Adage Capital Partners GP L.L.C. Purchases Shares of 387,500 Spire Inc. $SR

Key Points

• Adage Capital Partners GP L.L.C. invested approximately $30.32 million in Spire Inc., acquiring 387,500 shares, representing about 0.66% ownership of the company.
• Spire Inc. announced a quarterly dividend of $0.785, which will be paid to shareholders on October 2nd, yielding an annualized dividend of 4.2%.
• Analysts have mixed ratings on Spire's stock, with a consensus rating of "Hold" and an average target price of $79.20.

Adage Capital Partners GP L.L.C. bought a new stake in shares of Spire Inc. (NYSE:SR - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 387,500 shares of the utilities provider's stock, valued at approximately $30,322,000. Adage Capital Partners GP L.L.C. owned approximately 0.66% of Spire as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in SR. Quarry LP purchased a new stake in shares of Spire in the first quarter worth about $50,000. State of Wyoming purchased a new position in shares of Spire during the fourth quarter worth $52,000. Bayforest Capital Ltd boosted its holdings in Spire by 2,648.0% in the first quarter. Bayforest Capital Ltd now owns 687 shares of the utilities provider's stock valued at $54,000 after purchasing an additional 662 shares during the period. GAMMA Investing LLC boosted its holdings in Spire by 66.0% in the first quarter. GAMMA Investing LLC now owns 727 shares of the utilities provider's stock valued at $57,000 after purchasing an additional 289 shares during the period. Finally, Golden State Wealth Management LLC raised its stake in Spire by 103.8% in the first quarter. Golden State Wealth Management LLC now owns 803 shares of the utilities provider's stock valued at $63,000 after buying an additional 409 shares in the last quarter. 87.36% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on SR. Bank of America restated an "underperform" rating and issued a $76.00 price target (down previously from $81.00) on shares of Spire in a research report on Friday, August 15th. Morgan Stanley reaffirmed an "underperform" rating on shares of Spire in a research report on Wednesday, June 18th. Stifel Nicolaus set a $81.00 target price on Spire and gave the company a "hold" rating in a research note on Tuesday, July 15th. Finally, JPMorgan Chase & Co. decreased their price target on Spire from $85.00 to $83.00 and set an "overweight" rating for the company in a research note on Wednesday, May 28th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $79.20.

Spire Stock Performance

Shares of NYSE:SR traded down $0.58 on Monday, hitting $74.96. 446,883 shares of the company were exchanged, compared to its average volume of 452,747. The company's 50 day moving average price is $75.56 and its two-hundred day moving average price is $75.41. Spire Inc. has a one year low of $61.56 and a one year high of $79.81. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.27 and a current ratio of 0.37. The firm has a market capitalization of $4.42 billion, a price-to-earnings ratio of 16.19, a PEG ratio of 2.46 and a beta of 0.70.

Spire (NYSE:SR - Get Free Report) last posted its earnings results on Tuesday, August 5th. The utilities provider reported $0.01 earnings per share for the quarter, beating analysts' consensus estimates of ($0.09) by $0.10. The business had revenue of $421.90 million for the quarter, compared to analysts' expectations of $417.27 million. Spire had a net margin of 11.56% and a return on equity of 8.66%. The firm's revenue for the quarter was up 1.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.14) earnings per share. Spire has set its FY 2025 guidance at 4.400-4.60 EPS. Research analysts expect that Spire Inc. will post 4.5 earnings per share for the current year.

Spire Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 2nd. Shareholders of record on Thursday, September 11th will be given a $0.785 dividend. The ex-dividend date is Thursday, September 11th. This represents a $3.14 dividend on an annualized basis and a yield of 4.2%. Spire's payout ratio is 67.82%.

About Spire

Spire Inc, together with its subsidiaries, engages in the purchase, retail distribution, and sale of natural gas to residential, commercial, industrial, and other end-users of natural gas in the United States. The company operates through three segments: Gas Utility, Gas Marketing, and Midstream. It is also involved in the marketing of natural gas and related services; and transportation and storage of natural gas.