Meeder Asset Management Inc. Sells 29,605 Shares of Clearway Energy, Inc. (NYSE:CWEN)

Key Points

• Meeder Asset Management Inc. reduced its stake in Clearway Energy, Inc. by 50.8% in Q1, selling 29,605 shares and holding 28,678 shares worth $868,000.
• Clearway Energy reported a net margin of 6.69% and earnings of $0.03 EPS, exceeding the consensus estimate of ($0.25).
• The company announced a quarterly dividend of $0.4384 per share, marking an increase from its previous dividend, resulting in a 5.52% yield.

Meeder Asset Management Inc. lowered its position in shares of Clearway Energy, Inc. (NYSE:CWEN - Free Report) by 50.8% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 28,678 shares of the company's stock after selling 29,605 shares during the quarter. Meeder Asset Management Inc.'s holdings in Clearway Energy were worth $868,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Pacer Advisors Inc. grew its position in shares of Clearway Energy by 135.8% in the 1st quarter. Pacer Advisors Inc. now owns 273,219 shares of the company's stock worth $8,270,000 after acquiring an additional 157,331 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in Clearway Energy in the 1st quarter valued at approximately $569,000. Transce3nd LLC increased its position in Clearway Energy by 6.6% in the 1st quarter. Transce3nd LLC now owns 19,260 shares of the company's stock valued at $582,000 after acquiring an additional 1,184 shares during the period. James Investment Research Inc. acquired a new stake in Clearway Energy in the 1st quarter valued at approximately $227,000. Finally, Victory Capital Management Inc. boosted its stake in Clearway Energy by 56.4% during the 1st quarter. Victory Capital Management Inc. now owns 274,078 shares of the company's stock valued at $8,296,000 after purchasing an additional 98,876 shares in the last quarter. 84.53% of the stock is owned by institutional investors and hedge funds.

Clearway Energy Trading Up 1.0%

Shares of CWEN traded up $0.32 on Wednesday, reaching $32.09. 684,721 shares of the company's stock were exchanged, compared to its average volume of 768,438. The company has a current ratio of 1.52, a quick ratio of 1.42 and a debt-to-equity ratio of 1.33. The stock has a market capitalization of $6.49 billion, a P/E ratio of 40.11, a price-to-earnings-growth ratio of 0.79 and a beta of 0.87. The business has a 50 day moving average price of $31.54 and a two-hundred day moving average price of $29.18. Clearway Energy, Inc. has a 12 month low of $24.40 and a 12 month high of $33.22.

Clearway Energy (NYSE:CWEN - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The company reported $0.03 EPS for the quarter, beating analysts' consensus estimates of ($0.25) by $0.28. The company had revenue of $298.00 million during the quarter, compared to analysts' expectations of $305.74 million. Clearway Energy had a return on equity of 1.68% and a net margin of 6.69%. Clearway Energy's revenue was up 13.3% on a year-over-year basis. During the same period in the prior year, the business posted ($0.02) EPS. Research analysts anticipate that Clearway Energy, Inc. will post 0.83 earnings per share for the current year.

Clearway Energy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 2nd were paid a $0.4384 dividend. The ex-dividend date was Monday, June 2nd. This is a boost from Clearway Energy's previous quarterly dividend of $0.43. This represents a $1.75 dividend on an annualized basis and a dividend yield of 5.46%. Clearway Energy's dividend payout ratio is 218.75%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on CWEN. CIBC downgraded shares of Clearway Energy from a "sector outperform" rating to a "neutral" rating and set a $35.00 target price on the stock. in a research note on Saturday, July 19th. Cibc World Mkts downgraded shares of Clearway Energy from a "strong-buy" rating to a "hold" rating in a report on Monday, July 21st. Wall Street Zen lowered shares of Clearway Energy from a "hold" rating to a "sell" rating in a research report on Saturday. Finally, Jefferies Financial Group raised their price objective on shares of Clearway Energy from $37.00 to $39.00 and gave the stock a "buy" rating in a report on Wednesday, July 23rd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $36.33.

About Clearway Energy

Clearway Energy, Inc operates in the renewable energy business in the United States. The company operates through Conventional and Renewables segments. It has approximately 6,000 net MW of installed wind, solar, and energy generation projects; and approximately 2,500 net MW of natural gas-fired generation facilities.