Magellan Asset Management Ltd Purchases 8,105 Shares of Aqua America, Inc. (WTR)
Magellan Asset Management Ltd lifted its position in Aqua America, Inc. (NYSE:WTR) by 7.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 118,153 shares of the utilities provider’s stock after acquiring an additional 8,105 shares during the quarter. Magellan Asset Management Ltd owned 0.07% of Aqua America worth $3,934,000 as of its most recent SEC filing.
Other hedge funds have also recently added to or reduced their stakes in the company. Benjamin F. Edwards & Company Inc. raised its holdings in shares of Aqua America by 10.6% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 4,480 shares of the utilities provider’s stock valued at $149,000 after acquiring an additional 431 shares in the last quarter. IFP Advisors Inc raised its holdings in shares of Aqua America by 20.8% in the second quarter. IFP Advisors Inc now owns 4,701 shares of the utilities provider’s stock valued at $157,000 after acquiring an additional 809 shares in the last quarter. Barrett Asset Management LLC bought a new stake in shares of Aqua America in the second quarter valued at about $197,000. Huntington National Bank raised its holdings in shares of Aqua America by 6.7% in the second quarter. Huntington National Bank now owns 5,950 shares of the utilities provider’s stock valued at $199,000 after acquiring an additional 375 shares in the last quarter. Finally, National Asset Management Inc. bought a new stake in shares of Aqua America in the first quarter valued at about $202,000. Hedge funds and other institutional investors own 51.04% of the company’s stock.
Shares of Aqua America, Inc. (NYSE:WTR) traded up 0.24% during trading on Friday, reaching $34.01. 792,319 shares of the company’s stock were exchanged. Aqua America, Inc. has a 12-month low of $28.03 and a 12-month high of $34.66. The stock has a 50-day moving average price of $33.78 and a 200 day moving average price of $32.85. The company has a market capitalization of $6.04 billion, a P/E ratio of 25.96 and a beta of 0.53.
Aqua America (NYSE:WTR) last announced its earnings results on Wednesday, August 2nd. The utilities provider reported $0.34 earnings per share for the quarter, meeting the consensus estimate of $0.34. Aqua America had a return on equity of 12.51% and a net margin of 28.59%. The company had revenue of $203.40 million for the quarter, compared to the consensus estimate of $208.28 million. During the same period last year, the business posted $0.33 EPS. The company’s revenue was down .2% on a year-over-year basis. Equities analysts expect that Aqua America, Inc. will post $1.36 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 1st. Shareholders of record on Wednesday, August 16th were paid a $0.2047 dividend. This is an increase from Aqua America’s previous quarterly dividend of $0.19. This represents a $0.82 annualized dividend and a dividend yield of 2.41%. The ex-dividend date was Monday, August 14th. Aqua America’s dividend payout ratio (DPR) is 62.60%.
WTR has been the subject of several recent research reports. Northcoast Research initiated coverage on Aqua America in a report on Thursday, May 25th. They issued a “neutral” rating for the company. BidaskClub upgraded Aqua America from a “hold” rating to a “buy” rating in a report on Thursday, June 15th. Zacks Investment Research downgraded Aqua America from a “hold” rating to a “sell” rating in a report on Tuesday, July 4th. Robert W. Baird restated a “hold” rating and issued a $32.00 price objective on shares of Aqua America in a report on Friday, August 25th. Finally, Boenning Scattergood restated an “outperform” rating on shares of Aqua America in a report on Tuesday, September 5th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Aqua America currently has a consensus rating of “Buy” and an average price target of $34.00.
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In other Aqua America news, insider Robert A. Rubin sold 12,499 shares of Aqua America stock in a transaction that occurred on Monday, September 11th. The stock was sold at an average price of $34.46, for a total value of $430,715.54. Following the transaction, the insider now directly owns 80,604 shares in the company, valued at approximately $2,777,613.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.25% of the company’s stock.
Aqua America Profile
Aqua America, Inc is a holding company. The Company is engaged in providing water or wastewater services concentrated in Pennsylvania, Ohio, Texas, Illinois, North Carolina, New Jersey, Indiana and Virginia. The Company is the holding company for its primary subsidiary, Aqua Pennsylvania, Inc Its market-based activities are conducted through Aqua Resources, Inc (Aqua Resources) and Aqua Infrastructure, LLC (Aqua Infrastructure).
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