Griffin Asset Management Inc. Buys Shares of 50,500 Scana Corporation (SCG)
Griffin Asset Management Inc. bought a new position in Scana Corporation (NYSE:SCG) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 50,500 shares of the utilities provider’s stock, valued at approximately $3,384,000.
Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of Scana Corporation by 2.3% during the second quarter. Vanguard Group Inc. now owns 13,887,779 shares of the utilities provider’s stock valued at $930,620,000 after buying an additional 316,210 shares during the period. Artisan Partners Limited Partnership increased its stake in shares of Scana Corporation by 27.7% during the second quarter. Artisan Partners Limited Partnership now owns 1,794,850 shares of the utilities provider’s stock valued at $120,273,000 after buying an additional 389,431 shares during the period. First Trust Advisors LP increased its stake in shares of Scana Corporation by 106.6% during the second quarter. First Trust Advisors LP now owns 1,651,461 shares of the utilities provider’s stock valued at $110,664,000 after buying an additional 852,243 shares during the period. Janus Henderson Group PLC increased its stake in shares of Scana Corporation by 6,220.2% during the second quarter. Janus Henderson Group PLC now owns 1,250,396 shares of the utilities provider’s stock valued at $83,789,000 after buying an additional 1,230,612 shares during the period. Finally, LSV Asset Management increased its stake in shares of Scana Corporation by 833.9% during the second quarter. LSV Asset Management now owns 1,241,196 shares of the utilities provider’s stock valued at $83,172,000 after buying an additional 1,108,296 shares during the period. Institutional investors and hedge funds own 66.63% of the company’s stock.
Several equities analysts have recently commented on SCG shares. Zacks Investment Research lowered Scana Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. Goldman Sachs Group, Inc. (The) raised Scana Corporation from a “sell” rating to a “neutral” rating and dropped their price objective for the company from $66.00 to $64.00 in a research report on Thursday, July 20th. Mizuho raised Scana Corporation from an “underperform” rating to a “neutral” rating and set a $58.50 price objective on the stock in a research report on Monday, August 28th. Williams Capital dropped their price objective on Scana Corporation from $70.00 to $50.00 and set a “hold” rating on the stock in a research report on Wednesday, September 27th. Finally, Guggenheim downgraded Scana Corporation from a “buy” rating to a “sell” rating in a research report on Friday, July 28th. Four research analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $65.06.
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Shares of Scana Corporation (NYSE:SCG) traded up 0.49% during midday trading on Friday, reaching $48.89. The company’s stock had a trading volume of 323,832 shares. The stock’s 50-day moving average price is $54.05 and its 200-day moving average price is $62.70. Scana Corporation has a 12-month low of $47.80 and a 12-month high of $74.99. The company has a market cap of $6.99 billion, a P/E ratio of 11.54 and a beta of 0.23.
Scana Corporation (NYSE:SCG) last released its quarterly earnings data on Thursday, August 3rd. The utilities provider reported $0.85 EPS for the quarter, beating analysts’ consensus estimates of $0.74 by $0.11. Scana Corporation had a return on equity of 10.50% and a net margin of 13.99%. The business had revenue of $1 billion for the quarter, compared to the consensus estimate of $931.67 million. During the same quarter in the prior year, the business posted $0.74 EPS. The business’s revenue for the quarter was up 10.6% on a year-over-year basis. On average, analysts expect that Scana Corporation will post $4.16 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Sunday, October 1st. Stockholders of record on Monday, September 11th were issued a $0.6125 dividend. The ex-dividend date was Friday, September 8th. This represents a $2.45 dividend on an annualized basis and a dividend yield of 5.04%. Scana Corporation’s payout ratio is currently 57.92%.
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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