IFM Investors Pty Ltd Acquires New Stake in IDACORP, Inc. (NYSE:IDA)

IFM Investors Pty Ltd purchased a new stake in IDACORP, Inc. (NYSE:IDA) during the 1st quarter, HoldingsChannel reports. The fund purchased 7,051 shares of the energy company’s stock, valued at approximately $655,000.

A number of other large investors have also recently modified their holdings of the business. Sumitomo Mitsui Trust Holdings Inc. raised its stake in IDACORP by 13.8% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 3,210 shares of the energy company’s stock valued at $298,000 after purchasing an additional 390 shares in the last quarter. State of Michigan Retirement System increased its holdings in shares of IDACORP by 2.5% in the 1st quarter. State of Michigan Retirement System now owns 12,420 shares of the energy company’s stock worth $1,154,000 after buying an additional 300 shares during the last quarter. Allspring Global Investments Holdings LLC raised its position in shares of IDACORP by 59.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 391,388 shares of the energy company’s stock valued at $36,356,000 after buying an additional 145,316 shares in the last quarter. Tributary Capital Management LLC lifted its holdings in shares of IDACORP by 10.1% during the 1st quarter. Tributary Capital Management LLC now owns 199,137 shares of the energy company’s stock worth $18,498,000 after acquiring an additional 18,197 shares during the last quarter. Finally, Buckley Wealth Management LLC grew its position in IDACORP by 273.1% in the first quarter. Buckley Wealth Management LLC now owns 38,425 shares of the energy company’s stock worth $3,569,000 after acquiring an additional 28,125 shares in the last quarter. Institutional investors own 89.10% of the company’s stock.

IDACORP Trading Down 0.1 %

IDACORP stock traded down $0.07 during trading hours on Friday, reaching $94.60. The company had a trading volume of 434,453 shares, compared to its average volume of 337,130. The firm has a market cap of $4.80 billion, a price-to-earnings ratio of 18.40 and a beta of 0.56. IDACORP, Inc. has a 12-month low of $86.43 and a 12-month high of $112.91. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.58 and a quick ratio of 1.33. The company has a 50-day moving average price of $90.86 and a 200 day moving average price of $93.99.

IDACORP (NYSE:IDA) last issued its earnings results on Thursday, February 15th. The energy company reported $0.61 EPS for the quarter, topping the consensus estimate of $0.60 by $0.01. IDACORP had a net margin of 14.79% and a return on equity of 9.06%. The company had revenue of $411.95 million for the quarter, compared to the consensus estimate of $429.84 million. During the same period in the previous year, the firm earned $0.83 earnings per share. Equities analysts forecast that IDACORP, Inc. will post 5.32 earnings per share for the current year.

IDACORP Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 30th. Stockholders of record on Monday, May 6th will be paid a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a dividend yield of 3.51%. The ex-dividend date is Friday, May 3rd. IDACORP’s dividend payout ratio (DPR) is 64.59%.

Analyst Ratings Changes

A number of research firms have weighed in on IDA. TheStreet downgraded IDACORP from a “b-” rating to a “c+” rating in a research report on Thursday, February 15th. Morgan Stanley increased their price objective on IDACORP from $92.00 to $95.00 and gave the company an “equal weight” rating in a research report on Thursday, March 21st. Wells Fargo & Company dropped their target price on IDACORP from $100.00 to $94.00 and set an “equal weight” rating for the company in a research report on Friday, February 16th. Mizuho reduced their price target on shares of IDACORP from $99.00 to $88.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 5th. Finally, Guggenheim downgraded shares of IDACORP from a “buy” rating to a “neutral” rating and set a $93.00 price target on the stock. in a research note on Monday, January 22nd. One research analyst has rated the stock with a sell rating and five have given a hold rating to the stock. According to data from MarketBeat.com, IDACORP currently has a consensus rating of “Hold” and a consensus target price of $93.80.

About IDACORP

IDACORP, Inc, together with its subsidiaries, engages in the generation, transmission, distribution, purchase, and sale of electric energy in the United States. The company operates 17 hydropower generating plants located in southern Idaho and eastern Oregon; three natural gas-fired plants in southern Idaho; and interests in two coal-fired steam electric generating plants located in Wyoming and Nevada.