State Treasurer State of Michigan Has $1.67 Million Stake in IDACORP, Inc. (IDA)
State Treasurer State of Michigan reduced its stake in IDACORP, Inc. (NYSE:IDA) by 8.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 18,980 shares of the coal producer’s stock after selling 1,800 shares during the period. State Treasurer State of Michigan’s holdings in IDACORP were worth $1,669,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently made changes to their positions in IDA. Renaissance Technologies LLC raised its stake in shares of IDACORP by 99.1% in the first quarter. Renaissance Technologies LLC now owns 220,770 shares of the coal producer’s stock valued at $18,315,000 after acquiring an additional 109,870 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of IDACORP by 1.4% in the second quarter. Vanguard Group Inc. now owns 4,644,039 shares of the coal producer’s stock valued at $396,368,000 after acquiring an additional 64,740 shares in the last quarter. AHL Partners LLP raised its stake in shares of IDACORP by 87.6% in the second quarter. AHL Partners LLP now owns 128,158 shares of the coal producer’s stock valued at $10,938,000 after acquiring an additional 59,827 shares in the last quarter. State Street Corp raised its stake in shares of IDACORP by 3.4% in the second quarter. State Street Corp now owns 1,773,322 shares of the coal producer’s stock valued at $151,353,000 after acquiring an additional 58,673 shares in the last quarter. Finally, Phocas Financial Corp. raised its stake in shares of IDACORP by 70.9% in the second quarter. Phocas Financial Corp. now owns 120,688 shares of the coal producer’s stock valued at $10,301,000 after acquiring an additional 50,084 shares in the last quarter. Institutional investors and hedge funds own 76.01% of the company’s stock.
A number of analysts have weighed in on IDA shares. BidaskClub upgraded IDACORP from a “sell” rating to a “hold” rating in a research note on Friday, August 25th. Zacks Investment Research upgraded IDACORP from a “hold” rating to a “buy” rating and set a $97.00 price target on the stock in a research note on Thursday, July 27th. Finally, KeyCorp restated a “hold” rating on shares of IDACORP in a research note on Friday, October 20th.
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Shares of IDACORP, Inc. (IDA) opened at $92.71 on Friday. IDACORP, Inc. has a 52 week low of $72.93 and a 52 week high of $93.79. The company has a quick ratio of 1.56, a current ratio of 2.20 and a debt-to-equity ratio of 0.80. The firm has a market capitalization of $4,671.94, a price-to-earnings ratio of 22.56, a price-to-earnings-growth ratio of 5.02 and a beta of 0.53.
IDACORP (NYSE:IDA) last posted its quarterly earnings results on Thursday, November 2nd. The coal producer reported $1.80 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.66 by $0.14. IDACORP had a return on equity of 9.53% and a net margin of 15.46%. The company had revenue of $408.32 million for the quarter. During the same quarter in the prior year, the business earned $1.65 earnings per share. equities research analysts predict that IDACORP, Inc. will post 4.12 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 30th. Shareholders of record on Monday, November 6th will be paid a $0.59 dividend. The ex-dividend date is Friday, November 3rd. This is a boost from IDACORP’s previous quarterly dividend of $0.55. This represents a $2.36 dividend on an annualized basis and a yield of 2.55%. IDACORP’s dividend payout ratio (DPR) is currently 53.53%.
IDACORP, Inc is a holding company. The Company’s principal operating subsidiary is Idaho Power Company (Idaho Power). The Company’s segment is utility operations. The utility operations segment’s primary source of revenue is the regulated operations of Idaho Power. Idaho Power is an electric utility engaged in the generation, transmission, distribution, sale and purchase of electric energy and capacity.
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