Korea Investment CORP Makes New $72.37 Million Investment in Southern Company (The) $SO

Key Points

• Korea Investment CORP acquired 756,114 shares of Southern Company during the second quarter, investing approximately $72.37 million for a 0.07% stake.
• Southern reported quarterly EPS of $1.13, beating analyst expectations of $1.01, while revenue totaled $6.98 billion. The company declared a quarterly dividend of $0.76, representing a 3.4% annualized yield.
• Shares opened at $89.09, down 2.6%, as analyst sentiment remained mixed; the stock carries a consensus “Hold” rating and an average price target of $100.09.

Korea Investment CORP purchased a new position in shares of Southern Company (The) (NYSE:SO - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 756,114 shares of the utilities provider's stock, valued at approximately $72,368,000. Korea Investment CORP owned 0.07% of Southern as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Evergreen Advisors LLC acquired a new position in shares of Southern in the 1st quarter valued at about $25,000. Scarborough Advisors LLC bought a new stake in Southern in the first quarter worth approximately $25,000. Ankerstar Wealth LLC acquired a new position in Southern in the fourth quarter valued at approximately $25,000. Cornerstone Financial Management LLC acquired a new position in Southern in the fourth quarter valued at approximately $27,000. Finally, J.Safra Asset Management Corp bought a new position in shares of Southern during the 4th quarter worth approximately $27,000. 64.10% of the stock is currently owned by institutional investors.

Southern Stock Down 2.6%

SO stock opened at $89.09 on Friday. Southern Company has a twelve month low of $83.80 and a twelve month high of $100.83. The company has a quick ratio of 0.59, a current ratio of 0.79 and a debt-to-equity ratio of 1.62. The stock's 50 day moving average is $94.52 and its 200-day moving average is $94.40. The firm has a market capitalization of $102.49 billion, a PE ratio of 21.36, a P/E/G ratio of 1.76 and a beta of 0.34.

Southern (NYSE:SO - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The utilities provider reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.01 by $0.12. The business had revenue of $6.98 billion during the quarter, compared to the consensus estimate of $7.23 billion. Southern had a return on equity of 12.93% and a net margin of 15.43%.Southern's revenue was up .1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.79 earnings per share. Sell-side analysts expect that Southern Company will post 4.58 EPS for the current fiscal year.

Southern Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 8th. Stockholders of record on Monday, August 17th will be paid a $0.76 dividend. The ex-dividend date is Monday, August 17th. This represents a $3.04 annualized dividend and a dividend yield of 3.4%. Southern's dividend payout ratio is presently 72.90%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on SO shares. Morgan Stanley reduced their price target on shares of Southern from $92.00 to $89.00 and set an "underweight" rating for the company in a report on Friday. Mizuho set a $106.00 target price on Southern in a research note on Friday, July 31st. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Southern in a research report on Wednesday, July 29th. BMO Capital Markets upped their price objective on shares of Southern from $102.00 to $104.00 and gave the stock an "outperform" rating in a report on Monday, July 27th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Southern from $101.00 to $104.00 and gave the company a "neutral" rating in a research note on Thursday, July 16th. Seven equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $100.09.

Southern Profile

Southern Company NYSE: SO is an Atlanta-based energy holding company that provides electric and gas utility services and owns power generation assets across the United States. Founded in 1945, the company operates a portfolio of regulated electric utilities and affiliated businesses that generate, transmit and distribute electricity to residential, commercial and industrial customers.

Southern's principal regulated electric subsidiaries include Georgia Power, Alabama Power and Mississippi Power, which serve large portions of the southeastern United States.

Want to see what other hedge funds are holding SO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Southern Company (The) (NYSE:SO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source