Summit Securities Group LLC Invests $284,000 in The AES Corporation $AES

Key Points

• Summit Securities Group LLC made a new investment in The AES Corporation, purchasing 22,900 shares valued at approximately $284,000.
• AES reported a quarterly earnings per share (EPS) of $0.51, exceeding estimates, despite a 3.0% decline in revenue year-over-year.
• The company's recent quarterly dividend of $0.176 per share provides a 5.3% yield for investors.

Summit Securities Group LLC bought a new stake in shares of The AES Corporation (NYSE:AES - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 22,900 shares of the utilities provider's stock, valued at approximately $284,000.

A number of other hedge funds have also recently bought and sold shares of AES. Optiver Holding B.V. lifted its holdings in AES by 79.5% in the 4th quarter. Optiver Holding B.V. now owns 2,711 shares of the utilities provider's stock valued at $35,000 after acquiring an additional 1,201 shares during the last quarter. Garde Capital Inc. bought a new stake in shares of AES in the 1st quarter worth approximately $35,000. CVA Family Office LLC lifted its stake in AES by 200.6% during the first quarter. CVA Family Office LLC now owns 3,250 shares of the utilities provider's stock valued at $40,000 after purchasing an additional 2,169 shares during the last quarter. Headlands Technologies LLC bought a new stake in AES during the first quarter worth approximately $40,000. Finally, McIlrath & Eck LLC grew its position in AES by 760.4% in the fourth quarter. McIlrath & Eck LLC now owns 3,347 shares of the utilities provider's stock worth $43,000 after buying an additional 2,958 shares during the last quarter. 93.13% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on AES shares. Wells Fargo & Company lifted their target price on AES from $108.00 to $112.00 in a report on Friday, May 2nd. Argus restated a "hold" rating on shares of AES in a report on Tuesday, May 27th. Wall Street Zen raised shares of AES from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Jefferies Financial Group lowered shares of AES from a "hold" rating to an "underperform" rating and decreased their price objective for the stock from $10.00 to $9.00 in a research note on Tuesday, May 20th. Finally, Citigroup reduced their price objective on AES from $23.00 to $14.00 and set a "buy" rating for the company in a research note on Friday, May 9th. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $24.67.

AES Stock Down 0.8%

Shares of AES traded down $0.1050 during trading hours on Wednesday, hitting $13.1950. 6,567,952 shares of the company were exchanged, compared to its average volume of 15,594,104. The AES Corporation has a 52 week low of $9.46 and a 52 week high of $20.30. The company has a debt-to-equity ratio of 3.46, a quick ratio of 0.74 and a current ratio of 0.82. The firm's 50 day moving average is $12.29 and its 200-day moving average is $11.43. The company has a market cap of $9.40 billion, a PE ratio of 9.29, a PEG ratio of 1.60 and a beta of 0.96.

AES (NYSE:AES - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The utilities provider reported $0.51 earnings per share for the quarter, topping analysts' consensus estimates of $0.39 by $0.12. AES had a net margin of 8.42% and a return on equity of 19.02%. The business had revenue of $2.86 billion during the quarter, compared to analysts' expectations of $2.97 billion. During the same period in the previous year, the company earned $0.38 earnings per share. AES's revenue for the quarter was down 3.0% on a year-over-year basis. On average, equities research analysts forecast that The AES Corporation will post 1.93 EPS for the current fiscal year.

AES Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Friday, August 1st were paid a $0.176 dividend. The ex-dividend date was Friday, August 1st. This represents a $0.70 dividend on an annualized basis and a dividend yield of 5.3%. AES's payout ratio is presently 49.30%.

About AES

The AES Corporation, together with its subsidiaries, operates as a diversified power generation and utility company in the United States and internationally. The company owns and/or operates power plants to generate and sell power to customers, such as utilities, industrial users, and other intermediaries; owns and/or operates utilities to generate or purchase, distribute, transmit, and sell electricity to end-user customers in the residential, commercial, industrial, and governmental sectors; and generates and sells electricity on the wholesale market.