IFM Investors Pty Ltd Trims Position in IDACORP, Inc. $IDA

Key Points

• IFM Investors Pty Ltd reduced its stake in IDACORP, Inc. by 46.6% in the 1st quarter, selling 3,299 shares and retaining 3,784 shares valued at $440,000.
• Analysts have set new price targets for IDACORP, with UBS Group at $120.00, Morgan Stanley at $133.00, and an average target of $123.57, reflecting a generally positive outlook.
• IDACORP has recently declared a quarterly dividend of $0.86 per share, resulting in an annualized dividend of $3.44 and a yield of 2.7%.

IFM Investors Pty Ltd lessened its position in IDACORP, Inc. (NYSE:IDA - Free Report) by 46.6% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,784 shares of the energy company's stock after selling 3,299 shares during the period. IFM Investors Pty Ltd's holdings in IDACORP were worth $440,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the stock. Jennison Associates LLC bought a new stake in IDACORP during the first quarter worth about $71,437,000. Lord Abbett & CO. LLC boosted its stake in IDACORP by 128.1% during the first quarter. Lord Abbett & CO. LLC now owns 524,123 shares of the energy company's stock worth $60,914,000 after acquiring an additional 294,342 shares in the last quarter. Reaves W H & Co. Inc. boosted its stake in IDACORP by 25.0% during the first quarter. Reaves W H & Co. Inc. now owns 1,247,925 shares of the energy company's stock worth $145,034,000 after acquiring an additional 249,542 shares in the last quarter. T. Rowe Price Investment Management Inc. boosted its stake in IDACORP by 10.5% during the first quarter. T. Rowe Price Investment Management Inc. now owns 2,110,160 shares of the energy company's stock worth $245,243,000 after acquiring an additional 200,465 shares in the last quarter. Finally, Nuveen LLC bought a new stake in IDACORP during the first quarter worth about $20,478,000. Institutional investors own 89.10% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Wall Street Zen raised shares of IDACORP from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. Morgan Stanley set a $133.00 target price on shares of IDACORP and gave the stock an "outperform" rating in a report on Thursday, August 21st. Finally, UBS Group reissued a "neutral" rating and set a $120.00 price objective (up from $118.00) on shares of IDACORP in a report on Friday, July 11th. Five analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $123.57.

IDACORP Price Performance

Shares of NYSE:IDA traded up $0.35 during midday trading on Thursday, reaching $125.63. 263,843 shares of the company were exchanged, compared to its average volume of 298,985. IDACORP, Inc. has a one year low of $99.81 and a one year high of $128.50. The company has a current ratio of 1.45, a quick ratio of 1.12 and a debt-to-equity ratio of 1.01. The business's fifty day moving average is $124.17 and its two-hundred day moving average is $118.58. The stock has a market cap of $6.79 billion, a PE ratio of 22.12, a price-to-earnings-growth ratio of 2.62 and a beta of 0.59.

IDACORP (NYSE:IDA - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The energy company reported $1.76 EPS for the quarter, meeting the consensus estimate of $1.76. IDACORP had a net margin of 16.96% and a return on equity of 9.18%. The business had revenue of $531.10 million during the quarter, compared to analyst estimates of $478.14 million. During the same quarter last year, the business earned $1.71 earnings per share. IDACORP has set its FY 2025 guidance at 5.700-5.850 EPS. As a group, analysts predict that IDACORP, Inc. will post 5.81 earnings per share for the current year.

IDACORP Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 5th were paid a $0.86 dividend. The ex-dividend date of this dividend was Tuesday, August 5th. This represents a $3.44 annualized dividend and a dividend yield of 2.7%. IDACORP's dividend payout ratio is currently 60.56%.

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.