First Eagle Investment Management LLC Trims Stock Position in IDACORP, Inc. (NYSE:IDA)

First Eagle Investment Management LLC cut its stake in shares of IDACORP, Inc. (NYSE:IDA) by 8.8% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 119,080 shares of the energy company’s stock after selling 11,518 shares during the period. First Eagle Investment Management LLC’s holdings in IDACORP were worth $13,013,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Wellington Management Group LLP raised its stake in IDACORP by 17.7% during the 3rd quarter. Wellington Management Group LLP now owns 2,389,823 shares of the energy company’s stock valued at $246,367,000 after acquiring an additional 359,553 shares during the last quarter. State Street Corp raised its stake in IDACORP by 5.5% during the 3rd quarter. State Street Corp now owns 1,656,697 shares of the energy company’s stock valued at $170,789,000 after acquiring an additional 86,642 shares during the last quarter. Reaves W H & Co. Inc. raised its stake in IDACORP by 75.4% during the 4th quarter. Reaves W H & Co. Inc. now owns 998,383 shares of the energy company’s stock valued at $109,103,000 after acquiring an additional 429,276 shares during the last quarter. Geode Capital Management LLC raised its stake in IDACORP by 3.9% during the 3rd quarter. Geode Capital Management LLC now owns 950,206 shares of the energy company’s stock valued at $97,981,000 after acquiring an additional 36,063 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in IDACORP by 1.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 699,579 shares of the energy company’s stock valued at $76,450,000 after acquiring an additional 7,286 shares during the last quarter. 89.10% of the stock is owned by hedge funds and other institutional investors.

IDACORP Price Performance

Shares of IDACORP stock opened at $116.05 on Friday. The stock has a market capitalization of $6.26 billion, a P/E ratio of 21.18, a PEG ratio of 2.32 and a beta of 0.59. The company has a current ratio of 1.70, a quick ratio of 1.34 and a debt-to-equity ratio of 0.93. The business’s fifty day moving average price is $111.38 and its 200 day moving average price is $109.20. IDACORP, Inc. has a twelve month low of $88.70 and a twelve month high of $120.42.

IDACORP (NYSE:IDA) last posted its earnings results on Thursday, February 20th. The energy company reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.07. The business had revenue of $398.13 million during the quarter, compared to analyst estimates of $403.21 million. IDACORP had a return on equity of 9.23% and a net margin of 15.83%. As a group, research analysts anticipate that IDACORP, Inc. will post 5.81 earnings per share for the current year.

IDACORP Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Wednesday, February 5th were paid a dividend of $0.86 per share. The ex-dividend date of this dividend was Wednesday, February 5th. This represents a $3.44 dividend on an annualized basis and a yield of 2.96%. IDACORP’s dividend payout ratio (DPR) is presently 62.77%.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on IDA shares. Bank of America boosted their target price on IDACORP from $119.00 to $127.00 and gave the stock a “buy” rating in a research report on Monday, March 3rd. Jefferies Financial Group dropped their target price on IDACORP from $129.00 to $118.00 and set a “hold” rating on the stock in a research report on Tuesday, January 28th. Morgan Stanley boosted their target price on IDACORP from $110.00 to $121.00 and gave the stock an “equal weight” rating in a research report on Friday, December 13th. Finally, Guggenheim upgraded IDACORP from a “neutral” rating to a “buy” rating in a research report on Thursday, January 23rd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $118.20.

IDACORP Company Profile

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.