Nuance Investments LLC Lowers Stock Holdings in IDACORP, Inc. (NYSE:IDA)

Key Points

• Nuance Investments LLC significantly reduced its stake in IDACORP, Inc. by 89.0%, leaving it with just 42,101 shares worth approximately $4.89 million.
• During the first quarter, several hedge funds, including Principal Securities Inc. and Cambridge Investment Research Advisors Inc., have increased their positions in IDACORP, indicating ongoing interest from institutional investors.
• IDACORP recently declared a quarterly dividend of $0.86 per share, resulting in an annualized dividend yield of 2.8% and a dividend payout ratio of 60.56%.

Nuance Investments LLC lowered its holdings in shares of IDACORP, Inc. (NYSE:IDA - Free Report) by 89.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 42,101 shares of the energy company's stock after selling 342,216 shares during the quarter. Nuance Investments LLC owned approximately 0.08% of IDACORP worth $4,893,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Principal Securities Inc. boosted its position in IDACORP by 2.1% during the first quarter. Principal Securities Inc. now owns 4,410 shares of the energy company's stock worth $482,000 after purchasing an additional 92 shares in the last quarter. Cambridge Investment Research Advisors Inc. boosted its position in IDACORP by 4.2% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 2,487 shares of the energy company's stock worth $289,000 after purchasing an additional 100 shares in the last quarter. State of Michigan Retirement System boosted its position in IDACORP by 0.8% during the first quarter. State of Michigan Retirement System now owns 12,720 shares of the energy company's stock worth $1,478,000 after purchasing an additional 100 shares in the last quarter. Louisiana State Employees Retirement System boosted its position in IDACORP by 0.7% during the first quarter. Louisiana State Employees Retirement System now owns 14,900 shares of the energy company's stock worth $1,732,000 after purchasing an additional 100 shares in the last quarter. Finally, Wood Tarver Financial Group LLC boosted its position in IDACORP by 3.2% during the first quarter. Wood Tarver Financial Group LLC now owns 3,814 shares of the energy company's stock worth $443,000 after purchasing an additional 117 shares in the last quarter. Hedge funds and other institutional investors own 89.10% of the company's stock.

IDACORP Stock Performance

Shares of IDACORP stock opened at $124.42 on Tuesday. IDACORP, Inc. has a one year low of $99.81 and a one year high of $126.70. The company has a market cap of $6.72 billion, a price-to-earnings ratio of 21.91, a PEG ratio of 2.63 and a beta of 0.56. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.12 and a current ratio of 1.45. The business's 50 day moving average price is $118.29 and its 200 day moving average price is $116.01.

IDACORP (NYSE:IDA - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The energy company reported $1.76 EPS for the quarter, hitting analysts' consensus estimates of $1.76. IDACORP had a return on equity of 9.18% and a net margin of 16.96%. The firm had revenue of $531.10 million for the quarter, compared to the consensus estimate of $478.14 million. During the same quarter last year, the business posted $1.71 earnings per share. On average, research analysts predict that IDACORP, Inc. will post 5.81 EPS for the current year.

IDACORP Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Tuesday, August 5th will be paid a dividend of $0.86 per share. The ex-dividend date of this dividend is Tuesday, August 5th. This represents a $3.44 annualized dividend and a yield of 2.8%. IDACORP's dividend payout ratio (DPR) is 60.56%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on IDA shares. Wells Fargo & Company raised their target price on IDACORP from $121.00 to $125.00 and gave the company an "equal weight" rating in a research report on Friday, May 2nd. Guggenheim raised their target price on IDACORP from $121.00 to $126.00 and gave the company a "buy" rating in a research report on Friday, May 2nd. Wall Street Zen upgraded IDACORP from a "sell" rating to a "hold" rating in a research report on Friday, July 18th. Morgan Stanley set a $128.00 target price on IDACORP and gave the company an "equal weight" rating in a research report on Thursday, May 22nd. Finally, UBS Group restated a "neutral" rating and issued a $120.00 target price (up previously from $118.00) on shares of IDACORP in a research report on Friday, July 11th. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $122.86.

About IDACORP

IDACORP, Inc, together with its subsidiaries, engages in the generation, transmission, distribution, purchase, and sale of electric energy in the United States. The company operates 17 hydropower generating plants located in southern Idaho and eastern Oregon; three natural gas-fired plants in southern Idaho; and interests in two coal-fired steam electric generating plants located in Wyoming and Nevada.

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