Pitcairn Co. Grows Stake in IDACORP, Inc. (NYSE:IDA)

Pitcairn Co. grew its position in shares of IDACORP, Inc. (NYSE:IDA) by 2.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,332 shares of the energy company’s stock after purchasing an additional 103 shares during the period. Pitcairn Co.’s holdings in IDACORP were worth $402,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in IDA. Mather Group LLC. purchased a new position in IDACORP in the first quarter worth $41,000. Northwest Financial Advisors purchased a new position in IDACORP in the fourth quarter worth $52,000. Kapitalo Investimentos Ltda bought a new stake in IDACORP in the fourth quarter worth $54,000. EverSource Wealth Advisors LLC lifted its stake in IDACORP by 19.4% in the fourth quarter. EverSource Wealth Advisors LLC now owns 690 shares of the energy company’s stock worth $68,000 after purchasing an additional 112 shares during the last quarter. Finally, CWM LLC lifted its stake in IDACORP by 22.2% in the fourth quarter. CWM LLC now owns 992 shares of the energy company’s stock worth $98,000 after purchasing an additional 180 shares during the last quarter. 89.10% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have weighed in on IDA shares. Morgan Stanley lowered their price target on shares of IDACORP from $98.00 to $93.00 and set an “equal weight” rating for the company in a research note on Monday, June 24th. StockNews.com raised shares of IDACORP to a “sell” rating in a research note on Friday, April 26th. Wells Fargo & Company boosted their price target on shares of IDACORP from $94.00 to $98.00 and gave the stock an “equal weight” rating in a research note on Friday, May 3rd. Finally, Mizuho boosted their price target on shares of IDACORP from $88.00 to $99.00 and gave the stock a “neutral” rating in a research note on Thursday, May 16th. One analyst has rated the stock with a sell rating and five have assigned a hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $96.40.

IDACORP Trading Up 0.8 %

Shares of NYSE:IDA traded up $0.81 during midday trading on Thursday, hitting $97.25. 631,028 shares of the stock traded hands, compared to its average volume of 364,847. IDACORP, Inc. has a one year low of $86.43 and a one year high of $106.33. The stock has a market capitalization of $5.18 billion, a PE ratio of 19.37 and a beta of 0.58. The business’s 50 day moving average is $93.71 and its two-hundred day moving average is $92.70. The company has a quick ratio of 1.19, a current ratio of 1.54 and a debt-to-equity ratio of 0.95.

IDACORP (NYSE:IDA) last released its quarterly earnings results on Thursday, May 2nd. The energy company reported $0.95 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.06). IDACORP had a return on equity of 8.71% and a net margin of 14.18%. The company had revenue of $448.94 million during the quarter, compared to the consensus estimate of $441.21 million. During the same period in the previous year, the company earned $1.11 earnings per share. As a group, research analysts forecast that IDACORP, Inc. will post 5.35 earnings per share for the current year.

IDACORP Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Monday, August 5th will be paid a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a yield of 3.41%. The ex-dividend date is Monday, August 5th. IDACORP’s payout ratio is currently 66.67%.

Insider Buying and Selling

In other IDACORP news, VP James Bo D. Hanchey sold 1,500 shares of the company’s stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $95.09, for a total value of $142,635.00. Following the sale, the vice president now owns 1,650 shares in the company, valued at $156,898.50. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.47% of the stock is owned by insiders.

IDACORP Profile

IDACORP, Inc, together with its subsidiaries, engages in the generation, transmission, distribution, purchase, and sale of electric energy in the United States. The company operates 17 hydropower generating plants located in southern Idaho and eastern Oregon; three natural gas-fired plants in southern Idaho; and interests in two coal-fired steam electric generating plants located in Wyoming and Nevada.