Strs Ohio Reduces Position in Scana Corporation (SCG)
Strs Ohio cut its position in shares of Scana Corporation (NYSE:SCG) by 0.6% during the second quarter, Holdings Channel reports. The firm owned 26,767 shares of the utilities provider’s stock after selling 149 shares during the period. Strs Ohio’s holdings in Scana Corporation were worth $1,793,000 at the end of the most recent quarter.
Several other hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in shares of Scana Corporation by 3.7% in the first quarter. Vanguard Group Inc. now owns 13,571,569 shares of the utilities provider’s stock worth $886,902,000 after buying an additional 479,888 shares during the period. BlackRock Inc. raised its stake in shares of Scana Corporation by 3,558.5% in the first quarter. BlackRock Inc. now owns 12,263,023 shares of the utilities provider’s stock worth $801,389,000 after buying an additional 11,927,826 shares during the period. Morgan Stanley raised its stake in shares of Scana Corporation by 127.7% in the first quarter. Morgan Stanley now owns 1,473,057 shares of the utilities provider’s stock worth $96,264,000 after buying an additional 826,008 shares during the period. Artisan Partners Limited Partnership purchased a new stake in shares of Scana Corporation during the first quarter worth approximately $91,844,000. Finally, Geode Capital Management LLC raised its stake in shares of Scana Corporation by 10.0% in the first quarter. Geode Capital Management LLC now owns 1,403,205 shares of the utilities provider’s stock worth $91,567,000 after buying an additional 127,422 shares during the period. Institutional investors own 67.56% of the company’s stock.
Shares of Scana Corporation (NYSE SCG) opened at 62.01 on Friday. The firm has a market cap of $8.86 billion, a P/E ratio of 14.64 and a beta of 0.25. The company has a 50 day moving average price of $65.37 and a 200-day moving average price of $67.01. Scana Corporation has a 52-week low of $60.00 and a 52-week high of $75.92.
Scana Corporation (NYSE:SCG) last announced its quarterly earnings results on Thursday, August 3rd. The utilities provider reported $0.85 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.74 by $0.11. Scana Corporation had a net margin of 13.99% and a return on equity of 10.50%. The business had revenue of $1 billion for the quarter, compared to analysts’ expectations of $931.67 million. During the same quarter last year, the firm earned $0.74 EPS. The firm’s revenue for the quarter was up 10.6% compared to the same quarter last year. On average, analysts expect that Scana Corporation will post $4.14 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Sunday, October 1st. Investors of record on Monday, September 11th will be given a $0.6125 dividend. The ex-dividend date of this dividend is Friday, September 8th. This represents a $2.45 annualized dividend and a yield of 3.95%. Scana Corporation’s payout ratio is 57.68%.
A number of analysts have recently commented on SCG shares. Morgan Stanley cut their price target on Scana Corporation from $70.00 to $67.00 and set an “underweight” rating on the stock in a report on Tuesday, July 11th. BidaskClub downgraded Scana Corporation from a “sell” rating to a “strong sell” rating in a research report on Wednesday, July 12th. Goldman Sachs Group, Inc. (The) raised Scana Corporation from a “sell” rating to a “neutral” rating and lowered their target price for the company from $66.00 to $64.00 in a research report on Thursday, July 20th. Mizuho reaffirmed an “underperform” rating and issued a $63.00 target price on shares of Scana Corporation in a research report on Friday, July 7th. Finally, Gabelli downgraded Scana Corporation from a “buy” rating to a “hold” rating in a research report on Friday, July 28th. Five research analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $70.44.
Scana Corporation Company Profile
SCANA Corporation is a holding company. The Company, through its subsidiaries, is engaged in the generation, transmission, distribution and sale of electricity in South Carolina. The Company operates through segments, including Electric Operations, Gas Distribution, Gas Marketing and All Other. The Company is engaged in the purchase, transmission and sale of natural gas in North Carolina and South Carolina.
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