452,000 after purchasing an additional 131,295 shares in the last quarter. American International Group Inc. increased its stake in shares of Spire by 242.9% in the first quarter. American International Group Inc. now owns 131,751 shares of the utilities provider’s stock worth $10,842,000 after purchasing an additional 93,332 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its stake in shares of Spire by 198.2% in the first quarter. PNC Financial Services Group Inc. now owns 78,095 shares of the utilities provider’s stock worth $6,429,000 after purchasing an additional 51,902 shares in the last quarter. 79.27% of the stock is owned by institutional investors and hedge funds.
A number of brokerages have recently issued reports on SR. Zacks Investment Research cut shares of Spire from a “hold” rating to a “sell” rating in a research note on Wednesday, July 24th. Wells Fargo & Co increased their price objective on shares of Spire from $89.00 to $90.00 and gave the stock a “market perform” rating in a research note on Friday, September 6th. Finally, Morgan Stanley set a $80.00 price objective on shares of Spire and gave the stock a “sell” rating in a research note on Thursday, May 16th. Four equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $82.00.
Shares of NYSE SR traded up $0.25 during midday trading on Friday, reaching $86.73. The stock had a trading volume of 37,640 shares, compared to its average volume of 198,271. The stock has a 50-day moving average of $83.01 and a 200-day moving average of $83.10. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.40 and a current ratio of 0.53. The company has a market capitalization of $4.29 billion, a price-to-earnings ratio of 23.31, a price-to-earnings-growth ratio of 5.12 and a beta of 0.19. Spire Inc has a 12-month low of $70.53 and a 12-month high of $87.13.
Spire (NYSE:SR) last posted its earnings results on Tuesday, July 30th. The utilities provider reported $0.07 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.10 by ($0.03). The company had revenue of $321.30 million for the quarter, compared to analysts’ expectations of $333.14 million. Spire had a net margin of 9.74% and a return on equity of 7.56%. The business’s revenue was down 8.4% on a year-over-year basis. During the same period in the previous year, the business posted $0.31 earnings per share. As a group, analysts forecast that Spire Inc will post 3.75 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 2nd. Investors of record on Wednesday, September 11th will be paid a dividend of $0.592 per share. The ex-dividend date is Tuesday, September 10th. This represents a $2.37 annualized dividend and a yield of 2.73%. Spire’s payout ratio is 63.71%.
Spire Inc, through its subsidiaries, engages in the purchase, retail distribution, and sale of natural gas to residential, commercial, industrial, and other end-users of natural gas in the United States. The company operates through two segments, Gas Utility and Gas Marketing. It is also involved in marketing natural gas; and provision of energy services on non-regulated basis to on-system utility transportation customers, as well as to retail and wholesale customers.
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