State Board of Administration of Florida Retirement System grew its position in IDACORP, Inc. (NYSE:IDA – Free Report) by 1.8% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 53,669 shares of the energy company’s stock after buying an additional 960 shares during the period. State Board of Administration of Florida Retirement System owned 0.11% of IDACORP worth $5,814,000 at the end of the most recent quarter.
A number of other institutional investors have also modified their holdings of the company. Chilton Capital Management LLC acquired a new stake in shares of IDACORP in the 1st quarter worth $25,000. Ameritas Advisory Services LLC acquired a new stake in IDACORP in the 1st quarter worth approximately $29,000. Belpointe Asset Management LLC acquired a new stake in IDACORP in the 4th quarter worth approximately $35,000. Dark Forest Capital Management LP acquired a new stake in IDACORP in the 4th quarter worth approximately $37,000. Finally, Cohen & Steers Inc. boosted its stake in IDACORP by 33.8% in the 1st quarter. Cohen & Steers Inc. now owns 400 shares of the energy company’s stock worth $46,000 after purchasing an additional 101 shares in the last quarter. 83.00% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
IDA has been the subject of a number of recent analyst reports. Wells Fargo & Company lowered their target price on shares of IDACORP from $112.00 to $108.00 and set an “equal weight” rating for the company in a research note on Friday, August 4th. StockNews.com began coverage on IDACORP in a research report on Sunday, August 20th. They set a “sell” rating for the company. Finally, Mizuho lowered their price target on IDACORP from $107.00 to $105.00 in a research report on Wednesday, August 9th.
Insider Activity at IDACORP
In related news, SVP Jeffrey L. Malmen sold 1,463 shares of the business’s stock in a transaction on Thursday, September 14th. The shares were sold at an average price of $98.16, for a total value of $143,608.08. Following the completion of the transaction, the senior vice president now directly owns 15,734 shares in the company, valued at approximately $1,544,449.44. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.47% of the company’s stock.
IDACORP Stock Performance
Shares of NYSE IDA opened at $98.45 on Tuesday. The company has a current ratio of 1.57, a quick ratio of 1.27 and a debt-to-equity ratio of 0.87. IDACORP, Inc. has a 12 month low of $92.40 and a 12 month high of $112.96. The company has a 50 day simple moving average of $98.72 and a two-hundred day simple moving average of $103.82. The stock has a market cap of $4.98 billion, a price-to-earnings ratio of 18.27, a PEG ratio of 5.32 and a beta of 0.61.
IDACORP (NYSE:IDA – Get Free Report) last issued its quarterly earnings data on Thursday, August 3rd. The energy company reported $1.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.22 by $0.13. The business had revenue of $413.84 million during the quarter, compared to analysts’ expectations of $359.32 million. IDACORP had a return on equity of 9.67% and a net margin of 15.31%. During the same quarter in the previous year, the firm posted $1.27 EPS. As a group, analysts predict that IDACORP, Inc. will post 5.03 earnings per share for the current year.
IDACORP Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, August 31st. Investors of record on Wednesday, August 2nd were paid a $0.79 dividend. This represents a $3.16 annualized dividend and a dividend yield of 3.21%. The ex-dividend date of this dividend was Tuesday, August 1st. IDACORP’s dividend payout ratio is currently 58.63%.
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.
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