Man Group plc Sells 16,562 Shares of IDACORP, Inc. (NYSE:IDA)

Man Group plc reduced its position in IDACORP, Inc. (NYSE:IDA) by 44.0% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 21,052 shares of the energy company’s stock after selling 16,562 shares during the period. Man Group plc’s holdings in IDACORP were worth $2,301,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of IDA. MassMutual Private Wealth & Trust FSB raised its stake in IDACORP by 98.4% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 242 shares of the energy company’s stock valued at $26,000 after buying an additional 120 shares during the period. Independence Bank of Kentucky increased its holdings in shares of IDACORP by 123.6% during the 4th quarter. Independence Bank of Kentucky now owns 407 shares of the energy company’s stock worth $44,000 after acquiring an additional 225 shares during the last quarter. Jones Financial Companies Lllp raised its stake in IDACORP by 1,333.3% in the 4th quarter. Jones Financial Companies Lllp now owns 516 shares of the energy company’s stock valued at $56,000 after acquiring an additional 480 shares during the period. Asset Planning Inc bought a new stake in IDACORP in the 4th quarter valued at $58,000. Finally, Steward Partners Investment Advisory LLC lifted its holdings in IDACORP by 148.8% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 709 shares of the energy company’s stock valued at $77,000 after purchasing an additional 424 shares during the last quarter. 89.10% of the stock is currently owned by institutional investors and hedge funds.

IDACORP Stock Performance

Shares of NYSE:IDA opened at $115.06 on Friday. IDACORP, Inc. has a 12-month low of $90.64 and a 12-month high of $120.84. The company’s 50 day moving average price is $115.93 and its two-hundred day moving average price is $113.80. The firm has a market cap of $6.22 billion, a PE ratio of 21.00, a PEG ratio of 2.32 and a beta of 0.59. The company has a quick ratio of 1.34, a current ratio of 1.70 and a debt-to-equity ratio of 0.93.

IDACORP (NYSE:IDA) last issued its quarterly earnings results on Thursday, May 1st. The energy company reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.03 by $0.07. IDACORP had a return on equity of 9.23% and a net margin of 15.83%. The business had revenue of $432.46 million for the quarter, compared to the consensus estimate of $442.24 million. During the same quarter in the prior year, the business posted $0.95 earnings per share. Equities research analysts predict that IDACORP, Inc. will post 5.81 earnings per share for the current year.

IDACORP Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Investors of record on Monday, May 5th will be given a $0.86 dividend. This represents a $3.44 dividend on an annualized basis and a dividend yield of 2.99%. The ex-dividend date of this dividend is Monday, May 5th. IDACORP’s payout ratio is currently 61.10%.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Wells Fargo & Company increased their price objective on shares of IDACORP from $121.00 to $125.00 and gave the company an “equal weight” rating in a research report on Friday, May 2nd. UBS Group upped their price target on shares of IDACORP from $117.00 to $122.00 and gave the company a “neutral” rating in a research note on Friday, March 21st. Jefferies Financial Group upgraded shares of IDACORP from a “hold” rating to a “buy” rating in a research report on Wednesday, April 2nd. Morgan Stanley reduced their price objective on IDACORP from $129.00 to $128.00 and set an “equal weight” rating for the company in a report on Thursday. Finally, Guggenheim increased their target price on IDACORP from $121.00 to $126.00 and gave the stock a “buy” rating in a research note on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $123.14.

IDACORP Company 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.