Meeder Asset Management Inc. Increases Stock Position in Clearway Energy, Inc. (NYSE:CWEN)

Meeder Asset Management Inc. grew its position in shares of Clearway Energy, Inc. (NYSE:CWEN) by 23.7% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 42,577 shares of the company’s stock after purchasing an additional 8,163 shares during the quarter. Meeder Asset Management Inc.’s holdings in Clearway Energy were worth $1,306,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also made changes to their positions in CWEN. Sei Investments Co. acquired a new stake in shares of Clearway Energy during the first quarter worth about $1,010,000. MQS Management LLC acquired a new stake in Clearway Energy in the first quarter valued at $228,000. Silvercrest Asset Management Group LLC lifted its stake in shares of Clearway Energy by 2.7% in the first quarter. Silvercrest Asset Management Group LLC now owns 63,219 shares of the company’s stock valued at $1,457,000 after purchasing an additional 1,658 shares during the period. Apollo Management Holdings L.P. boosted its stake in shares of Clearway Energy by 38.4% during the 1st quarter. Apollo Management Holdings L.P. now owns 1,645,296 shares of the company’s stock worth $37,924,000 after acquiring an additional 456,197 shares in the last quarter. Finally, BROOKFIELD Corp ON grew its holdings in shares of Clearway Energy by 3.7% in the 1st quarter. BROOKFIELD Corp ON now owns 182,316 shares of the company’s stock worth $4,202,000 after acquiring an additional 6,520 shares during the period. Institutional investors and hedge funds own 38.03% of the company’s stock.

Clearway Energy Price Performance

Shares of NYSE:CWEN opened at $27.80 on Wednesday. The company has a market cap of $5.62 billion, a PE ratio of 26.73, a P/E/G ratio of 2.44 and a beta of 0.87. Clearway Energy, Inc. has a fifty-two week low of $20.63 and a fifty-two week high of $30.92. The firm has a 50-day simple moving average of $28.23 and a 200 day simple moving average of $27.35. The company has a quick ratio of 1.49, a current ratio of 1.59 and a debt-to-equity ratio of 1.20.

Clearway Energy (NYSE:CWEN) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.31 EPS for the quarter, missing the consensus estimate of $0.48 by ($0.17). The firm had revenue of $486.00 million during the quarter, compared to analyst estimates of $417.55 million. Clearway Energy had a net margin of 8.94% and a return on equity of 2.28%. Clearway Energy’s revenue for the quarter was up 31.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.03 EPS. On average, sell-side analysts anticipate that Clearway Energy, Inc. will post 0.81 EPS for the current year.

Clearway Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be given a dividend of $0.424 per share. This represents a $1.70 dividend on an annualized basis and a dividend yield of 6.10%. This is an increase from Clearway Energy’s previous quarterly dividend of $0.42. The ex-dividend date of this dividend is Monday, December 2nd. Clearway Energy’s payout ratio is 160.58%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on CWEN shares. Morgan Stanley raised Clearway Energy from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $25.00 to $36.00 in a report on Wednesday, July 31st. Roth Mkm reiterated a “buy” rating and issued a $32.00 price objective (up from $30.00) on shares of Clearway Energy in a research report on Friday, August 2nd. Jefferies Financial Group began coverage on shares of Clearway Energy in a report on Friday, September 20th. They set a “buy” rating and a $35.00 target price for the company. BNP Paribas began coverage on shares of Clearway Energy in a report on Tuesday, October 1st. They issued an “outperform” rating and a $36.00 price target on the stock. Finally, StockNews.com cut shares of Clearway Energy from a “hold” rating to a “sell” rating in a research note on Thursday, November 14th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $33.13.

About Clearway Energy

Clearway Energy, Inc operates in the renewable energy business in the United States. The company operates through Conventional and Renewables segments. It has approximately 6,000 net MW of installed wind, solar, and energy generation projects; and approximately 2,500 net MW of natural gas-fired generation facilities.