Renaissance Technologies LLC Has $41.66 Million Stake in Southern Company (The) $SO

Key Points

• Renaissance Technologies cut its Southern Company stake by 71.5% in the first quarter, selling 1.08 million shares and retaining 431,600 shares valued at approximately $41.66 million. Institutional investors collectively own 64.1% of the utility company.
• Southern reported stronger-than-expected quarterly results, with earnings of $1.32 per share versus the $1.21 consensus estimate and revenue of $8.40 billion, up 8% year over year.
• The company declared a quarterly dividend of $0.76, equivalent to $3.04 annually and a 3.2% yield. Analysts maintain a consensus “Hold” rating with an average price target of $100.21, compared with the stock’s opening price of $96.45.

Renaissance Technologies LLC lessened its stake in Southern Company (The) (NYSE:SO - Free Report) by 71.5% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 431,600 shares of the utilities provider's stock after selling 1,081,800 shares during the quarter. Renaissance Technologies LLC's holdings in Southern were worth $41,658,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the stock. Spirepoint Private Client LLC grew its stake in Southern by 13.3% in the fourth quarter. Spirepoint Private Client LLC now owns 97,631 shares of the utilities provider's stock worth $8,513,000 after purchasing an additional 11,460 shares during the period. Marble Wealth LLC purchased a new position in Southern during the fourth quarter valued at $4,443,000. Town & Country Bank & Trust CO dba First Bankers Trust CO lifted its position in Southern by 243.3% during the fourth quarter. Town & Country Bank & Trust CO dba First Bankers Trust CO now owns 20,816 shares of the utilities provider's stock valued at $1,815,000 after buying an additional 14,753 shares during the period. Wolverine Asset Management LLC bought a new stake in shares of Southern during the 4th quarter valued at $2,462,000. Finally, D.A. Davidson & CO. grew its position in shares of Southern by 20.5% in the 4th quarter. D.A. Davidson & CO. now owns 99,386 shares of the utilities provider's stock worth $8,667,000 after buying an additional 16,878 shares during the period. Hedge funds and other institutional investors own 64.10% of the company's stock.

Southern Stock Down 0.8%

Southern stock opened at $96.45 on Tuesday. The stock has a market cap of $108.73 billion, a PE ratio of 24.54, a price-to-earnings-growth ratio of 1.90 and a beta of 0.34. The company has a debt-to-equity ratio of 1.68, a quick ratio of 0.45 and a current ratio of 0.65. Southern Company has a one year low of $83.80 and a one year high of $100.83. The stock has a fifty day moving average of $94.49 and a 200 day moving average of $93.80.

Southern (NYSE:SO - Get Free Report) last issued its quarterly earnings results on Wednesday, April 29th. The utilities provider reported $1.32 earnings per share for the quarter, topping the consensus estimate of $1.21 by $0.11. The business had revenue of $8.40 billion for the quarter, compared to analysts' expectations of $8.07 billion. Southern had a net margin of 14.46% and a return on equity of 12.64%. The company's revenue was up 8.0% compared to the same quarter last year. During the same quarter last year, the company posted $1.23 EPS. As a group, sell-side analysts predict that Southern Company will post 4.58 EPS for the current year.

Southern Dividend Announcement

The firm also recently disclosed 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 of this dividend is Monday, August 17th. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.2%. Southern's dividend payout ratio is 77.35%.

Analysts Set New Price Targets

SO has been the subject of a number of analyst reports. Barclays decreased their target price on shares of Southern from $99.00 to $98.00 and set an "equal weight" rating for the company in a research note on Thursday, June 18th. Seaport Research Partners cut Southern from a "buy" rating to a "neutral" rating in a research report on Monday, April 20th. JPMorgan Chase & Co. upped their price target on Southern from $101.00 to $104.00 and gave the stock a "neutral" rating in a research note on Thursday, July 16th. Mizuho set a $105.00 price objective on Southern in a research report on Friday, May 1st. Finally, Wall Street Zen upgraded Southern from a "sell" rating to a "hold" rating in a research note on Saturday, June 20th. Seven equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Southern has an average rating of "Hold" and a consensus price target of $100.21.

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.

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