Magellan Asset Management Ltd Decreases Stock Holdings in IDACORP, Inc. (NYSE:IDA)

Magellan Asset Management Ltd trimmed its position in IDACORP, Inc. (NYSE:IDA) by 20.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 37,454 shares of the energy company’s stock after selling 9,530 shares during the period. Magellan Asset Management Ltd’s holdings in IDACORP were worth $4,093,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Pitcairn Co. boosted its stake in IDACORP by 5.0% in the 4th quarter. Pitcairn Co. now owns 5,043 shares of the energy company’s stock worth $551,000 after purchasing an additional 242 shares in the last quarter. Geode Capital Management LLC increased its position in shares of IDACORP by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 954,035 shares of the energy company’s stock valued at $104,288,000 after acquiring an additional 3,829 shares during the period. National Bank of Canada FI acquired a new position in shares of IDACORP in the fourth quarter valued at about $1,781,000. HighPoint Advisor Group LLC raised its stake in shares of IDACORP by 4.4% in the fourth quarter. HighPoint Advisor Group LLC now owns 2,720 shares of the energy company’s stock worth $303,000 after purchasing an additional 115 shares during the last quarter. Finally, Alliancebernstein L.P. lifted its holdings in shares of IDACORP by 2.2% during the fourth quarter. Alliancebernstein L.P. now owns 1,379,408 shares of the energy company’s stock worth $150,742,000 after purchasing an additional 29,094 shares during the period. 89.10% of the stock is currently owned by hedge funds and other institutional investors.

IDACORP Trading Up 1.6 %

Shares of IDA stock opened at $119.27 on Thursday. IDACORP, Inc. has a 1-year low of $88.70 and a 1-year high of $120.42. The company has a market cap of $6.44 billion, a price-to-earnings ratio of 21.76, a PEG ratio of 2.32 and a beta of 0.59. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.70 and a quick ratio of 1.34. The stock has a 50 day simple moving average of $113.26 and a 200-day simple moving average of $110.49.

IDACORP (NYSE:IDA) last posted its quarterly earnings data on Thursday, February 20th. The energy company reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.07. The company had revenue of $398.13 million during the quarter, compared to analysts’ expectations of $403.21 million. IDACORP had a net margin of 15.83% and a return on equity of 9.23%. On average, equities research analysts expect that IDACORP, Inc. will post 5.81 EPS for the current fiscal year.

IDACORP Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Wednesday, February 5th were paid a $0.86 dividend. This represents a $3.44 dividend on an annualized basis and a yield of 2.88%. The ex-dividend date of this dividend was Wednesday, February 5th. IDACORP’s dividend payout ratio is presently 62.77%.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Morgan Stanley upped their price objective on shares of IDACORP from $126.00 to $131.00 and gave the company an “equal weight” rating in a report on Thursday, March 20th. Guggenheim raised IDACORP from a “neutral” rating to a “buy” rating in a report on Thursday, January 23rd. UBS Group upped their price objective on IDACORP from $117.00 to $122.00 and gave the stock a “neutral” rating in a research report on Friday, March 21st. Jefferies Financial Group raised shares of IDACORP from a “hold” rating to a “buy” rating in a report on Wednesday. Finally, Bank of America increased their price target on shares of IDACORP from $119.00 to $127.00 and gave the stock a “buy” rating in a report on Monday, March 3rd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, IDACORP presently has an average rating of “Hold” and a consensus price target of $120.50.

IDACORP Profile

IDACORP, Inc, together with its subsidiaries, engages in the generation, transmission, distribution, purchase, and sale of electric energy in the United States. The company operates 17 hydropower generating plants located in southern Idaho and eastern Oregon; three natural gas-fired plants in southern Idaho; and interests in two coal-fired steam electric generating plants located in Wyoming and Nevada.