Summit Asset Management LLC Buys Shares of 1,750 Entergy Co. (NYSE:ETR)

Summit Asset Management LLC bought a new stake in shares of Entergy Co. (NYSE:ETR) in the third quarter, Holdings Channel reports. The fund bought 1,750 shares of the utilities provider’s stock, valued at approximately $230,000.

A number of other institutional investors and hedge funds have also made changes to their positions in ETR. Quent Capital LLC increased its position in shares of Entergy by 21.7% during the first quarter. Quent Capital LLC now owns 550 shares of the utilities provider’s stock valued at $58,000 after acquiring an additional 98 shares in the last quarter. Empowered Funds LLC increased its position in shares of Entergy by 23.2% during the first quarter. Empowered Funds LLC now owns 11,594 shares of the utilities provider’s stock valued at $1,225,000 after acquiring an additional 2,181 shares in the last quarter. Sei Investments Co. increased its position in shares of Entergy by 15.6% during the first quarter. Sei Investments Co. now owns 179,077 shares of the utilities provider’s stock valued at $18,925,000 after acquiring an additional 24,105 shares in the last quarter. ProShare Advisors LLC increased its position in shares of Entergy by 6.0% during the first quarter. ProShare Advisors LLC now owns 40,178 shares of the utilities provider’s stock valued at $4,246,000 after acquiring an additional 2,273 shares in the last quarter. Finally, Bleakley Financial Group LLC increased its position in shares of Entergy by 5.8% during the first quarter. Bleakley Financial Group LLC now owns 10,269 shares of the utilities provider’s stock valued at $1,085,000 after acquiring an additional 560 shares in the last quarter. Institutional investors own 88.07% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on ETR shares. Argus upgraded shares of Entergy to a “strong-buy” rating in a report on Wednesday, August 28th. JPMorgan Chase & Co. raised their target price on shares of Entergy from $131.00 to $141.00 and gave the stock an “overweight” rating in a report on Monday, August 12th. Bank of America cut shares of Entergy from a “buy” rating to a “neutral” rating and raised their target price for the stock from $138.00 to $154.00 in a report on Monday, November 4th. KeyCorp raised their target price on shares of Entergy from $143.00 to $162.00 and gave the stock an “overweight” rating in a report on Friday, November 1st. Finally, UBS Group lifted their price target on shares of Entergy from $143.00 to $144.00 and gave the stock a “buy” rating in a research note on Friday, September 20th. Five equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $150.96.

Insider Buying and Selling

In other Entergy news, CEO Andrew S. Marsh sold 19,200 shares of the company’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $120.35, for a total value of $2,310,720.00. Following the transaction, the chief executive officer now directly owns 150,731 shares in the company, valued at $18,140,475.85. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Andrew S. Marsh sold 19,200 shares of the stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $120.35, for a total transaction of $2,310,720.00. Following the transaction, the chief executive officer now directly owns 150,731 shares in the company, valued at approximately $18,140,475.85. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Eliecer Viamontes sold 5,166 shares of the stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $120.00, for a total transaction of $619,920.00. Following the transaction, the insider now owns 5,117 shares in the company, valued at approximately $614,040. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 40,472 shares of company stock valued at $5,076,328 in the last ninety days. 0.39% of the stock is owned by company insiders.

Entergy Stock Down 0.3 %

Shares of ETR stock opened at $147.61 on Thursday. The company has a quick ratio of 0.59, a current ratio of 0.89 and a debt-to-equity ratio of 1.77. Entergy Co. has a 52 week low of $96.15 and a 52 week high of $156.85. The stock has a market cap of $31.65 billion, a P/E ratio of 17.98, a PEG ratio of 2.49 and a beta of 0.71. The company’s fifty day simple moving average is $133.48 and its two-hundred day simple moving average is $119.33.

Entergy (NYSE:ETR) last posted its quarterly earnings data on Thursday, October 31st. The utilities provider reported $2.99 earnings per share for the quarter, topping analysts’ consensus estimates of $2.91 by $0.08. Entergy had a net margin of 14.83% and a return on equity of 9.53%. The company had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.46 billion. During the same period in the prior year, the company posted $3.27 EPS. Analysts predict that Entergy Co. will post 7.21 EPS for the current fiscal year.

Entergy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Wednesday, November 13th will be given a $1.20 dividend. This is a positive change from Entergy’s previous quarterly dividend of $1.13. This represents a $4.80 dividend on an annualized basis and a yield of 3.25%. The ex-dividend date of this dividend is Wednesday, November 13th. Entergy’s dividend payout ratio is 58.47%.

About Entergy

Entergy Corporation, together with its subsidiaries, engages in the production and retail distribution of electricity in the United States. It generates, transmits, distributes, and sells electric power in portions of Arkansas, Louisiana, Mississippi, and Texas, including the City of New Orleans; and distributes natural gas.