Spirit of America Management Corp NY Increases Stake in Clearway Energy, Inc. (NYSE:CWEN)

Spirit of America Management Corp NY lifted its stake in Clearway Energy, Inc. (NYSE:CWEN) by 15.9% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 14,550 shares of the company’s stock after purchasing an additional 2,000 shares during the quarter. Spirit of America Management Corp NY’s holdings in Clearway Energy were worth $440,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of CWEN. State of New Jersey Common Pension Fund D raised its position in shares of Clearway Energy by 11.4% in the 4th quarter. State of New Jersey Common Pension Fund D now owns 75,564 shares of the company’s stock valued at $1,965,000 after purchasing an additional 7,703 shares during the last quarter. CIBC Asset Management Inc raised its position in Clearway Energy by 4.8% during the 4th quarter. CIBC Asset Management Inc now owns 9,074 shares of the company’s stock worth $236,000 after buying an additional 414 shares during the last quarter. Bryn Mawr Capital Management LLC purchased a new position in Clearway Energy during the 4th quarter worth approximately $361,000. ING Groep NV raised its position in Clearway Energy by 938.9% during the 4th quarter. ING Groep NV now owns 77,400 shares of the company’s stock worth $2,012,000 after buying an additional 69,950 shares during the last quarter. Finally, RWC Asset Management LLP raised its position in Clearway Energy by 105.8% during the 4th quarter. RWC Asset Management LLP now owns 1,249,232 shares of the company’s stock worth $32,480,000 after buying an additional 642,322 shares during the last quarter. 84.53% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on CWEN shares. Deutsche Bank Aktiengesellschaft started coverage on shares of Clearway Energy in a research report on Tuesday, March 25th. They set a “buy” rating and a $38.00 price target for the company. Wall Street Zen lowered shares of Clearway Energy from a “hold” rating to a “sell” rating in a research report on Friday, May 30th. Finally, Roth Mkm reissued a “buy” rating and set a $34.00 price target (up from $33.00) on shares of Clearway Energy in a research report on Tuesday, February 25th. One research analyst has rated the stock with a sell rating and five have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $35.50.

Clearway Energy Price Performance

Shares of NYSE CWEN opened at $32.06 on Friday. The stock has a market capitalization of $6.48 billion, a price-to-earnings ratio of 40.07, a PEG ratio of 0.76 and a beta of 0.87. Clearway Energy, Inc. has a 12 month low of $24.02 and a 12 month high of $32.33. The firm’s 50 day simple moving average is $29.81 and its 200-day simple moving average is $28.13. The company has a debt-to-equity ratio of 1.33, a current ratio of 1.52 and a quick ratio of 1.42.

Clearway Energy (NYSE:CWEN) last issued its quarterly earnings data on Wednesday, April 30th. The company reported $0.03 EPS for the quarter, topping analysts’ consensus estimates of ($0.25) by $0.28. The business had revenue of $298.00 million for the quarter, compared to analysts’ expectations of $305.74 million. Clearway Energy had a net margin of 6.69% and a return on equity of 1.68%. The business’s revenue was up 13.3% on a year-over-year basis. During the same quarter last year, the company earned ($0.02) EPS. Analysts expect that Clearway Energy, Inc. will post 0.83 EPS for the current year.

Clearway Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 2nd were paid a dividend of $0.4384 per share. This is a boost from Clearway Energy’s previous quarterly dividend of $0.43. The ex-dividend date of this dividend was Monday, June 2nd. This represents a $1.75 dividend on an annualized basis and a dividend yield of 5.47%. Clearway Energy’s dividend payout ratio (DPR) is presently 218.75%.

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.