Verition Fund Management LLC lowered its stake in shares of Great Plains Energy (NYSE:GXP) by 43.1% during the first quarter, HoldingsChannel reports. The institutional investor owned 197,623 shares of the utilities provider’s stock after selling 149,926 shares during the quarter. Verition Fund Management LLC’s holdings in Great Plains Energy were worth $6,282,000 at the end of the most recent reporting period.
Other large investors also recently modified their holdings of the company. Meeder Asset Management Inc. acquired a new stake in Great Plains Energy during the first quarter worth approximately $140,000. Advisory Services Network LLC grew its position in Great Plains Energy by 62.7% during the fourth quarter. Advisory Services Network LLC now owns 5,950 shares of the utilities provider’s stock worth $192,000 after buying an additional 2,294 shares in the last quarter. ING Groep NV acquired a new stake in Great Plains Energy during the fourth quarter worth approximately $204,000. Texas Yale Capital Corp. acquired a new stake in Great Plains Energy during the fourth quarter worth approximately $210,000. Finally, MML Investors Services LLC acquired a new stake in Great Plains Energy during the fourth quarter worth approximately $249,000. 88.95% of the stock is currently owned by institutional investors and hedge funds.
Great Plains Energy opened at $31.99 on Thursday, according to MarketBeat.com. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.61 and a quick ratio of 1.37. Great Plains Energy has a fifty-two week low of $28.46 and a fifty-two week high of $34.72. The firm has a market cap of $6.90 billion, a price-to-earnings ratio of 18.39 and a beta of 0.35.
Great Plains Energy (NYSE:GXP) last released its earnings results on Wednesday, May 2nd. The utilities provider reported $0.19 earnings per share for the quarter, topping the consensus estimate of $0.15 by $0.04. Great Plains Energy had a positive return on equity of 5.52% and a negative net margin of 2.26%. The firm had revenue of $583.90 million during the quarter, compared to analysts’ expectations of $591.44 million. During the same period in the prior year, the company earned $0.13 earnings per share.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 20th. Shareholders of record on Wednesday, May 30th will be paid a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 3.44%. The ex-dividend date is Tuesday, May 29th. Great Plains Energy’s payout ratio is presently 63.22%.
A number of equities research analysts recently issued reports on GXP shares. SunTrust Banks reissued a “hold” rating and set a $30.00 price target on shares of Great Plains Energy in a research report on Tuesday, March 6th. TheStreet downgraded Great Plains Energy from a “b-” rating to a “c” rating in a research report on Thursday, February 22nd. Zacks Investment Research raised Great Plains Energy from a “sell” rating to a “hold” rating in a research report on Monday, February 26th. JPMorgan Chase & Co. increased their price target on Great Plains Energy from $32.00 to $33.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 10th. Finally, ValuEngine raised Great Plains Energy from a “hold” rating to a “buy” rating in a research report on Tuesday, April 24th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. Great Plains Energy has an average rating of “Buy” and a consensus target price of $32.00.
About Great Plains Energy
Great Plains Energy Incorporated, through its subsidiaries, generates, transmits, distributes, and sells electricity. It also provides regulated steam services in St. Joseph, Missouri. The company generates electricity using coal, nuclear, natural gas, oil, wind, solar, landfill gas, and hydroelectric resources.
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