Baird Financial Group Inc. Sells 9,811 Shares of Clearway Energy, Inc. $CWEN

Key Points

• Baird Financial Group Inc. reduced its holdings in Clearway Energy by 3.9%, selling 9,811 shares during the first quarter, and now owns 243,481 shares valued at approximately $7.37 million.
• Clearway Energy experienced a significant earnings miss in its latest report, posting $0.28 EPS compared to the expected $0.67, while quarterly revenue was down from estimates at $392 million.
• The company declared a quarterly dividend increase to $0.4456, representing a 6.2% dividend yield, and a dividend payout ratio of 269.23%.

Baird Financial Group Inc. reduced its holdings in shares of Clearway Energy, Inc. (NYSE:CWEN - Free Report) by 3.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 243,481 shares of the company's stock after selling 9,811 shares during the quarter. Baird Financial Group Inc. owned approximately 0.12% of Clearway Energy worth $7,370,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Stifel Financial Corp grew its position in shares of Clearway Energy by 177.0% in the fourth quarter. Stifel Financial Corp now owns 24,990 shares of the company's stock valued at $650,000 after purchasing an additional 15,968 shares in the last quarter. Mercer Global Advisors Inc. ADV lifted its stake in Clearway Energy by 63.3% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 20,032 shares of the company's stock worth $521,000 after purchasing an additional 7,762 shares during the last quarter. Bayesian Capital Management LP bought a new stake in shares of Clearway Energy in the 4th quarter valued at about $632,000. Cary Street Partners Financial LLC bought a new position in Clearway Energy during the 4th quarter valued at approximately $375,000. Finally, Bridgefront Capital LLC raised its position in Clearway Energy by 47.6% during the 4th quarter. Bridgefront Capital LLC now owns 14,001 shares of the company's stock valued at $364,000 after purchasing an additional 4,514 shares during the last quarter. 84.53% of the stock is currently owned by institutional investors.

Clearway Energy Price Performance

Shares of Clearway Energy stock traded up $0.32 during trading on Tuesday, reaching $28.69. 248,304 shares of the stock traded hands, compared to its average volume of 930,372. The company has a market capitalization of $5.80 billion, a price-to-earnings ratio of 44.08, a P/E/G ratio of 0.97 and a beta of 0.87. The business has a fifty day simple moving average of $30.94 and a two-hundred day simple moving average of $30.03. The company has a debt-to-equity ratio of 1.49, a current ratio of 1.42 and a quick ratio of 1.34. Clearway Energy, Inc. has a 52-week low of $24.40 and a 52-week high of $33.22.

Clearway Energy (NYSE:CWEN - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The company reported $0.28 earnings per share for the quarter, missing analysts' consensus estimates of $0.67 by ($0.39). The firm had revenue of $392.00 million for the quarter, compared to analysts' expectations of $428.33 million. Clearway Energy had a net margin of 5.31% and a return on equity of 1.37%. The company's revenue for the quarter was up 7.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.43 EPS. Sell-side analysts expect that Clearway Energy, Inc. will post 0.83 EPS for the current year.

Clearway Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 16th. Investors of record on Tuesday, September 2nd will be given a $0.4456 dividend. This is an increase from Clearway Energy's previous quarterly dividend of $0.44. This represents a $1.78 annualized dividend and a yield of 6.2%. The ex-dividend date is Tuesday, September 2nd. Clearway Energy's dividend payout ratio (DPR) is 273.85%.

Analyst Ratings Changes

A number of research firms have weighed in on CWEN. Jefferies Financial Group upped their target price on Clearway Energy from $37.00 to $39.00 and gave the stock a "buy" rating in a report on Wednesday, July 23rd. CIBC downgraded Clearway Energy from a "sector outperform" rating to a "neutral" rating and set a $35.00 target price on the stock. in a research note on Saturday, July 19th. Wall Street Zen downgraded Clearway Energy from a "hold" rating to a "sell" rating in a research note on Saturday, July 26th. Finally, Cibc World Mkts cut Clearway Energy from a "strong-buy" rating to a "hold" rating in a report on Monday, July 21st. Four analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, Clearway Energy presently has a consensus rating of "Moderate Buy" and an average target price of $36.40.

Clearway Energy Company Profile

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.