Sasco Capital Inc. CT Lowers Stock Position in PPL Co. (NYSE:PPL)

Sasco Capital Inc. CT decreased its stake in PPL Co. (NYSE:PPL) by 15.1% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 870,610 shares of the utilities provider’s stock after selling 154,770 shares during the period. PPL accounts for approximately 4.3% of Sasco Capital Inc. CT’s holdings, making the stock its 2nd largest position. Sasco Capital Inc. CT’s holdings in PPL were worth $28,800,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in PPL. Point72 Asset Management L.P. raised its stake in shares of PPL by 91.3% in the second quarter. Point72 Asset Management L.P. now owns 5,821,936 shares of the utilities provider’s stock valued at $160,977,000 after acquiring an additional 2,778,820 shares during the last quarter. Electron Capital Partners LLC boosted its stake in PPL by 71.3% in the second quarter. Electron Capital Partners LLC now owns 4,306,007 shares of the utilities provider’s stock worth $119,061,000 after purchasing an additional 1,792,200 shares in the last quarter. Clearbridge Investments LLC grew its holdings in shares of PPL by 50.3% during the first quarter. Clearbridge Investments LLC now owns 4,701,515 shares of the utilities provider’s stock worth $129,433,000 after purchasing an additional 1,572,771 shares during the last quarter. Assenagon Asset Management S.A. increased its stake in shares of PPL by 5,390.2% in the third quarter. Assenagon Asset Management S.A. now owns 563,015 shares of the utilities provider’s stock valued at $18,625,000 after buying an additional 552,760 shares in the last quarter. Finally, Yaupon Capital Management LP raised its holdings in shares of PPL by 83.1% in the first quarter. Yaupon Capital Management LP now owns 1,139,592 shares of the utilities provider’s stock valued at $31,373,000 after buying an additional 517,300 shares during the last quarter. Institutional investors and hedge funds own 76.99% of the company’s stock.

PPL Price Performance

Shares of PPL opened at $34.00 on Tuesday. The stock has a market cap of $25.09 billion, a P/E ratio of 30.36, a price-to-earnings-growth ratio of 2.91 and a beta of 0.81. PPL Co. has a 1 year low of $25.35 and a 1 year high of $34.04. The stock’s 50-day moving average price is $32.56 and its two-hundred day moving average price is $30.51. The company has a current ratio of 1.29, a quick ratio of 1.07 and a debt-to-equity ratio of 1.17.

PPL (NYSE:PPL) last issued its quarterly earnings data on Friday, November 1st. The utilities provider reported $0.42 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.42. PPL had a net margin of 9.95% and a return on equity of 9.20%. The firm had revenue of $2.07 billion during the quarter, compared to analysts’ expectations of $2.10 billion. During the same quarter in the previous year, the company earned $0.43 earnings per share. The business’s revenue for the quarter was up 1.1% on a year-over-year basis. On average, equities analysts predict that PPL Co. will post 1.72 earnings per share for the current year.

PPL Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Tuesday, September 10th were given a $0.2575 dividend. This represents a $1.03 dividend on an annualized basis and a dividend yield of 3.03%. The ex-dividend date of this dividend was Tuesday, September 10th. PPL’s dividend payout ratio is currently 91.97%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. Jefferies Financial Group started coverage on shares of PPL in a report on Thursday, September 19th. They set a “buy” rating and a $38.00 price objective on the stock. JPMorgan Chase & Co. initiated coverage on shares of PPL in a report on Friday, October 25th. They issued an “overweight” rating and a $37.00 price target for the company. Wells Fargo & Company upped their price objective on PPL from $35.00 to $37.00 and gave the stock an “overweight” rating in a report on Monday, September 16th. Morgan Stanley lifted their target price on PPL from $31.00 to $33.00 and gave the company an “overweight” rating in a research note on Friday, August 23rd. Finally, Barclays upped their price target on PPL from $30.00 to $34.00 and gave the company an “equal weight” rating in a research note on Monday, October 21st. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $35.50.

PPL Profile

PPL Corporation, an energy company, focuses on providing electricity and natural gas to approximately 3.6 million customers in the United States. It operates through three segments: Kentucky Regulated, Pennsylvania Regulated, and Rhode Island Regulated. The company delivers electricity to customers in Pennsylvania, Kentucky, Virginia, and Rhode Island; delivers natural gas to customers in Kentucky and Rhode Island; and generates electricity from power plants in Kentucky.