Covalis Capital LLP purchased a new stake in shares of PPL Corp (NYSE:PPL) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 2,326,427 shares of the utilities provider’s stock, valued at approximately $72,143,000. PPL comprises approximately 49.2% of Covalis Capital LLP’s investment portfolio, making the stock its largest holding.
A number of other hedge funds also recently made changes to their positions in the business. Marshall Wace North America L.P. grew its holdings in PPL by 550.3% during the second quarter. Marshall Wace North America L.P. now owns 80,292 shares of the utilities provider’s stock valued at $2,490,000 after purchasing an additional 67,946 shares during the last quarter. Assetmark Inc. grew its holdings in PPL by 24.1% during the second quarter. Assetmark Inc. now owns 4,476 shares of the utilities provider’s stock valued at $139,000 after purchasing an additional 868 shares during the last quarter. Gladstone Institutional Advisory LLC acquired a new position in PPL during the second quarter valued at approximately $204,000. Kempen Capital Management N.V. grew its holdings in PPL by 17.4% during the second quarter. Kempen Capital Management N.V. now owns 653,217 shares of the utilities provider’s stock valued at $20,257,000 after purchasing an additional 96,810 shares during the last quarter. Finally, Invesco Ltd. boosted its position in shares of PPL by 5.0% in the second quarter. Invesco Ltd. now owns 26,097,426 shares of the utilities provider’s stock valued at $809,280,000 after acquiring an additional 1,242,220 shares during the period. Institutional investors own 71.77% of the company’s stock.
In other PPL news, insider Philip Swift sold 3,782 shares of the firm’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $30.26, for a total transaction of $114,443.32. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.34% of the stock is currently owned by company insiders.
PPL (NYSE:PPL) last announced its quarterly earnings data on Tuesday, August 6th. The utilities provider reported $0.58 EPS for the quarter, topping the Zacks’ consensus estimate of $0.56 by $0.02. The firm had revenue of $1.80 billion during the quarter, compared to analyst estimates of $1.86 billion. PPL had a return on equity of 14.57% and a net margin of 22.97%. The company’s revenue was down 2.4% on a year-over-year basis. During the same period last year, the company earned $0.55 earnings per share. Research analysts expect that PPL Corp will post 2.43 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Tuesday, September 10th will be issued a dividend of $0.4125 per share. This represents a $1.65 dividend on an annualized basis and a yield of 5.28%. The ex-dividend date is Monday, September 9th. PPL’s dividend payout ratio (DPR) is currently 68.75%.
Several research firms have recently weighed in on PPL. GMP Securities reissued an “average” rating and issued a $59.00 price objective on shares of PPL in a research report on Wednesday, August 7th. Evercore ISI set a $31.00 price objective on PPL and gave the company a “hold” rating in a research report on Wednesday, August 7th. Mizuho began coverage on PPL in a research report on Monday, June 3rd. They issued a “neutral” rating and a $30.00 price objective for the company. Zacks Investment Research raised PPL from a “sell” rating to a “hold” rating and set a $32.00 price objective for the company in a research report on Monday, July 22nd. Finally, Morgan Stanley set a $30.00 price objective on PPL and gave the company a “hold” rating in a research report on Friday, August 16th. One analyst has rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $36.60.
PPL Corporation, a utility holding company, delivers electricity and natural gas in the United States and the United Kingdom. The company operates through three segments: U.K. Regulated, Kentucky Regulated, and Pennsylvania Regulated. It serves approximately 414,000 electric and 328,000 natural gas customers in Louisville and adjacent areas in Kentucky; 527,000 electric customers in central, southeastern, and western Kentucky; and 28,000 electric customers in 5 counties in southwestern Virginia.
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