New England Asset Management Inc. raised its stake in PPL Corporation (NYSE:PPL) by 14.7% during the first quarter, according to its most recent disclosure with the SEC. The firm owned 75,800 shares of the utilities provider’s stock after buying an additional 9,740 shares during the period. New England Asset Management Inc.’s holdings in PPL Corporation were worth $2,834,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Migdal Insurance & Financial Holdings Ltd. purchased a new position in shares of PPL Corporation during the fourth quarter valued at $254,000. Perigon Wealth Management LLC purchased a new position in shares of PPL Corporation during the fourth quarter valued at $165,000. HighPoint Advisor Group LLC purchased a new position in shares of PPL Corporation during the fourth quarter valued at $714,000. Kentucky Retirement Systems purchased a new position in shares of PPL Corporation during the fourth quarter valued at $1,679,000. Finally, Kentucky Retirement Systems Insurance Trust Fund purchased a new position in shares of PPL Corporation during the fourth quarter valued at $749,000. 71.06% of the stock is owned by institutional investors.
Shares of PPL Corporation (NYSE:PPL) traded up 0.16% on Friday, hitting $38.18. The stock had a trading volume of 2,988,889 shares. The firm’s 50 day moving average is $38.51 and its 200-day moving average is $37.45. The stock has a market capitalization of $26.08 billion, a PE ratio of 14.30 and a beta of 0.50. PPL Corporation has a one year low of $32.08 and a one year high of $40.20.
PPL Corporation (NYSE:PPL) last issued its earnings results on Thursday, May 4th. The utilities provider reported $0.62 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.62. The company had revenue of $1.95 billion during the quarter, compared to the consensus estimate of $2.03 billion. PPL Corporation had a return on equity of 16.28% and a net margin of 24.46%. The firm’s revenue for the quarter was down 3.0% compared to the same quarter last year. During the same period last year, the business posted $0.67 EPS. Equities research analysts expect that PPL Corporation will post $2.16 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, July 3rd. Shareholders of record on Friday, June 9th were paid a dividend of $0.395 per share. The ex-dividend date was Wednesday, June 7th. This represents a $1.58 dividend on an annualized basis and a yield of 4.14%. PPL Corporation’s dividend payout ratio (DPR) is currently 59.18%.
PPL has been the subject of several research reports. Barclays PLC reaffirmed an “equal weight” rating and set a $41.00 target price (up previously from $38.00) on shares of PPL Corporation in a research note on Sunday, April 23rd. Zacks Investment Research upgraded PPL Corporation from a “hold” rating to a “buy” rating and set a $42.00 price target for the company in a research report on Wednesday, July 12th. Deutsche Bank AG increased their price target on PPL Corporation from $36.00 to $38.00 and gave the company a “hold” rating in a research report on Tuesday, April 11th. Jefferies Group LLC upgraded PPL Corporation from a “hold” rating to a “buy” rating and increased their price target for the company from $39.50 to $42.00 in a research report on Wednesday, July 19th. Finally, BidaskClub downgraded PPL Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the stock. PPL Corporation presently has a consensus rating of “Hold” and a consensus price target of $39.10.
In other PPL Corporation news, VP Joseph P. Bergstein, Jr. sold 2,929 shares of PPL Corporation stock in a transaction dated Monday, July 24th. The stock was sold at an average price of $38.55, for a total transaction of $112,912.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Gregory N. Dudkin sold 8,228 shares of PPL Corporation stock in a transaction dated Monday, June 19th. The shares were sold at an average price of $39.55, for a total value of $325,417.40. Following the transaction, the insider now owns 39,693 shares of the company’s stock, valued at approximately $1,569,858.15. The disclosure for this sale can be found here. 0.42% of the stock is currently owned by insiders.
About PPL Corporation
PPL Corporation (PPL) is a utility holding company. Through its subsidiaries, PPL delivers electricity to customers in the United Kingdom, Pennsylvania, Kentucky, Virginia and Tennessee; delivers natural gas to customers in Kentucky, and generates electricity from power plants in Kentucky. PPL operates through U.K.
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