Candriam Luxembourg S.C.A. Takes $2.25 Million Position in Vectren Corp (VVC)
Candriam Luxembourg S.C.A. bought a new position in shares of Vectren Corp (NYSE:VVC) during the 3rd quarter, Holdings Channel reports. The institutional investor bought 31,500 shares of the utilities provider’s stock, valued at approximately $2,252,000.
A number of other institutional investors and hedge funds have also made changes to their positions in VVC. Renaissance Technologies LLC raised its holdings in shares of Vectren by 5.3% during the 2nd quarter. Renaissance Technologies LLC now owns 1,430,200 shares of the utilities provider’s stock worth $102,188,000 after acquiring an additional 72,000 shares during the period. Water Island Capital LLC purchased a new position in shares of Vectren during the 2nd quarter worth $51,108,000. Gabelli Funds LLC raised its holdings in shares of Vectren by 4.8% during the 3rd quarter. Gabelli Funds LLC now owns 714,273 shares of the utilities provider’s stock worth $51,063,000 after acquiring an additional 32,654 shares during the period. Alpine Associates Management Inc. purchased a new position in shares of Vectren during the 2nd quarter worth $45,774,000. Finally, Arrowgrass Capital Partners US LP purchased a new position in shares of Vectren during the 2nd quarter worth $40,598,000. 65.70% of the stock is currently owned by institutional investors.
Separately, Zacks Investment Research upgraded Vectren from a “sell” rating to a “hold” rating in a report on Saturday, November 17th. Six equities research analysts have rated the stock with a hold rating, The stock presently has an average rating of “Hold” and a consensus price target of $66.00.
Vectren (NYSE:VVC) last posted its quarterly earnings results on Monday, November 5th. The utilities provider reported $0.61 EPS for the quarter, missing the consensus estimate of $0.74 by ($0.13). Vectren had a return on equity of 12.10% and a net margin of 7.37%. The company had revenue of $665.00 million for the quarter, compared to analysts’ expectations of $707.00 million. During the same quarter in the prior year, the firm earned $0.75 EPS. The firm’s revenue was down 3.8% on a year-over-year basis. Sell-side analysts expect that Vectren Corp will post 2.87 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, December 3rd. Stockholders of record on Thursday, November 15th will be issued a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a dividend yield of 2.68%. The ex-dividend date of this dividend is Wednesday, November 14th. This is a positive change from Vectren’s previous quarterly dividend of $0.45. Vectren’s payout ratio is currently 73.85%.
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Vectren Corporation provides energy delivery services to residential, commercial, and industrial and other contract customers. The company offers natural gas distribution and transportation services, and electric transmission and distribution services; and owns and operates coal-fired, natural gas or oil-fired, and landfill gas electric generating facilities with an installed generating capacity of 1,248 megawatts.
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