Mitsubishi UFJ Trust & Banking Corp Decreases Stake in Eversource Energy (NYSE:ES)

Key Points

• Mitsubishi UFJ Trust & Banking Corp has reduced its stake in Eversource Energy by 32.7%, selling over 1.1 million shares, and now owns 0.63% of the company valued at approximately $144.2 million.
• Institutional ownership is significant, with 79.99% of Eversource Energy's stock held by hedge funds and other institutional investors, reflecting increased activity among varied investors.
• Wall Street analysts have mixed ratings for Eversource Energy, with a consensus target price of $65.56 and three analysts issuing buy ratings, while others hold sell or neutral positions.

Mitsubishi UFJ Trust & Banking Corp trimmed its position in shares of Eversource Energy (NYSE:ES - Free Report) by 32.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,321,214 shares of the utilities provider's stock after selling 1,125,474 shares during the period. Mitsubishi UFJ Trust & Banking Corp owned about 0.63% of Eversource Energy worth $144,171,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in ES. Ballentine Partners LLC lifted its position in shares of Eversource Energy by 4.9% in the 1st quarter. Ballentine Partners LLC now owns 5,934 shares of the utilities provider's stock worth $369,000 after purchasing an additional 277 shares during the period. Farther Finance Advisors LLC boosted its holdings in Eversource Energy by 105.6% during the first quarter. Farther Finance Advisors LLC now owns 4,623 shares of the utilities provider's stock worth $287,000 after buying an additional 2,374 shares in the last quarter. LSV Asset Management purchased a new stake in Eversource Energy during the 4th quarter valued at about $2,223,000. Golden State Wealth Management LLC grew its position in Eversource Energy by 233.9% in the 1st quarter. Golden State Wealth Management LLC now owns 828 shares of the utilities provider's stock valued at $52,000 after acquiring an additional 580 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in Eversource Energy by 10.7% in the 4th quarter. JPMorgan Chase & Co. now owns 1,569,671 shares of the utilities provider's stock valued at $90,146,000 after purchasing an additional 151,562 shares in the last quarter. Institutional investors own 79.99% of the company's stock.

Insider Buying and Selling at Eversource Energy

In other Eversource Energy news, EVP Penelope M. Conner sold 2,600 shares of the stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $64.00, for a total transaction of $166,400.00. Following the completion of the sale, the executive vice president owned 10,988 shares of the company's stock, valued at approximately $703,232. This represents a 19.13% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.19% of the company's stock.

Eversource Energy Price Performance

Shares of ES stock traded down $0.21 during trading on Wednesday, hitting $65.67. The company had a trading volume of 629,588 shares, compared to its average volume of 2,722,103. Eversource Energy has a one year low of $52.28 and a one year high of $69.01. The firm has a market capitalization of $24.13 billion, a P/E ratio of 28.19, a price-to-earnings-growth ratio of 2.48 and a beta of 0.61. The company has a debt-to-equity ratio of 1.71, a quick ratio of 0.66 and a current ratio of 0.75. The stock's 50-day moving average price is $64.86 and its 200 day moving average price is $61.76.

Eversource Energy (NYSE:ES - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The utilities provider reported $0.96 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.95 by $0.01. The business had revenue of $2.84 billion during the quarter, compared to analysts' expectations of $3.01 billion. Eversource Energy had a net margin of 6.60% and a return on equity of 11.10%. The firm's quarterly revenue was up 12.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.95 EPS. Equities analysts expect that Eversource Energy will post 4.75 EPS for the current fiscal year.

Analysts Set New Price Targets

ES has been the topic of several analyst reports. BMO Capital Markets lifted their target price on Eversource Energy from $71.00 to $72.00 and gave the company a "market perform" rating in a research note on Monday, April 28th. Bank of America raised their price target on shares of Eversource Energy from $62.00 to $67.00 and gave the stock a "neutral" rating in a research report on Monday, July 21st. JPMorgan Chase & Co. reiterated an "underweight" rating and set a $58.00 target price (down previously from $69.00) on shares of Eversource Energy in a research note on Thursday, April 10th. Mizuho lifted their price objective on shares of Eversource Energy from $68.00 to $72.00 and gave the company an "outperform" rating in a research report on Wednesday, June 25th. Finally, Wall Street Zen raised shares of Eversource Energy from a "sell" rating to a "hold" rating in a research note on Friday, May 16th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $65.56.

Eversource Energy Profile

Eversource Energy, a public utility holding company, engages in the energy delivery business. The company operates through Electric Distribution, Electric Transmission, Natural Gas Distribution, and Water Distribution segments. It is involved in the transmission and distribution of electricity; solar power facilities; and distribution of natural gas.