Raging Capital Management LLC purchased a new stake in shares of Dynegy Inc. (NYSE:DYN) during the first quarter, Holdings Channel reports. The firm purchased 648,560 shares of the utilities provider’s stock, valued at approximately $5,098,000. Dynegy makes up about 0.5% of Raging Capital Management LLC’s investment portfolio, making the stock its 29th largest position. Raging Capital Management LLC owned 0.49% of Dynegy as of its most recent filing with the SEC.
A number of other hedge funds have also recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. bought a new position in Dynegy during the fourth quarter valued at about $5,146,000. State Street Corp increased its position in Dynegy by 4.1% in the fourth quarter. State Street Corp now owns 2,210,112 shares of the utilities provider’s stock valued at $18,697,000 after buying an additional 86,756 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new position in Dynegy during the fourth quarter valued at about $195,000. Renaissance Technologies LLC bought a new position in Dynegy during the fourth quarter valued at about $3,740,000. Finally, Menta Capital LLC increased its position in Dynegy by 27.1% in the fourth quarter. Menta Capital LLC now owns 235,132 shares of the utilities provider’s stock valued at $1,989,000 after buying an additional 50,146 shares during the last quarter.
Dynegy Inc. (NYSE:DYN) traded up 0.37% during trading on Friday, hitting $8.08. 2,426,105 shares of the stock traded hands. Dynegy Inc. has a 52-week low of $5.84 and a 52-week high of $18.63. The company’s 50 day moving average price is $7.53 and its 200-day moving average price is $8.12. The stock’s market cap is $1.06 billion.
Dynegy (NYSE:DYN) last issued its quarterly earnings data on Thursday, May 4th. The utilities provider reported ($0.03) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.45) by $0.42. The firm had revenue of $1.25 billion for the quarter, compared to analysts’ expectations of $1.24 billion. Dynegy had a negative net margin of 14.25% and a negative return on equity of 14.18%. Equities research analysts forecast that Dynegy Inc. will post ($0.62) earnings per share for the current fiscal year.
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Several research firms have issued reports on DYN. Zacks Investment Research raised shares of Dynegy from a “hold” rating to a “buy” rating and set a $10.00 price objective on the stock in a report on Tuesday, February 21st. Goldman Sachs Group, Inc. (The) began coverage on shares of Dynegy in a report on Tuesday, February 21st. They set a “neutral” rating and a $10.00 price objective on the stock. Royal Bank of Canada reaffirmed a “hold” rating and set a $8.00 price objective on shares of Dynegy in a report on Wednesday, March 15th. Finally, Deutsche Bank AG raised shares of Dynegy from a “sell” rating to a “hold” rating and increased their price objective for the company from $6.00 to $7.00 in a report on Wednesday, April 26th. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $12.25.
In other Dynegy news, insider Robert C. Flexon acquired 15,000 shares of the stock in a transaction that occurred on Friday, March 24th. The shares were purchased at an average cost of $7.16 per share, with a total value of $107,400.00. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. 1.80% of the stock is currently owned by corporate insiders.
Dynegy Inc (Dynegy) is a holding company and conducts the business operations through its subsidiaries. The primary business of Dynegy is the production and sale of electric energy, capacity and ancillary services from the fleet of 18 operating power plants in six states totaling approximately 12,300 megawatt (MW) of generating capacity.
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