Gabelli Funds LLC Reduces Holdings in Vectren Corporation (VVC)
Gabelli Funds LLC decreased its position in shares of Vectren Corporation (NYSE:VVC) by 4.1% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 524,800 shares of the utilities provider’s stock after selling 22,200 shares during the quarter. Gabelli Funds LLC owned approximately 0.63% of Vectren Corporation worth $34,516,000 as of its most recent filing with the SEC.
Other hedge funds have also recently modified their holdings of the company. Bronfman E.L. Rothschild L.P. grew its holdings in shares of Vectren Corporation by 3.3% during the second quarter. Bronfman E.L. Rothschild L.P. now owns 2,371 shares of the utilities provider’s stock worth $139,000 after purchasing an additional 75 shares during the last quarter. Global X Management Co. LLC grew its holdings in shares of Vectren Corporation by 220.7% during the second quarter. Global X Management Co. LLC now owns 2,630 shares of the utilities provider’s stock worth $154,000 after purchasing an additional 1,810 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Vectren Corporation by 12.4% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,993 shares of the utilities provider’s stock worth $175,000 after purchasing an additional 331 shares during the last quarter. Bbva Compass Bancshares Inc. purchased a new position in shares of Vectren Corporation during the third quarter worth about $206,000. Finally, Parsons Capital Management Inc. RI purchased a new position in shares of Vectren Corporation during the third quarter worth about $213,000. 62.70% of the stock is currently owned by institutional investors.
Shares of Vectren Corporation (NYSE VVC) traded down $0.15 on Wednesday, hitting $66.62. 26,421 shares of the stock traded hands, compared to its average volume of 445,057. Vectren Corporation has a twelve month low of $46.78 and a twelve month high of $68.84. The firm has a market capitalization of $5,540.00, a P/E ratio of 24.53, a price-to-earnings-growth ratio of 4.48 and a beta of 0.84. The company has a quick ratio of 0.55, a current ratio of 0.70 and a debt-to-equity ratio of 0.90.
Vectren Corporation (NYSE:VVC) last announced its quarterly earnings data on Thursday, November 2nd. The utilities provider reported $0.75 EPS for the quarter, beating the Zacks’ consensus estimate of $0.67 by $0.08. The firm had revenue of $691.20 million during the quarter, compared to the consensus estimate of $615.00 million. Vectren Corporation had a net margin of 8.49% and a return on equity of 12.51%. The firm’s revenue was up 9.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.74 earnings per share. sell-side analysts forecast that Vectren Corporation will post 2.62 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Wednesday, November 15th will be given a $0.45 dividend. The ex-dividend date of this dividend is Tuesday, November 14th. This represents a $1.80 dividend on an annualized basis and a yield of 2.70%. This is an increase from Vectren Corporation’s previous quarterly dividend of $0.42. Vectren Corporation’s dividend payout ratio (DPR) is presently 61.99%.
Several brokerages have issued reports on VVC. Zacks Investment Research raised Vectren Corporation from a “sell” rating to a “hold” rating in a report on Thursday, October 12th. BidaskClub upgraded shares of Vectren Corporation from a “hold” rating to a “buy” rating in a research note on Wednesday, August 23rd. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Vectren Corporation presently has an average rating of “Buy” and a consensus price target of $65.50.
In other news, Director Derrick Burks acquired 1,000 shares of Vectren Corporation stock in a transaction that occurred on Thursday, September 28th. The stock was purchased at an average price of $65.60 per share, for a total transaction of $65,600.00. Following the completion of the transaction, the director now directly owns 1,000 shares in the company, valued at $65,600. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.14% of the stock is owned by company insiders.
About Vectren Corporation
Vectren Corporation (Vectren) is an energy holding company. The Company segregates its operations into groups, including the Utility Group, the Nonutility Group, and Corporate and Other. The Company’s subsidiary, Vectren Utility Holdings, Inc (Utility Holdings or VUHI), serves as the intermediate holding company for three public utilities: Indiana Gas Company, Inc (Indiana Gas), Southern Indiana Gas and Electric Company (SIGECO) and Vectren Energy Delivery of Ohio, Inc (VEDO).
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