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

First Eagle Investment Management LLC cut its position in IDACORP, Inc. (NYSE:IDA) by 8.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 119,080 shares of the energy company’s stock after selling 11,518 shares during the quarter. First Eagle Investment Management LLC owned 0.22% of IDACORP worth $13,013,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. Reaves W H & Co. Inc. grew 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 worth $109,103,000 after purchasing an additional 429,276 shares in the last quarter. Wellington Management Group LLP grew 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 worth $246,367,000 after purchasing an additional 359,553 shares in the last quarter. Raymond James Financial Inc. acquired a new position in IDACORP during the 4th quarter worth $37,104,000. State Street Corp grew 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 worth $170,789,000 after purchasing an additional 86,642 shares in the last quarter. Finally, Principal Financial Group Inc. grew its stake in IDACORP by 14.2% during the 4th quarter. Principal Financial Group Inc. now owns 544,552 shares of the energy company’s stock worth $59,509,000 after purchasing an additional 67,568 shares in the last quarter. 89.10% of the stock is owned by institutional investors and hedge funds.

IDACORP Stock Up 0.9 %

IDACORP stock opened at $116.05 on Friday. IDACORP, Inc. has a fifty-two week low of $88.70 and a fifty-two week high of $120.42. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.34 and a current ratio of 1.70. The company 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 stock has a 50-day simple moving average of $111.38 and a 200-day simple moving average of $109.20.

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

IDACORP Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Wednesday, February 5th were issued a $0.86 dividend. This represents a $3.44 annualized dividend and a dividend yield of 2.96%. The ex-dividend date was Wednesday, February 5th. IDACORP’s payout ratio is currently 62.77%.

Analyst Upgrades and Downgrades

IDA has been the subject of several analyst reports. 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 note on Monday, March 3rd. Jefferies Financial Group decreased their price target on IDACORP from $129.00 to $118.00 and set a “hold” rating for the company in a report on Tuesday, January 28th. Guggenheim raised IDACORP from a “neutral” rating to a “buy” rating in a report on Thursday, January 23rd. Finally, Morgan Stanley lifted their price target on IDACORP from $110.00 to $121.00 and gave the stock an “equal weight” rating in a report on Friday, December 13th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus 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.