Magellan Asset Management Ltd reduced its stake in shares of Southern Co (NYSE:SO) by 1.0% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 430,203 shares of the utilities provider’s stock after selling 4,209 shares during the quarter. Magellan Asset Management Ltd’s holdings in Southern were worth $18,757,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently modified their holdings of SO. BlackRock Inc. raised its holdings in shares of Southern by 1.4% in the third quarter. BlackRock Inc. now owns 65,377,083 shares of the utilities provider’s stock valued at $2,850,440,000 after acquiring an additional 878,787 shares in the last quarter. Massachusetts Financial Services Co. MA raised its holdings in shares of Southern by 5.1% in the third quarter. Massachusetts Financial Services Co. MA now owns 18,224,108 shares of the utilities provider’s stock valued at $794,571,000 after acquiring an additional 881,373 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Southern by 1.9% in the third quarter. Bank of New York Mellon Corp now owns 10,620,343 shares of the utilities provider’s stock valued at $463,048,000 after acquiring an additional 193,771 shares in the last quarter. FMR LLC raised its holdings in shares of Southern by 28.2% in the third quarter. FMR LLC now owns 8,617,581 shares of the utilities provider’s stock valued at $375,726,000 after acquiring an additional 1,896,970 shares in the last quarter. Finally, Commonwealth Bank of Australia raised its holdings in shares of Southern by 16.1% in the second quarter. Commonwealth Bank of Australia now owns 8,334,190 shares of the utilities provider’s stock valued at $385,555,000 after acquiring an additional 1,156,583 shares in the last quarter. 56.58% of the stock is owned by hedge funds and other institutional investors.
In other news, CEO Kimberly S. Greene sold 15,000 shares of the business’s stock in a transaction dated Monday, December 3rd. The stock was sold at an average price of $47.03, for a total transaction of $705,450.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.73% of the company’s stock.
SO has been the subject of several recent research reports. Citigroup downgraded Southern from a “neutral” rating to a “sell” rating and set a $45.00 price objective for the company. in a report on Wednesday, August 8th. Guggenheim downgraded Southern from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $50.00 to $47.00 in a report on Wednesday, August 8th. Scotiabank restated a “hold” rating and issued a $44.00 price objective on shares of Southern in a report on Thursday, August 9th. Barclays downgraded Southern from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $51.00 to $48.00 in a report on Thursday, August 9th. Finally, Evercore ISI downgraded Southern from an “in-line” rating to an “underperform” rating in a report on Thursday, August 9th. Six equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $46.32.
Shares of Southern stock opened at $47.24 on Thursday. The stock has a market capitalization of $48.60 billion, a price-to-earnings ratio of 15.64, a PEG ratio of 3.46 and a beta of -0.07. The company has a quick ratio of 0.58, a current ratio of 0.72 and a debt-to-equity ratio of 1.48. Southern Co has a one year low of $42.38 and a one year high of $52.00.
Southern (NYSE:SO) last announced its earnings results on Wednesday, November 7th. The utilities provider reported $1.14 EPS for the quarter, topping the Zacks’ consensus estimate of $1.07 by $0.07. The business had revenue of $6.70 billion during the quarter, compared to the consensus estimate of $6.68 billion. Southern had a net margin of 10.35% and a return on equity of 12.88%. The firm’s revenue was up 8.0% on a year-over-year basis. During the same period in the previous year, the company posted $1.12 earnings per share. On average, sell-side analysts anticipate that Southern Co will post 3.03 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 6th. Shareholders of record on Monday, November 19th will be issued a $0.60 dividend. The ex-dividend date is Friday, November 16th. This represents a $2.40 dividend on an annualized basis and a yield of 5.08%. Southern’s dividend payout ratio is presently 79.47%.
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Southern Company Profile
The Southern Company, through its subsidiaries, engages in the generation, transmission, and distribution of electricity. The company also constructs, acquires, owns, and manages power generation assets, including renewable energy facilities and sells electricity in the wholesale market; and distributes natural gas in Illinois, Georgia, Virginia, New Jersey, Florida, Tennessee, and Maryland, as well as provides gas marketing services, wholesale gas services, and gas midstream operations.
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