Magellan Asset Management Ltd cut its stake in American Electric Power Company Inc (NYSE:AEP) by 5.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 270,728 shares of the utilities provider’s stock after selling 17,015 shares during the period. American Electric Power makes up 0.1% of Magellan Asset Management Ltd’s holdings, making the stock its 27th largest position. Magellan Asset Management Ltd’s holdings in American Electric Power were worth $19,189,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. OppenheimerFunds Inc. boosted its stake in American Electric Power by 39.6% in the 2nd quarter. OppenheimerFunds Inc. now owns 801,766 shares of the utilities provider’s stock worth $55,522,000 after purchasing an additional 227,613 shares during the period. Hanson McClain Inc. lifted its position in American Electric Power by 18.7% during the 3rd quarter. Hanson McClain Inc. now owns 5,004 shares of the utilities provider’s stock worth $355,000 after buying an additional 787 shares in the last quarter. First Hawaiian Bank bought a new stake in American Electric Power during the 3rd quarter worth about $289,000. Massachusetts Financial Services Co. MA lifted its position in American Electric Power by 1.2% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 5,536,015 shares of the utilities provider’s stock worth $392,393,000 after buying an additional 64,801 shares in the last quarter. Finally, Calamos Advisors LLC lifted its position in American Electric Power by 6.7% during the 3rd quarter. Calamos Advisors LLC now owns 125,356 shares of the utilities provider’s stock worth $8,885,000 after buying an additional 7,889 shares in the last quarter. 72.72% of the stock is owned by hedge funds and other institutional investors.

Shares of AEP stock opened at $78.42 on Thursday. The company has a current ratio of 0.56, a quick ratio of 0.46 and a debt-to-equity ratio of 1.10. The stock has a market capitalization of $38.67 billion, a PE ratio of 21.31, a PEG ratio of 3.56 and a beta of 0.01. American Electric Power Company Inc has a 52-week low of $62.71 and a 52-week high of $79.31.

American Electric Power (NYSE:AEP) last issued its earnings results on Thursday, October 25th. The utilities provider reported $1.26 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.21 by $0.05. The company had revenue of $4.30 billion for the quarter, compared to analysts’ expectations of $4.26 billion. American Electric Power had a net margin of 12.14% and a return on equity of 10.78%. During the same period in the prior year, the firm earned $1.10 EPS. As a group, equities analysts forecast that American Electric Power Company Inc will post 3.96 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, December 10th. Stockholders of record on Friday, November 9th will be issued a $0.67 dividend. This represents a $2.68 dividend on an annualized basis and a dividend yield of 3.42%. This is a boost from American Electric Power’s previous quarterly dividend of $0.62. The ex-dividend date is Thursday, November 8th. American Electric Power’s dividend payout ratio is presently 72.83%.

Several equities research analysts have commented on the stock. Zacks Investment Research cut shares of American Electric Power from a “buy” rating to a “hold” rating in a research report on Monday, November 19th. Barclays boosted their price target on shares of American Electric Power from $81.00 to $84.00 and gave the stock a “buy” rating in a research report on Monday, November 19th. ValuEngine raised shares of American Electric Power from a “hold” rating to a “buy” rating in a research report on Wednesday, October 24th. Morgan Stanley boosted their price target on shares of American Electric Power from $76.00 to $80.00 and gave the stock a “buy” rating in a research report on Tuesday, September 11th. Finally, Bank of America boosted their price target on shares of American Electric Power from $76.00 to $78.00 and gave the stock a “buy” rating in a research report on Friday, October 26th. Five analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $76.56.

In other news, insider Paul Chodak III sold 847 shares of the company’s stock in a transaction dated Wednesday, November 14th. The shares were sold at an average price of $76.47, for a total value of $64,770.09. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Lisa M. Barton sold 881 shares of the company’s stock in a transaction dated Tuesday, November 20th. The shares were sold at an average price of $77.55, for a total transaction of $68,321.55. Following the completion of the sale, the insider now directly owns 581 shares in the company, valued at $45,056.55. The disclosure for this sale can be found here. 0.16% of the stock is currently owned by corporate insiders.

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American Electric Power Profile

American Electric Power Company, Inc, an electric public utility holding company, engages in the generation, transmission, and distribution of electricity for sale to retail and wholesale customers in the United States. The company generates electricity using coal and lignite, natural gas, nuclear, hydroelectric, solar, wind, and other energy sources.

Further Reading: Earnings Per Share (EPS) Explained

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Institutional Ownership by Quarter for American Electric Power (NYSE:AEP)

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