Principal Financial Group Inc. Sells 73,867 Shares of Spire Inc. $SR

Key Points

• Principal Financial Group cut its stake in Spire by 28.2% in the first quarter, selling 73,867 shares and leaving it with 188,375 shares valued at about $17.1 million.
• Spire reported better-than-expected EPS of $3.76 for its latest quarter, though revenue of $1.02 billion came in below analysts’ estimates. The company also posted 4.5% year-over-year revenue growth.
• Spire paid a quarterly dividend of $0.825 per share, equal to an annualized dividend of $3.30 and a yield of about 4.0%. Analysts currently rate the stock a Moderate Buy with a consensus price target of $94.30.

Principal Financial Group Inc. reduced its stake in Spire Inc. (NYSE:SR - Free Report) by 28.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 188,375 shares of the utilities provider's stock after selling 73,867 shares during the period. Principal Financial Group Inc. owned approximately 0.32% of Spire worth $17,055,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of SR. Adage Capital Partners GP L.L.C. lifted its stake in shares of Spire by 158.1% in the second quarter. Adage Capital Partners GP L.L.C. now owns 1,000,000 shares of the utilities provider's stock worth $72,990,000 after buying an additional 612,500 shares in the last quarter. Norges Bank bought a new stake in shares of Spire during the fourth quarter valued at approximately $46,226,000. Invesco Ltd. increased its position in shares of Spire by 44.4% during the third quarter. Invesco Ltd. now owns 846,263 shares of the utilities provider's stock valued at $68,987,000 after acquiring an additional 260,344 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in Spire by 40.2% in the 4th quarter. Goldman Sachs Group Inc. now owns 647,646 shares of the utilities provider's stock worth $53,560,000 after acquiring an additional 185,796 shares during the last quarter. Finally, South Street Advisors LLC purchased a new position in Spire in the 4th quarter worth approximately $15,213,000. 87.36% of the stock is currently owned by institutional investors.

Spire Trading Up 2.0%

Shares of Spire stock opened at $82.18 on Thursday. The company's fifty day simple moving average is $81.30 and its 200-day simple moving average is $86.06. The stock has a market capitalization of $4.86 billion, a PE ratio of 14.44, a P/E/G ratio of 1.80 and a beta of 0.52. Spire Inc. has a 1-year low of $71.24 and a 1-year high of $95.31. The company has a debt-to-equity ratio of 1.69, a current ratio of 0.55 and a quick ratio of 0.48.

Spire (NYSE:SR - Get Free Report) last announced its earnings results on Wednesday, May 6th. The utilities provider reported $3.76 EPS for the quarter, topping analysts' consensus estimates of $3.72 by $0.04. Spire had a return on equity of 9.49% and a net margin of 13.97%.The company had revenue of $1.02 billion for the quarter, compared to analysts' expectations of $1.07 billion. During the same period last year, the firm earned $3.60 EPS. Spire's revenue for the quarter was up 4.5% compared to the same quarter last year. As a group, equities analysts anticipate that Spire Inc. will post 4.02 earnings per share for the current year.

Spire Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 2nd. Investors of record on Thursday, June 11th were paid a dividend of $0.825 per share. The ex-dividend date was Thursday, June 11th. This represents a $3.30 dividend on an annualized basis and a dividend yield of 4.0%. Spire's payout ratio is 58.00%.

Analyst Upgrades and Downgrades

Several analysts have commented on SR shares. Weiss Ratings downgraded Spire from a "buy (b)" rating to a "buy (b-)" rating in a research note on Thursday, July 9th. Mizuho began coverage on Spire in a research note on Tuesday, July 7th. They issued an "outperform" rating and a $88.00 price target for the company. JPMorgan Chase & Co. reaffirmed a "neutral" rating and set a $85.00 price target (up from $84.00) on shares of Spire in a report on Friday, June 26th. Wells Fargo & Company initiated coverage on Spire in a research report on Monday, May 11th. They set an "overweight" rating and a $96.00 price objective on the stock. Finally, UBS Group reduced their price objective on Spire from $106.00 to $103.00 and set a "buy" rating for the company in a report on Friday, May 8th. Two equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $94.30.

Insider Buying and Selling

In other news, Director Paul D. Koonce bought 2,000 shares of Spire stock in a transaction that occurred on Friday, May 8th. The stock was bought at an average cost of $85.81 per share, with a total value of $171,620.00. Following the acquisition, the director owned 7,000 shares of the company's stock, valued at $600,670. The trade was a 40.00% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Ryan L. Hyman sold 3,822 shares of the firm's stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $80.51, for a total transaction of $307,709.22. Following the sale, the senior vice president owned 14,295 shares in the company, valued at approximately $1,150,890.45. The trade was a 21.10% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have purchased 3,000 shares of company stock valued at $251,100. 2.26% of the stock is currently owned by corporate insiders.

About Spire

Spire Inc NYSE: SR, formerly known as The Laclede Group, is a regulated natural gas distribution company headquartered in St. Louis, Missouri. Through its three operating divisions—Spire Missouri, Spire Alabama and Spire Mississippi—the company delivers natural gas to more than 1.7 million residential, commercial and industrial customers. Spire's service territory spans key markets in the central and southern United States, including metropolitan St. Louis, central Alabama and central Mississippi.

Founded in 1857 as the Laclede Gas Light Company, the business has grown through strategic acquisitions, notably Alabama Gas Corporation in 2013 and Mississippi Gas in 2016.

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