The AES Corporation (NYSE:AES) Shares Sold by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia has significantly reduced its stake in The AES Corporation by 68.3%, selling 46,855 shares in the 1st quarter, now holding 21,725 shares worth approximately $270,000.
• Several institutional investors, including Hexagon Capital Partners and Diversify Advisory Services, have increased their positions in AES, leading to an institutional ownership of 93.13%.
• AES reported a quarterly earnings per share of $0.51, exceeding analysts' estimates, but its revenue fell 3.0% year-over-year, amounting to $2.86 billion.

Bank of Nova Scotia reduced its position in The AES Corporation (NYSE:AES - Free Report) by 68.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,725 shares of the utilities provider's stock after selling 46,855 shares during the quarter. Bank of Nova Scotia's holdings in AES were worth $270,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Hexagon Capital Partners LLC grew its position in AES by 33.5% in the 1st quarter. Hexagon Capital Partners LLC now owns 3,880 shares of the utilities provider's stock valued at $48,000 after acquiring an additional 974 shares in the last quarter. Diversify Advisory Services LLC grew its position in AES by 5.1% in the 1st quarter. Diversify Advisory Services LLC now owns 20,904 shares of the utilities provider's stock valued at $260,000 after acquiring an additional 1,006 shares in the last quarter. Kestra Private Wealth Services LLC grew its position in AES by 4.0% in the 1st quarter. Kestra Private Wealth Services LLC now owns 26,290 shares of the utilities provider's stock valued at $327,000 after acquiring an additional 1,011 shares in the last quarter. Yousif Capital Management LLC grew its position in AES by 1.1% in the 1st quarter. Yousif Capital Management LLC now owns 94,686 shares of the utilities provider's stock valued at $1,176,000 after acquiring an additional 1,012 shares in the last quarter. Finally, Moloney Securities Asset Management LLC grew its position in AES by 5.0% in the 1st quarter. Moloney Securities Asset Management LLC now owns 24,752 shares of the utilities provider's stock valued at $307,000 after acquiring an additional 1,173 shares in the last quarter. 93.13% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Susquehanna lifted their price objective on AES from $15.00 to $16.00 and gave the company a "positive" rating in a research note on Monday, July 21st. Citigroup decreased 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. Barclays lifted their price objective on AES from $12.00 to $14.00 and gave the company an "overweight" rating in a research note on Tuesday, July 22nd. Argus reiterated a "hold" rating on shares of AES in a research note on Tuesday, May 27th. Finally, Jefferies Financial Group cut AES from a "hold" rating to an "underperform" rating and decreased their price objective for the company from $10.00 to $9.00 in a research note on Tuesday, May 20th. Two analysts have rated the stock with a sell rating, three have given a hold rating, six have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $24.67.

AES Price Performance

AES stock opened at $13.10 on Friday. The business has a 50 day moving average price of $11.93 and a 200 day moving average price of $11.34. The stock has a market cap of $9.33 billion, a price-to-earnings ratio of 9.23, a PEG ratio of 1.53 and a beta of 0.96. The AES Corporation has a fifty-two week low of $9.46 and a fifty-two week high of $20.30. The company has a quick ratio of 0.74, a current ratio of 0.82 and a debt-to-equity ratio of 3.46.

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, beating analysts' consensus estimates of $0.39 by $0.12. AES had a return on equity of 19.02% and a net margin of 8.42%. The company had revenue of $2.86 billion during the quarter, compared to analysts' expectations of $2.97 billion. During the same quarter in the previous year, the business earned $0.38 earnings per share. The firm's revenue for the quarter was down 3.0% on a year-over-year basis. Equities research analysts anticipate that The AES Corporation will post 1.93 earnings per share for the current fiscal year.

AES Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Friday, August 1st will be issued a $0.176 dividend. The ex-dividend date of this dividend is Friday, August 1st. This represents a $0.70 dividend on an annualized basis and a dividend yield of 5.4%. 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.

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