Man Group plc Decreases Stake in Southern Co (NYSE:SO)
Man Group plc reduced its holdings in Southern Co (NYSE:SO) by 34.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 523,000 shares of the utilities provider’s stock after selling 271,784 shares during the period. Man Group plc’s holdings in Southern were worth $33,316,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors have also bought and sold shares of the company. Valley National Advisers Inc. raised its stake in Southern by 49.0% during the fourth quarter. Valley National Advisers Inc. now owns 447 shares of the utilities provider’s stock worth $28,000 after purchasing an additional 147 shares during the period. Advisory Alpha LLC raised its stake in shares of Southern by 1.5% in the 4th quarter. Advisory Alpha LLC now owns 10,145 shares of the utilities provider’s stock valued at $655,000 after acquiring an additional 148 shares during the period. Swaine & Leidel Wealth Services LLC raised its stake in shares of Southern by 4.3% in the 4th quarter. Swaine & Leidel Wealth Services LLC now owns 3,578 shares of the utilities provider’s stock valued at $228,000 after acquiring an additional 149 shares during the period. Loomis Sayles & Co. L P raised its stake in shares of Southern by 9.6% in the 4th quarter. Loomis Sayles & Co. L P now owns 1,742 shares of the utilities provider’s stock valued at $111,000 after acquiring an additional 153 shares during the period. Finally, Prio Wealth Limited Partnership raised its stake in shares of Southern by 2.2% in the 4th quarter. Prio Wealth Limited Partnership now owns 7,084 shares of the utilities provider’s stock valued at $451,000 after acquiring an additional 154 shares during the period. 59.95% of the stock is currently owned by hedge funds and other institutional investors.
In other Southern news, CEO Anthony L. Wilson sold 61,018 shares of the business’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $65.00, for a total transaction of $3,966,170.00. Following the completion of the transaction, the chief executive officer now owns 90,208 shares in the company, valued at approximately $5,863,520. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Stephen E. Kuczynski sold 2,000 shares of the business’s stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $62.53, for a total transaction of $125,060.00. Following the transaction, the chief executive officer now owns 66,564 shares of the company’s stock, valued at approximately $4,162,246.92. The disclosure for this sale can be found here. Insiders sold 127,827 shares of company stock valued at $8,305,763 in the last 90 days. Company insiders own 0.88% of the company’s stock.
Southern (NYSE:SO) last announced its quarterly earnings data on Thursday, February 20th. The utilities provider reported $0.27 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.27. The firm had revenue of $4.91 billion during the quarter, compared to analysts’ expectations of $5.27 billion. Southern had a net margin of 22.20% and a return on equity of 10.38%. The business’s quarterly revenue was down 7.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.25 earnings per share. On average, research analysts forecast that Southern Co will post 3.17 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 6th. Investors of record on Tuesday, February 18th were issued a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a dividend yield of 4.95%. The ex-dividend date of this dividend was Friday, February 14th. Southern’s dividend payout ratio (DPR) is currently 79.74%.
A number of equities research analysts have recently issued reports on SO shares. Barclays reissued a “hold” rating and issued a $68.00 price target on shares of Southern in a research note on Friday, March 13th. Wolfe Research raised shares of Southern from an “underperform” rating to a “market perform” rating in a research note on Thursday, March 12th. ValuEngine downgraded shares of Southern from a “hold” rating to a “sell” rating in a research note on Friday, February 28th. Royal Bank of Canada reissued a “buy” rating and issued a $67.00 price target on shares of Southern in a research note on Sunday, January 19th. Finally, Morgan Stanley reduced their price target on shares of Southern from $64.00 to $59.00 and set an “underweight” rating on the stock in a research note on Thursday, March 12th. Four analysts have rated the stock with a sell rating, eleven have given a hold rating and one has assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $63.35.
The Southern Company, through its subsidiaries, engages in the generation, transmission, and distribution of electricity. It operates in four segments: Gas Distribution Operations, Gas Pipeline Investments, Wholesale Gas Services, and Gas Marketing Services. The company also constructs, acquires, owns, and manages power generation assets, including renewable energy facilities and sells electricity in the wholesale market; and distributes natural gas in Illinois, Georgia, Virginia, and Tennessee, as well as provides gas marketing services, wholesale gas services, and gas pipeline investments operations.
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