State Treasurer State of Michigan lowered its stake in AES Corp (NYSE:AES) by 16.8% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 158,905 shares of the utilities provider’s stock after selling 32,000 shares during the quarter. State Treasurer State of Michigan’s holdings in AES were worth $2,663,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors also recently bought and sold shares of AES. Cullen Frost Bankers Inc. bought a new position in shares of AES in the first quarter worth about $30,000. Liberty Wealth Management LLC bought a new position in shares of AES in the first quarter worth about $36,000. Reilly Financial Advisors LLC bought a new position in shares of AES in the first quarter worth about $36,000. Lee Financial Co bought a new position in shares of AES in the first quarter worth about $54,000. Finally, Kessler Investment Group LLC bought a new position in shares of AES in the first quarter worth about $69,000. 93.42% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NYSE:AES traded down $0.28 during trading on Friday, hitting $15.57. 3,504,803 shares of the company’s stock were exchanged, compared to its average volume of 5,545,502. The company has a debt-to-equity ratio of 3.41, a quick ratio of 1.21 and a current ratio of 1.36. AES Corp has a 52-week low of $13.00 and a 52-week high of $18.52. The firm has a 50-day moving average of $16.85. The firm has a market capitalization of $10.52 billion, a P/E ratio of 12.56, a price-to-earnings-growth ratio of 1.39 and a beta of 1.03.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Thursday, August 1st will be given a dividend of $0.137 per share. The ex-dividend date is Wednesday, July 31st. This represents a $0.55 annualized dividend and a dividend yield of 3.52%. This is a boost from AES’s previous quarterly dividend of $0.14. AES’s dividend payout ratio (DPR) is currently 44.35%.
In other AES news, insider Jeffrey W. Ubben bought 2,582,000 shares of the business’s stock in a transaction that occurred on Monday, May 13th. The stock was purchased at an average price of $16.10 per share, for a total transaction of $41,570,200.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.06% of the company’s stock.
AES has been the topic of several recent research reports. Zacks Investment Research raised AES from a “hold” rating to a “buy” rating and set a $17.00 price objective on the stock in a research note on Tuesday, June 4th. ValuEngine downgraded AES from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Evercore ISI set a $19.00 price objective on AES and gave the stock a “buy” rating in a research note on Wednesday. Bank of America raised AES from an “underperform” rating to a “neutral” rating and set a $16.57 price objective on the stock in a research note on Thursday, June 20th. Finally, Argus raised AES from a “hold” rating to a “buy” rating in a research note on Wednesday, May 22nd. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $16.77.
The AES Corporation operates as a diversified power generation and utility company. It owns and/or operates power plants to generate and sell power to customers, such as utilities, industrial users, and other intermediaries. The company also owns and/or operates utilities to generate or purchase, distribute, transmit, and sell electricity to end-user customers in the residential, commercial, industrial, and governmental sectors; and generates and sells electricity on the wholesale market.
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