HITE Hedge Asset Management LLC Takes $19.14 Million Position in Alliant Energy Corporation $LNT

Key Points

• HITE Hedge Asset Management LLC has acquired a new position in Alliant Energy, purchasing 297,450 shares valued at approximately $19.14 million, representing 1.2% of its portfolio.
• Alliant Energy recently received upgrades from multiple analysts, with Bank of America increasing its target price from $68.00 to $70.00 and Jefferies Financial Group setting a target price of $71.00.
• The company announced a quarterly dividend of $0.5075, yielding approximately 3.1%, with a dividend payout ratio of 62.65%.

HITE Hedge Asset Management LLC bought a new position in shares of Alliant Energy Corporation (NASDAQ:LNT - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 297,450 shares of the company's stock, valued at approximately $19,141,000. Alliant Energy makes up about 1.2% of HITE Hedge Asset Management LLC's portfolio, making the stock its 27th biggest position. HITE Hedge Asset Management LLC owned approximately 0.12% of Alliant Energy at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Hughes Financial Services LLC bought a new stake in Alliant Energy in the 1st quarter valued at about $27,000. Alpine Bank Wealth Management bought a new position in shares of Alliant Energy in the 1st quarter worth $29,000. Tsfg LLC acquired a new stake in Alliant Energy in the 1st quarter valued at $34,000. TD Private Client Wealth LLC bought a new position in shares of Alliant Energy in the first quarter valued at $34,000. Finally, First Command Advisory Services Inc. bought a new position in shares of Alliant Energy in the first quarter valued at $34,000. 79.90% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on LNT shares. Wall Street Zen upgraded shares of Alliant Energy from a "sell" rating to a "hold" rating in a report on Thursday, May 15th. Wolfe Research raised Alliant Energy from a "peer perform" rating to an "outperform" rating and set a $68.00 price objective for the company in a research note on Monday, July 7th. Bank of America raised their target price on Alliant Energy from $68.00 to $70.00 and gave the company a "buy" rating in a report on Thursday. Jefferies Financial Group set a $71.00 price target on Alliant Energy and gave the company a "buy" rating in a research report on Tuesday, May 20th. Finally, UBS Group reiterated a "neutral" rating and issued a $67.00 target price (up previously from $65.00) on shares of Alliant Energy in a research note on Friday, July 11th. One analyst has rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $65.50.

Alliant Energy Stock Down 0.2%

LNT opened at $64.62 on Monday. Alliant Energy Corporation has a twelve month low of $56.08 and a twelve month high of $66.76. The company's 50-day moving average price is $62.87 and its two-hundred day moving average price is $62.14. The stock has a market cap of $16.61 billion, a price-to-earnings ratio of 19.94, a PEG ratio of 3.05 and a beta of 0.53. The company has a quick ratio of 0.46, a current ratio of 0.57 and a debt-to-equity ratio of 1.35.

Alliant Energy (NASDAQ:LNT - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported $0.68 EPS for the quarter, topping analysts' consensus estimates of $0.62 by $0.06. Alliant Energy had a net margin of 20.07% and a return on equity of 12.25%. The company had revenue of $961.00 million for the quarter, compared to analysts' expectations of $977.15 million. During the same quarter in the previous year, the firm posted $0.57 EPS. Alliant Energy's revenue was up 7.5% on a year-over-year basis. As a group, equities analysts expect that Alliant Energy Corporation will post 3.23 earnings per share for the current year.

Alliant Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Thursday, July 31st were issued a $0.5075 dividend. The ex-dividend date of this dividend was Thursday, July 31st. This represents a $2.03 annualized dividend and a yield of 3.1%. Alliant Energy's dividend payout ratio (DPR) is 62.65%.

About Alliant Energy

Alliant Energy Corporation operates as a utility holding company that provides regulated electricity and natural gas services in the United States. It operates in three segments: Utility Electric Operations, Utility Gas Operations, and Utility Other. The company, through its subsidiary, Interstate Power and Light Company (IPL), primarily generates and distributes electricity, and distributes and transports natural gas to retail customers in Iowa; sells electricity to wholesale customers in Minnesota, Illinois, and Iowa; and generates and distributes steam in Cedar Rapids, Iowa.

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