Jennison Associates LLC Reduces Stock Holdings in Talen Energy Corporation $TLN

Key Points

• Jennison Associates LLC cut its Talen Energy stake by 20.9% in the first quarter, selling 58,289 shares and ending with 220,613 shares valued at about $70.4 million.
• Insider selling also occurred: Director Gizman I. Abbas sold 2,600 shares at $380 each, reducing his ownership by nearly 50%.
• Analysts remain generally positive on Talen Energy, with 10 Buy ratings and 4 Hold ratings, and an average price target of $475.08; recent target updates from firms like Barclays, Scotiabank, and Wells Fargo were mostly constructive.

Jennison Associates LLC lowered its stake in shares of Talen Energy Corporation (NASDAQ:TLN - Free Report) by 20.9% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 220,613 shares of the utilities provider's stock after selling 58,289 shares during the quarter. Jennison Associates LLC owned 0.49% of Talen Energy worth $70,426,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Catalyst Capital Advisors LLC bought a new stake in Talen Energy in the first quarter worth $985,000. Bessemer Group Inc. increased its position in Talen Energy by 404.0% during the first quarter. Bessemer Group Inc. now owns 126 shares of the utilities provider's stock valued at $41,000 after acquiring an additional 101 shares during the last quarter. Independent Financial Group LLC purchased a new stake in shares of Talen Energy in the first quarter valued at $592,000. D.A. Davidson & CO. purchased a new stake in shares of Talen Energy in the first quarter valued at $758,000. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Talen Energy by 0.5% in the 1st quarter. Bank of New York Mellon Corp now owns 300,578 shares of the utilities provider's stock worth $95,953,000 after acquiring an additional 1,643 shares during the last quarter. Hedge funds and other institutional investors own 0.38% of the company's stock.

Insider Activity

In other news, Director Gizman I. Abbas sold 2,600 shares of the firm's stock in a transaction on Monday, June 15th. The stock was sold at an average price of $380.00, for a total transaction of $988,000.00. Following the transaction, the director owned 2,606 shares in the company, valued at approximately $990,280. This trade represents a 49.94% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.78% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on TLN shares. Barclays lifted their price target on shares of Talen Energy from $408.00 to $411.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 19th. Weiss Ratings raised shares of Talen Energy from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Thursday, May 7th. Raymond James Financial reissued an "outperform" rating and issued a $457.00 price objective on shares of Talen Energy in a research note on Monday, April 27th. Scotiabank boosted their target price on Talen Energy from $463.00 to $470.00 and gave the company a "sector perform" rating in a research report on Wednesday, July 15th. Finally, Wells Fargo & Company upped their target price on Talen Energy from $465.00 to $477.00 and gave the company an "overweight" rating in a research note on Wednesday, May 6th. Ten analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $475.08.

Talen Energy Stock Performance

Shares of TLN opened at $372.37 on Monday. The firm has a market capitalization of $17.84 billion, a price-to-earnings ratio of -555.77 and a beta of 1.82. The company has a debt-to-equity ratio of 6.32, a current ratio of 1.25 and a quick ratio of 1.05. Talen Energy Corporation has a 1-year low of $300.00 and a 1-year high of $451.28. The company has a 50-day moving average of $378.30 and a 200 day moving average of $362.13.

Talen Energy Profile

Talen Energy Inc is an independent power producer that develops and operates a diversified portfolio of thermal and renewable generation facilities across the United States. The company supplies wholesale electricity and related services to utilities, large industrial customers, and power marketers, participating actively in regional markets such as PJM Interconnection and the Electric Reliability Council of Texas (ERCOT). Talen's asset base comprises a mix of natural gas-fired, coal-fired and nuclear generation, supplemented by battery storage and other flexible resources designed to support the evolving needs of the grid.

Established in December 2015 through the combination of the competitive generation businesses previously held by two major utility groups, Talen Energy was structured as a standalone, publicly traded entity on the NASDAQ stock exchange (TLN).

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