Castleton Investment Management LLC Acquires Shares of 61,534 Scana Corporation (SCG)
Castleton Investment Management LLC acquired a new stake in shares of Scana Corporation (NYSE:SCG) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 61,534 shares of the utilities provider’s stock, valued at approximately $4,123,000. Scana Corporation accounts for approximately 1.4% of Castleton Investment Management LLC’s investment portfolio, making the stock its 17th biggest position.
A number of other hedge funds and other institutional investors have also recently modified their holdings of SCG. Vanguard Group Inc. increased its stake in Scana Corporation by 2.3% in the second quarter. Vanguard Group Inc. now owns 13,887,779 shares of the utilities provider’s stock valued at $930,620,000 after purchasing an additional 316,210 shares in the last quarter. BlackRock Inc. raised its holdings in Scana Corporation by 3,558.5% in the first quarter. BlackRock Inc. now owns 12,263,023 shares of the utilities provider’s stock worth $801,389,000 after purchasing an additional 11,927,826 shares during the period. Artisan Partners Limited Partnership raised its holdings in Scana Corporation by 27.7% in the second quarter. Artisan Partners Limited Partnership now owns 1,794,850 shares of the utilities provider’s stock worth $120,273,000 after purchasing an additional 389,431 shares during the period. First Trust Advisors LP raised its holdings in Scana Corporation by 106.6% in the second quarter. First Trust Advisors LP now owns 1,651,461 shares of the utilities provider’s stock worth $110,664,000 after purchasing an additional 852,243 shares during the period. Finally, Morgan Stanley raised its holdings in Scana Corporation by 127.7% in the first quarter. Morgan Stanley now owns 1,473,057 shares of the utilities provider’s stock worth $96,264,000 after purchasing an additional 826,008 shares during the period. Hedge funds and other institutional investors own 66.66% of the company’s stock.
Several equities analysts have recently issued reports on SCG shares. Zacks Investment Research lowered shares of Scana Corporation from a “hold” rating to a “sell” rating in a report on Wednesday, July 12th. Goldman Sachs Group, Inc. (The) upgraded shares of Scana Corporation from a “sell” rating to a “neutral” rating and lowered their price objective for the company from $66.00 to $64.00 in a research report on Thursday, July 20th. Mizuho raised Scana Corporation from an “underperform” rating to a “neutral” rating and set a $58.50 price objective on the stock in a research note on Monday, August 28th. Williams Capital dropped their price objective on Scana Corporation from $70.00 to $50.00 and set a “hold” rating on the stock in a research note on Wednesday, September 27th. Finally, BidaskClub upgraded Scana Corporation from a “hold” rating to a “buy” rating in a report on Tuesday, June 20th. Four research analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $68.06.
Shares of Scana Corporation (SCG) traded down 0.917% during midday trading on Wednesday, hitting $48.105. 842,503 shares of the company were exchanged. The firm’s 50 day moving average price is $58.01 and its 200 day moving average price is $64.18. The firm has a market capitalization of $6.87 billion, a price-to-earnings ratio of 11.354 and a beta of 0.23. Scana Corporation has a one year low of $47.80 and a one year high of $74.99.
Scana Corporation (NYSE:SCG) last issued its earnings results on Thursday, August 3rd. The utilities provider reported $0.85 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.74 by $0.11. The business had revenue of $1 billion during the quarter, compared to the consensus estimate of $931.67 million. Scana Corporation had a return on equity of 10.50% and a net margin of 13.99%. The firm’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.74 earnings per share. Analysts forecast that Scana Corporation will post $4.17 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Sunday, October 1st. Shareholders of record on Monday, September 11th were issued a dividend of $0.6125 per share. This represents a $2.45 dividend on an annualized basis and a dividend yield of 5.05%. The ex-dividend date was Friday, September 8th. Scana Corporation’s payout ratio is 57.92%.
Scana Corporation Profile
SCANA Corporation is a holding company. The Company, through its subsidiaries, is engaged in the generation, transmission, distribution and sale of electricity in South Carolina. The Company operates through segments, including Electric Operations, Gas Distribution, Gas Marketing and All Other. The Company is engaged in the purchase, transmission and sale of natural gas in North Carolina and South Carolina.
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