Great Plains Energy Inc (GXP) Stake Lowered by Pictet Asset Management Ltd.
Pictet Asset Management Ltd. lowered its position in Great Plains Energy Inc (NYSE:GXP) by 46.6% during the second quarter, Holdings Channel reports. The institutional investor owned 589,753 shares of the utilities provider’s stock after selling 515,430 shares during the period. Pictet Asset Management Ltd.’s holdings in Great Plains Energy were worth $16,944,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also modified their holdings of the company. Nomura Asset Management Co. Ltd. increased its stake in Great Plains Energy by 17.9% in the first quarter. Nomura Asset Management Co. Ltd. now owns 3,420 shares of the utilities provider’s stock worth $100,000 after buying an additional 520 shares during the last quarter. Proficio Capital Partners LLC increased its stake in Great Plains Energy by 312.2% in the first quarter. Proficio Capital Partners LLC now owns 3,710 shares of the utilities provider’s stock worth $107,000 after buying an additional 2,810 shares during the last quarter. First Command Bank increased its stake in Great Plains Energy by 100.0% in the second quarter. First Command Bank now owns 4,400 shares of the utilities provider’s stock worth $128,000 after buying an additional 2,200 shares during the last quarter. Advisory Services Network LLC purchased a new stake in Great Plains Energy during the first quarter worth approximately $139,000. Finally, Mckinley Capital Management LLC Delaware purchased a new stake in Great Plains Energy during the first quarter worth approximately $141,000. 87.70% of the stock is currently owned by institutional investors.
Shares of Great Plains Energy Inc (NYSE:GXP) opened at 30.89 on Friday. The firm has a market capitalization of $6.66 billion, a P/E ratio of 36.64 and a beta of 0.44. The stock’s 50 day moving average price is $30.21 and its 200-day moving average price is $29.07. Great Plains Energy Inc has a 12-month low of $25.85 and a 12-month high of $31.69.
Great Plains Energy (NYSE:GXP) last issued its quarterly earnings results on Wednesday, August 9th. The utilities provider reported $0.43 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.47 by $0.04. The company had revenue of $682.60 million during the quarter, compared to analysts’ expectations of $677 million. Great Plains Energy had a return on equity of 5.62% and a net margin of 8.00%. During the same period last year, the firm posted $0.55 earnings per share. On average, equities analysts expect that Great Plains Energy Inc will post $1.66 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 20th. Investors of record on Tuesday, August 29th will be issued a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.56%. The ex-dividend date of this dividend is Friday, August 25th. Great Plains Energy’s dividend payout ratio (DPR) is currently 105.77%.
COPYRIGHT VIOLATION NOTICE: This news story was first published by Watch List News and is the sole property of of Watch List News. If you are viewing this news story on another publication, it was copied illegally and reposted in violation of U.S. & international copyright legislation. The original version of this news story can be viewed at https://www.watchlistnews.com/great-plains-energy-inc-gxp-stake-lowered-by-pictet-asset-management-ltd/1480962.html.
A number of research firms have recently commented on GXP. J P Morgan Chase & Co upgraded Great Plains Energy from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $31.00 to $32.00 in a report on Tuesday, July 11th. Zacks Investment Research upgraded Great Plains Energy from a “sell” rating to a “hold” rating in a report on Wednesday, April 19th. Finally, BidaskClub upgraded Great Plains Energy from a “hold” rating to a “buy” rating in a report on Wednesday, June 21st. Four investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $31.56.
Great Plains Energy Company Profile
Great Plains Energy Incorporated (Great Plains Energy) is a utility holding company. The Company operates through electric utility segment. The Company’s subsidiaries with operations include Kansas City Power & Light Company (KCP&L) and KCP&L Greater Missouri Operations Company (GMO). KCP&L is an integrated, regulated electric utility that provides electricity to customers primarily in the states of Missouri and Kansas.
Want to see what other hedge funds are holding GXP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Great Plains Energy Inc (NYSE:GXP).
Receive News & Ratings for Great Plains Energy Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Great Plains Energy Inc and related companies with Analyst Ratings Network's FREE daily email newsletter.