State of Tennessee Treasury Department Trims Holdings in Southern Company (The) (SO)
State of Tennessee Treasury Department trimmed its holdings in shares of Southern Company (The) (NYSE:SO) by 27.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 271,943 shares of the utilities provider’s stock after selling 105,091 shares during the quarter. State of Tennessee Treasury Department’s holdings in Southern were worth $13,363,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also bought and sold shares of SO. BlackRock Inc. boosted its stake in shares of Southern by 2,961.9% in the 1st quarter. BlackRock Inc. now owns 62,067,822 shares of the utilities provider’s stock valued at $3,089,736,000 after purchasing an additional 60,040,696 shares during the last quarter. Janus Henderson Group PLC boosted its stake in shares of Southern by 3,580.1% in the 2nd quarter. Janus Henderson Group PLC now owns 4,673,498 shares of the utilities provider’s stock valued at $223,766,000 after purchasing an additional 4,546,503 shares during the last quarter. Capital Research Global Investors boosted its stake in shares of Southern by 25.3% in the 2nd quarter. Capital Research Global Investors now owns 14,940,226 shares of the utilities provider’s stock valued at $715,338,000 after purchasing an additional 3,015,226 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Southern by 4.1% in the 1st quarter. Vanguard Group Inc. now owns 68,758,138 shares of the utilities provider’s stock valued at $3,422,780,000 after purchasing an additional 2,688,854 shares during the last quarter. Finally, Franklin Resources Inc. boosted its stake in shares of Southern by 3.6% in the 2nd quarter. Franklin Resources Inc. now owns 22,379,839 shares of the utilities provider’s stock valued at $1,071,547,000 after purchasing an additional 770,413 shares during the last quarter. 53.78% of the stock is currently owned by hedge funds and other institutional investors.
In other news, CEO William P. Bowers sold 85,151 shares of the company’s stock in a transaction on Tuesday, October 10th. The shares were sold at an average price of $50.00, for a total value of $4,257,550.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP James Y. Kerr II sold 25,000 shares of the company’s stock in a transaction on Friday, October 20th. The stock was sold at an average price of $52.16, for a total transaction of $1,304,000.00. Following the completion of the sale, the vice president now owns 26,000 shares of the company’s stock, valued at approximately $1,356,160. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 213,813 shares of company stock worth $11,029,988. Corporate insiders own 0.74% of the company’s stock.
Southern Company (NYSE SO) traded down $0.09 on Friday, reaching $51.11. 4,709,948 shares of the company’s stock traded hands, compared to its average volume of 4,671,519. The company has a debt-to-equity ratio of 1.73, a quick ratio of 0.57 and a current ratio of 0.73. Southern Company has a 1 year low of $46.23 and a 1 year high of $53.51. The firm has a market capitalization of $51,300.00, a P/E ratio of 18.72, a price-to-earnings-growth ratio of 4.65 and a beta of 0.15.
Southern (NYSE:SO) last released its quarterly earnings data on Wednesday, November 1st. The utilities provider reported $1.12 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.08 by $0.04. Southern had a net margin of 2.59% and a return on equity of 10.81%. The firm had revenue of $6.20 billion for the quarter, compared to the consensus estimate of $6.16 billion. During the same quarter in the prior year, the company posted $1.27 earnings per share. The business’s revenue was down 1.0% on a year-over-year basis. analysts forecast that Southern Company will post 2.95 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 6th. Shareholders of record on Monday, November 20th will be issued a dividend of $0.58 per share. The ex-dividend date of this dividend is Friday, November 17th. This represents a $2.32 annualized dividend and a yield of 4.54%. Southern’s payout ratio is 414.29%.
A number of research analysts recently issued reports on the stock. J P Morgan Chase & Co assumed coverage on shares of Southern in a research report on Tuesday, August 8th. They set an “overweight” rating and a $16.78 target price on the stock. BidaskClub downgraded shares of Southern from a “hold” rating to a “sell” rating in a research report on Thursday, August 10th. Credit Suisse Group upgraded shares of Southern from an “underperform” rating to a “neutral” rating in a research report on Thursday, August 3rd. Royal Bank Of Canada upgraded shares of Southern from a “sector perform” rating to an “outperform” rating and set a $53.00 target price on the stock in a research report on Friday, September 29th. Finally, Morgan Stanley set a $50.00 target price on shares of Southern and gave the company a “sell” rating in a research report on Thursday, August 10th. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and eight have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $49.72.
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Southern Company Profile
The Southern Company (Southern Company) is a holding company. The Company owns all of the stock of the traditional electric operating companies and the parent entities of Southern Power Company (Southern Power) and Southern Company Gas, and owns other direct and indirect subsidiaries. The Company’s segments include Gas distribution operations, Gas marketing services, Wholesale gas services, Gas midstream operations and All other.
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