Southern Co (SO) Holdings Trimmed by Hartford Investment Management Co.
Hartford Investment Management Co. reduced its holdings in shares of Southern Co (NYSE:SO) by 9.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 150,520 shares of the utilities provider’s stock after selling 16,239 shares during the period. Hartford Investment Management Co.’s holdings in Southern were worth $6,563,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of the business. Fisher Asset Management LLC boosted its position in shares of Southern by 40.3% during the 2nd quarter. Fisher Asset Management LLC now owns 8,895 shares of the utilities provider’s stock worth $412,000 after purchasing an additional 2,555 shares in the last quarter. Bank of Montreal Can boosted its position in shares of Southern by 6.2% during the 2nd quarter. Bank of Montreal Can now owns 2,227,020 shares of the utilities provider’s stock worth $103,134,000 after purchasing an additional 130,718 shares in the last quarter. Fox Run Management L.L.C. purchased a new stake in shares of Southern during the 2nd quarter worth $544,000. Meag Munich Ergo Kapitalanlagegesellschaft MBH acquired a new position in shares of Southern during the 2nd quarter worth $5,916,000. Finally, Tokio Marine Asset Management Co. Ltd. raised its stake in shares of Southern by 12.3% during the 2nd quarter. Tokio Marine Asset Management Co. Ltd. now owns 20,092 shares of the utilities provider’s stock worth $930,000 after buying an additional 2,196 shares during the last quarter. Hedge funds and other institutional investors own 57.31% of the company’s stock.
Several research analysts have recently issued reports on the company. SunTrust Banks reaffirmed a “hold” rating and set a $50.00 price target on shares of Southern in a research note on Monday, August 6th. Howard Weil assumed coverage on Southern in a research note on Tuesday, July 24th. They set a “sector perform” rating and a $45.00 price target for the company. Citigroup downgraded Southern from a “neutral” rating to a “sell” rating and set a $45.00 price target for the company. in a research note on Wednesday, August 8th. Scotiabank reaffirmed a “hold” rating and set a $44.00 price target on shares of Southern in a research note on Thursday, August 9th. Finally, Barclays downgraded Southern from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $51.00 to $48.00 in a research note on Thursday, August 9th. Six research analysts have rated the stock with a sell rating, ten have issued a hold rating and two have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $45.96.
Southern (NYSE:SO) last announced its earnings results on Wednesday, November 7th. The utilities provider reported $1.14 earnings per share for the quarter, beating the consensus estimate of $1.07 by $0.07. Southern had a net margin of 10.35% and a return on equity of 12.88%. The firm had revenue of $6.70 billion during the quarter, compared to the consensus estimate of $6.68 billion. During the same quarter in the previous year, the company posted $1.12 EPS. The firm’s revenue for the quarter was up 8.0% on a year-over-year basis. On average, analysts expect that Southern Co will post 3.03 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 6th. Investors of record on Monday, November 19th will be paid a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 5.11%. The ex-dividend date of this dividend is Friday, November 16th. Southern’s payout ratio is 79.47%.
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Southern Company Profile
The Southern Company, through its subsidiaries, engages in the generation, transmission, and distribution of electricity. The company also constructs, acquires, owns, and manages power generation assets, including renewable energy facilities and sells electricity in the wholesale market; and distributes natural gas in Illinois, Georgia, Virginia, New Jersey, Florida, Tennessee, and Maryland, as well as provides gas marketing services, wholesale gas services, and gas midstream operations.
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