Connor Clark & Lunn Investment Management Ltd. Sells 4,128 Shares of IDACORP, Inc. (NYSE:IDA)

Key Points

• Connor Clark & Lunn Investment Management Ltd. reduced its holdings in IDACORP, Inc. by 9.5%, owning 39,196 shares worth approximately $4,555,000 as of the latest SEC filing.
• Several institutional investors have increased their stakes in IDACORP, with Renaissance Technologies LLC raising its position by 27.8%, now holding 110,800 shares.
• IDACORP announced a quarterly dividend of $0.86 per share, marking an annual yield of 2.7% with a payout ratio of 60.56%.

Connor Clark & Lunn Investment Management Ltd. lowered its position in shares of IDACORP, Inc. (NYSE:IDA - Free Report) by 9.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 39,196 shares of the energy company's stock after selling 4,128 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.07% of IDACORP worth $4,555,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in IDA. Elite Financial Inc. acquired a new position in IDACORP in the 1st quarter valued at approximately $29,000. Opal Wealth Advisors LLC acquired a new position in IDACORP in the 1st quarter valued at approximately $34,000. Farther Finance Advisors LLC increased its stake in IDACORP by 879.1% in the 1st quarter. Farther Finance Advisors LLC now owns 421 shares of the energy company's stock valued at $49,000 after buying an additional 378 shares during the period. Versant Capital Management Inc increased its stake in IDACORP by 39.7% in the 1st quarter. Versant Capital Management Inc now owns 440 shares of the energy company's stock valued at $51,000 after buying an additional 125 shares during the period. Finally, GAMMA Investing LLC increased its stake in IDACORP by 20.8% in the 1st quarter. GAMMA Investing LLC now owns 737 shares of the energy company's stock valued at $86,000 after buying an additional 127 shares during the period. Institutional investors and hedge funds own 89.10% of the company's stock.

IDACORP Stock Down 0.4%

IDA stock traded down $0.45 during trading hours on Friday, hitting $125.28. The company's stock had a trading volume of 304,500 shares, compared to its average volume of 450,557. The company has a quick ratio of 1.12, a current ratio of 1.45 and a debt-to-equity ratio of 1.01. The company has a market capitalization of $6.77 billion, a PE ratio of 22.06, a price-to-earnings-growth ratio of 2.65 and a beta of 0.56. IDACORP, Inc. has a 12 month low of $99.81 and a 12 month high of $127.09. The stock has a 50 day moving average price of $119.12 and a two-hundred day moving average price of $116.43.

IDACORP (NYSE:IDA - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The energy company reported $1.76 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.76. The business had revenue of $531.10 million during the quarter, compared to the consensus estimate of $478.14 million. IDACORP had a net margin of 16.96% and a return on equity of 9.18%. During the same period in the prior year, the firm earned $1.71 EPS. On average, equities research analysts expect that IDACORP, Inc. will post 5.81 earnings per share for the current year.

IDACORP Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Tuesday, August 5th will be issued a dividend of $0.86 per share. This represents a $3.44 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend is Tuesday, August 5th. IDACORP's dividend payout ratio is currently 60.56%.

Analyst Ratings Changes

Several research firms have weighed in on IDA. Wall Street Zen upgraded shares of IDACORP from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. Wells Fargo & Company upped their price objective on shares of IDACORP from $121.00 to $125.00 and gave the company an "equal weight" rating in a research note on Friday, May 2nd. UBS Group reiterated a "neutral" rating and issued a $120.00 price objective (up previously from $118.00) on shares of IDACORP in a research note on Friday, July 11th. Guggenheim boosted their target price on shares of IDACORP from $121.00 to $126.00 and gave the stock a "buy" rating in a research report on Friday, May 2nd. Finally, Morgan Stanley set a $128.00 target price on shares of IDACORP and gave the stock an "equal weight" rating in a research report on Thursday, May 22nd. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, IDACORP presently has a consensus rating of "Moderate Buy" and an average target price of $122.86.

IDACORP Company Profile

IDACORP, Inc, together with its subsidiaries, engages in the generation, transmission, distribution, purchase, and sale of electric energy in the United States. The company operates 17 hydropower generating plants located in southern Idaho and eastern Oregon; three natural gas-fired plants in southern Idaho; and interests in two coal-fired steam electric generating plants located in Wyoming and Nevada.