Canal Insurance CO Decreases Stock Position in NuScale Power Corporation $SMR

Key Points

• Canal Insurance CO reduced its stake in NuScale Power Corporation by 18.5%, now holding 222,890 shares after selling 50,510 during the second quarter.
• In the same period, multiple investors, including Thurston Springer Miller Herd & Titak Inc. and Harbour Investments Inc., increased their holdings in NuScale Power, indicating strong institutional interest in the company.
• NuScale Power's stock is currently trading at $34.67, a decrease of 9.7% recently, with a consensus price target set at $37.73 by analysts.

Canal Insurance CO lowered its position in NuScale Power Corporation (NYSE:SMR - Free Report) by 18.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 222,890 shares of the company's stock after selling 50,510 shares during the quarter. NuScale Power accounts for approximately 2.0% of Canal Insurance CO's holdings, making the stock its 16th biggest holding. Canal Insurance CO owned about 0.08% of NuScale Power worth $8,818,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. Thurston Springer Miller Herd & Titak Inc. increased its position in shares of NuScale Power by 84.5% during the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 784 shares of the company's stock worth $31,000 after acquiring an additional 359 shares during the last quarter. Harbour Investments Inc. increased its holdings in NuScale Power by 21.3% during the 2nd quarter. Harbour Investments Inc. now owns 1,156 shares of the company's stock worth $46,000 after purchasing an additional 203 shares during the last quarter. Toth Financial Advisory Corp raised its position in shares of NuScale Power by 185.0% in the 2nd quarter. Toth Financial Advisory Corp now owns 1,710 shares of the company's stock valued at $68,000 after purchasing an additional 1,110 shares in the last quarter. IFP Advisors Inc boosted its stake in shares of NuScale Power by 55.7% during the 2nd quarter. IFP Advisors Inc now owns 1,745 shares of the company's stock valued at $69,000 after buying an additional 624 shares during the last quarter. Finally, Oliver Lagore Vanvalin Investment Group purchased a new position in shares of NuScale Power during the 2nd quarter valued at approximately $69,000. 78.37% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at NuScale Power

In related news, Director Corp Fluor sold 87,900 shares of the business's stock in a transaction on Wednesday, October 8th. The shares were sold at an average price of $39.58, for a total transaction of $3,479,082.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Over the last quarter, insiders sold 15,048,847 shares of company stock valued at $606,761,579. Company insiders own 1.27% of the company's stock.

NuScale Power Trading Down 9.7%

NYSE SMR opened at $34.67 on Thursday. The stock's 50-day moving average price is $38.36 and its two-hundred day moving average price is $33.82. NuScale Power Corporation has a 1 year low of $11.08 and a 1 year high of $57.42. The company has a market cap of $9.88 billion, a PE ratio of -29.13 and a beta of 2.02.

NuScale Power (NYSE:SMR - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($0.13) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.12) by ($0.01). The company had revenue of $8.05 million during the quarter, compared to analysts' expectations of $10.49 million. NuScale Power had a positive return on equity of 2.61% and a negative net margin of 221.07%. Research analysts forecast that NuScale Power Corporation will post -0.73 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently issued reports on SMR shares. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of NuScale Power in a report on Wednesday, October 8th. Northland Securities initiated coverage on NuScale Power in a report on Monday, July 7th. They issued a "market perform" rating and a $35.00 price target on the stock. Northland Capmk raised shares of NuScale Power to a "hold" rating in a research note on Monday, July 7th. Royal Bank Of Canada started coverage on shares of NuScale Power in a report on Monday, September 15th. They issued a "sector perform" rating and a $35.00 price objective for the company. Finally, Bank of America reissued an "underperform" rating and issued a $34.00 price objective (down previously from $38.00) on shares of NuScale Power in a research note on Tuesday, September 30th. Three equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and five have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Reduce" and a consensus price target of $37.73.

NuScale Power Profile

NuScale Power Corporation engages in the development and sale of modular light water reactor nuclear power plants to supply energy for electrical generation, district heating, desalination, hydrogen production, and other process heat applications. It offers NuScale Power Module (NPM), a water reactor that can generate 77 megawatts of electricity (MWe); and VOYGR power plant designs for three facility sizes that are capable of housing from one to four and six or twelve NPMs.

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