IDACORP, Inc. (NYSE:IDA) Stake Reduced by River Road Asset Management LLC

River Road Asset Management LLC trimmed its stake in IDACORP, Inc. (NYSE:IDA) by 61.2% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 166,298 shares of the energy company’s stock after selling 261,980 shares during the quarter. River Road Asset Management LLC owned approximately 0.31% of IDACORP worth $17,144,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. V Square Quantitative Management LLC acquired a new position in IDACORP during the 3rd quarter valued at about $26,000. Rise Advisors LLC grew its holdings in IDACORP by 65.8% in the 2nd quarter. Rise Advisors LLC now owns 368 shares of the energy company’s stock worth $34,000 after buying an additional 146 shares in the last quarter. Ashton Thomas Private Wealth LLC bought a new position in IDACORP in the 2nd quarter worth approximately $35,000. Eastern Bank acquired a new stake in IDACORP in the 3rd quarter valued at approximately $52,000. Finally, 1620 Investment Advisors Inc. bought a new stake in shares of IDACORP during the second quarter valued at about $71,000. Institutional investors and hedge funds own 89.10% of the company’s stock.

IDACORP Trading Up 0.3 %

NYSE IDA opened at $107.31 on Tuesday. The firm’s 50 day moving average price is $103.02 and its two-hundred day moving average price is $98.48. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.34 and a current ratio of 1.70. IDACORP, Inc. has a twelve month low of $86.43 and a twelve month high of $109.47. The stock has a market cap of $5.71 billion, a price-to-earnings ratio of 19.84, a PEG ratio of 3.58 and a beta of 0.60.

IDACORP (NYSE:IDA) last issued its quarterly earnings results on Thursday, October 31st. The energy company reported $2.12 earnings per share for the quarter, missing analysts’ consensus estimates of $2.17 by ($0.05). The business had revenue of $528.53 million for the quarter, compared to analysts’ expectations of $524.39 million. IDACORP had a net margin of 15.35% and a return on equity of 9.17%. During the same quarter in the prior year, the firm posted $2.07 EPS. Equities analysts anticipate that IDACORP, Inc. will post 5.35 EPS for the current year.

IDACORP Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Tuesday, November 5th will be issued a $0.86 dividend. This is an increase from IDACORP’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend is Tuesday, November 5th. This represents a $3.44 dividend on an annualized basis and a dividend yield of 3.21%. IDACORP’s dividend payout ratio is currently 61.60%.

Analyst Upgrades and Downgrades

IDA has been the topic of a number of recent analyst reports. Morgan Stanley boosted their price target on shares of IDACORP from $102.00 to $108.00 and gave the stock an “equal weight” rating in a research report on Wednesday, September 25th. Jefferies Financial Group began coverage on shares of IDACORP in a research note on Friday, September 20th. They set a “hold” rating and a $110.00 target price for the company. StockNews.com upgraded shares of IDACORP from a “sell” rating to a “hold” rating in a research report on Tuesday, October 29th. Wells Fargo & Company upped their price target on IDACORP from $106.00 to $109.00 and gave the company an “equal weight” rating in a report on Wednesday, October 16th. Finally, Mizuho raised IDACORP from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $102.00 to $116.00 in a research note on Friday. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, IDACORP has an average rating of “Hold” and an average target price of $108.83.

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.