IFM Investors Pty Ltd Decreases Stock Holdings in IDACORP, Inc. (NYSE:IDA)

IFM Investors Pty Ltd trimmed its position in IDACORP, Inc. (NYSE:IDA) by 5.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,723 shares of the energy company’s stock after selling 373 shares during the quarter. IFM Investors Pty Ltd’s holdings in IDACORP were worth $693,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. V Square Quantitative Management LLC purchased a new position in IDACORP during the 3rd quarter valued at $26,000. Rise Advisors LLC increased its position in IDACORP by 65.8% during the 2nd quarter. Rise Advisors LLC now owns 368 shares of the energy company’s stock valued at $34,000 after purchasing an additional 146 shares during the period. Ashton Thomas Private Wealth LLC purchased a new position in IDACORP during the 2nd quarter valued at $35,000. Eastern Bank purchased a new position in IDACORP during the 3rd quarter valued at $52,000. Finally, 1620 Investment Advisors Inc. purchased a new position in IDACORP during the 2nd quarter valued at $71,000. 89.10% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have issued reports on IDA. Wells Fargo & Company boosted their price objective on shares of IDACORP from $106.00 to $109.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 16th. Morgan Stanley boosted their target price on shares of IDACORP from $102.00 to $108.00 and gave the company an “equal weight” rating in a report on Wednesday, September 25th. Jefferies Financial Group assumed coverage on shares of IDACORP in a report on Friday, September 20th. They set a “hold” rating and a $110.00 target price on the stock. Finally, Bank of America assumed coverage on shares of IDACORP in a report on Thursday, September 12th. They set a “neutral” rating and a $110.00 target price on the stock. One analyst has rated the stock with a sell rating and six have issued a hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $104.83.

IDACORP Stock Performance

Shares of IDACORP stock opened at $103.82 on Tuesday. The stock has a market cap of $5.53 billion, a price-to-earnings ratio of 20.85, a PEG ratio of 3.49 and a beta of 0.60. The firm’s 50-day moving average is $102.84 and its 200 day moving average is $98.00. IDACORP, Inc. has a 1 year low of $86.43 and a 1 year high of $105.25. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.55 and a quick ratio of 1.17.

IDACORP (NYSE:IDA) last announced its quarterly earnings results on Thursday, August 1st. The energy company reported $1.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.37 by $0.34. The company had revenue of $451.04 million for the quarter, compared to analysts’ expectations of $420.56 million. IDACORP had a net margin of 15.04% and a return on equity of 9.16%. During the same quarter in the previous year, the business posted $1.35 EPS. Sell-side analysts anticipate that IDACORP, Inc. will post 5.38 EPS for the current fiscal year.

IDACORP Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Tuesday, November 5th will be paid a $0.86 dividend. This is a boost 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 yield of 3.31%. IDACORP’s payout ratio is presently 69.08%.

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.