Retirement Systems of Alabama Trims Stock Position in PPL Co. (NYSE:PPL)

Retirement Systems of Alabama decreased its position in PPL Co. (NYSE:PPL) by 86.5% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 161,878 shares of the utilities provider’s stock after selling 1,039,088 shares during the period. Retirement Systems of Alabama’s holdings in PPL were worth $5,355,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in PPL. Fortitude Family Office LLC lifted its holdings in PPL by 195.5% in the third quarter. Fortitude Family Office LLC now owns 780 shares of the utilities provider’s stock valued at $26,000 after acquiring an additional 516 shares during the last quarter. Ashton Thomas Securities LLC purchased a new stake in PPL in the third quarter valued at $34,000. Whittier Trust Co. of Nevada Inc. acquired a new position in shares of PPL in the 2nd quarter valued at $29,000. Redwood Wealth Management Group LLC purchased a new position in shares of PPL during the 2nd quarter worth $29,000. Finally, Family Firm Inc. acquired a new stake in shares of PPL during the 2nd quarter worth about $38,000. Hedge funds and other institutional investors own 76.99% of the company’s stock.

PPL Price Performance

PPL stock opened at $31.59 on Thursday. The business’s 50-day moving average is $33.12 and its two-hundred day moving average is $31.23. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.29 and a quick ratio of 1.07. The firm has a market capitalization of $23.31 billion, a P/E ratio of 28.21, a P/E/G ratio of 2.78 and a beta of 0.82. PPL Co. has a 1 year low of $25.35 and a 1 year high of $35.15.

PPL (NYSE:PPL) last issued its earnings results on Friday, November 1st. The utilities provider reported $0.42 earnings per share for the quarter, meeting the consensus estimate 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 for the quarter, compared to analysts’ expectations of $2.10 billion. During the same quarter last year, the company earned $0.43 earnings per share. The firm’s revenue was up 1.1% compared to the same quarter last year. Analysts anticipate that PPL Co. will post 1.72 earnings per share for the current fiscal year.

PPL Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Tuesday, December 10th will be paid a dividend of $0.2575 per share. The ex-dividend date is Tuesday, December 10th. This represents a $1.03 dividend on an annualized basis and a dividend yield of 3.26%. PPL’s payout ratio is currently 91.96%.

Insider Activity at PPL

In related news, insider John R. Crockett III sold 9,161 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $34.35, for a total value of $314,680.35. Following the completion of the transaction, the insider now directly owns 12,434 shares of the company’s stock, valued at $427,107.90. This represents a 42.42 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Tadd J. Henninger sold 6,639 shares of the firm’s stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $32.16, for a total transaction of $213,510.24. Following the sale, the senior vice president now directly owns 11,210 shares in the company, valued at approximately $360,513.60. The trade was a 37.20 % decrease in their position. The disclosure for this sale can be found here. 0.22% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

PPL has been the topic of a number of recent analyst reports. Jefferies Financial Group decreased their target price on shares of PPL from $39.00 to $38.00 and set a “buy” rating on the stock in a research report on Tuesday. Citigroup increased their price objective on shares of PPL from $31.00 to $36.00 and gave the stock a “neutral” rating in a research report on Thursday, December 12th. Wells Fargo & Company boosted their target price on PPL from $35.00 to $37.00 and gave the company an “overweight” rating in a research report on Monday, September 16th. Bank of America raised their price target on PPL from $34.00 to $35.00 and gave the stock a “buy” rating in a research report on Monday, November 4th. Finally, BMO Capital Markets assumed coverage on PPL in a report on Wednesday, December 11th. They issued an “outperform” rating and a $36.00 price objective on the stock. Three investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $34.09.

About PPL

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.