Jennison Associates LLC Buys New Stake in Great Plains Energy Inc (GXP)
Jennison Associates LLC bought a new position in shares of Great Plains Energy Inc (NYSE:GXP) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 3,566,958 shares of the utilities provider’s stock, valued at approximately $104,441,000. Jennison Associates LLC owned about 1.66% of Great Plains Energy at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in Great Plains Energy by 5.5% in the first 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 in the last quarter. Boston Partners boosted its position in Great Plains Energy by 33.5% in the first quarter. Boston Partners now owns 6,790,947 shares of the utilities provider’s stock worth $198,431,000 after buying an additional 1,705,973 shares in the last quarter. FMR LLC boosted its position in Great Plains Energy by 6.4% in the first 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 in the last quarter. Principal Financial Group Inc. boosted its position in Great Plains Energy by 7.6% in the first 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 in the last quarter. Finally, Geode Capital Management LLC boosted its position in Great Plains Energy by 10.9% in the first quarter. Geode Capital Management LLC now owns 1,678,922 shares of the utilities provider’s stock worth $49,058,000 after buying an additional 164,388 shares in the last quarter. 87.79% of the stock is currently owned by institutional investors and hedge funds.
Great Plains Energy Inc (NYSE:GXP) opened at 31.23 on Monday. The stock’s 50 day moving average price is $30.48 and its 200-day moving average price is $29.23. The company has a market capitalization of $6.73 billion, a PE ratio of 37.05 and a beta of 0.44. Great Plains Energy Inc has a 52 week low of $25.85 and a 52 week high of $31.69.
Great Plains Energy (NYSE:GXP) last posted its earnings results on Wednesday, August 9th. The utilities provider reported $0.43 earnings per share for the quarter, missing analysts’ consensus estimates of $0.47 by $0.04. Great Plains Energy had a return on equity of 5.62% and a net margin of 8.00%. The business had revenue of $682.60 million during the quarter, compared to the consensus estimate of $677 million. During the same quarter last year, the firm earned $0.55 earnings per share. On average, equities research analysts predict that Great Plains Energy Inc will post $1.63 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 20th. Stockholders of record on Tuesday, August 29th will be issued a $0.275 dividend. The ex-dividend date of this dividend is Friday, August 25th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.52%. Great Plains Energy’s dividend payout ratio (DPR) is presently 105.77%.
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A number of research analysts recently commented on GXP shares. Zacks Investment Research cut Great Plains Energy from a “buy” rating to a “hold” rating in a research note on Thursday, May 25th. BidaskClub raised Great Plains Energy from a “sell” rating to a “hold” rating in a research note on Wednesday, June 14th. Finally, J P Morgan Chase & Co raised Great Plains Energy from a “neutral” rating to an “overweight” rating and increased their target price for the company from $31.00 to $32.00 in a research note on Tuesday, July 11th. Four equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $31.56.
Great Plains Energy Company 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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