Kenon Holdings Ltd. (NYSE:KEN) Shares Purchased by Clal Insurance Enterprises Holdings Ltd

Key Points

• Clal Insurance Enterprises Holdings Ltd increased its stake in Kenon Holdings Ltd by 9.5%, acquiring an additional 264,000 shares and owning a total of 3,046,978 shares, which represents 5.84% of Kenon, valued at approximately $96 million.
• Analysts at Wall Street Zen downgraded Kenon shares from a "hold" to a "sell" rating, indicating a shift in market sentiment.
• Kenon reported earnings of $0.22 per share for the quarter, with revenue of $183 million and a significant net margin of 79.14%, though it had a negative return on equity of 2.64%.

Clal Insurance Enterprises Holdings Ltd lifted its stake in shares of Kenon Holdings Ltd. (NYSE:KEN - Free Report) by 9.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,046,978 shares of the utilities provider's stock after acquiring an additional 264,000 shares during the quarter. Kenon makes up approximately 1.0% of Clal Insurance Enterprises Holdings Ltd's holdings, making the stock its 22nd biggest position. Clal Insurance Enterprises Holdings Ltd owned about 5.84% of Kenon worth $96,048,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Northern Trust Corp boosted its holdings in shares of Kenon by 104.6% during the 4th quarter. Northern Trust Corp now owns 15,413 shares of the utilities provider's stock valued at $524,000 after purchasing an additional 7,881 shares during the last quarter. Nuveen LLC purchased a new position in Kenon in the first quarter worth about $575,000. Bank of America Corp DE grew its position in Kenon by 1,139.9% in the fourth quarter. Bank of America Corp DE now owns 22,764 shares of the utilities provider's stock worth $774,000 after acquiring an additional 20,928 shares in the last quarter. Invesco Ltd. grew its position in Kenon by 23.0% in the first quarter. Invesco Ltd. now owns 22,944 shares of the utilities provider's stock worth $734,000 after acquiring an additional 4,293 shares in the last quarter. Finally, LPL Financial LLC purchased a new position in Kenon in the fourth quarter worth about $998,000. 13.38% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Wall Street Zen lowered Kenon from a "hold" rating to a "sell" rating in a research report on Thursday, May 15th.

Kenon Trading Up 1.2%

NYSE KEN traded up $0.56 during trading on Friday, hitting $45.50. The stock had a trading volume of 10,963 shares, compared to its average volume of 20,218. The company has a debt-to-equity ratio of 0.44, a quick ratio of 5.45 and a current ratio of 5.45. The stock has a market capitalization of $2.37 billion, a price-to-earnings ratio of 14.22 and a beta of 1.18. Kenon Holdings Ltd. has a one year low of $24.27 and a one year high of $49.99. The stock has a 50 day simple moving average of $42.87 and a 200 day simple moving average of $35.86.

Kenon (NYSE:KEN - Get Free Report) last issued its quarterly earnings data on Wednesday, May 28th. The utilities provider reported $0.22 earnings per share (EPS) for the quarter. The company had revenue of $183.00 million for the quarter. Kenon had a net margin of 79.14% and a negative return on equity of 2.64%.

Kenon Company Profile

Kenon Holdings Ltd., through its subsidiaries, operates as an owner, developer, and operator of power generation facilities in Israel, the United States, and internationally. It operates through OPC Power Plants, CPV Group, and ZIM segments. The company engages in the generation and supply of electricity and energy; development, construction, and management of solar and wind energy, and conventional natural gas-fired power plants; and provision of container liner shipping services.