Summit Global Investments Buys Shares of 40,670 The AES Co. (NYSE:AES)

Summit Global Investments purchased a new position in The AES Co. (NYSE:AES) in the third quarter, HoldingsChannel reports. The fund purchased 40,670 shares of the utilities provider’s stock, valued at approximately $816,000.

Several other institutional investors have also recently added to or reduced their stakes in AES. Texas Permanent School Fund Corp raised its stake in shares of AES by 2.6% in the 1st quarter. Texas Permanent School Fund Corp now owns 137,442 shares of the utilities provider’s stock valued at $2,464,000 after purchasing an additional 3,536 shares in the last quarter. Empirical Finance LLC lifted its holdings in AES by 4.7% during the 1st quarter. Empirical Finance LLC now owns 18,185 shares of the utilities provider’s stock worth $326,000 after buying an additional 823 shares during the last quarter. Empowered Funds LLC grew its position in shares of AES by 1.9% in the 1st quarter. Empowered Funds LLC now owns 124,745 shares of the utilities provider’s stock worth $2,237,000 after acquiring an additional 2,273 shares in the last quarter. Oppenheimer & Co. Inc. raised its position in shares of AES by 7.2% during the 1st quarter. Oppenheimer & Co. Inc. now owns 129,607 shares of the utilities provider’s stock valued at $2,324,000 after acquiring an additional 8,679 shares in the last quarter. Finally, Atomi Financial Group Inc. bought a new position in AES during the first quarter worth $314,000. 93.13% of the stock is owned by institutional investors and hedge funds.

AES Stock Down 0.4 %

Shares of AES stock opened at $13.60 on Friday. The company has a debt-to-equity ratio of 3.21, a current ratio of 0.85 and a quick ratio of 0.80. The AES Co. has a 1-year low of $13.30 and a 1-year high of $22.21. The business’s fifty day moving average price is $17.55 and its two-hundred day moving average price is $18.21. The company has a market capitalization of $9.67 billion, a P/E ratio of 9.44 and a beta of 1.10.

AES (NYSE:AES) last posted its quarterly earnings data on Thursday, October 31st. The utilities provider reported $0.71 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.11. The business had revenue of $3.29 billion during the quarter, compared to the consensus estimate of $3.46 billion. AES had a net margin of 8.34% and a return on equity of 27.30%. The company’s quarterly revenue was down 4.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.60 earnings per share. As a group, research analysts forecast that The AES Co. will post 1.93 EPS for the current year.

AES Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Friday, November 1st will be issued a dividend of $0.1725 per share. The ex-dividend date of this dividend is Friday, November 1st. This represents a $0.69 annualized dividend and a yield of 5.07%. AES’s payout ratio is 47.92%.

Analyst Ratings Changes

AES has been the subject of several recent research reports. Jefferies Financial Group assumed coverage on shares of AES in a research note on Wednesday, September 11th. They set a “buy” rating and a $20.00 target price for the company. Barclays increased their price objective on shares of AES from $22.00 to $23.00 and gave the stock an “overweight” rating in a research note on Monday, October 21st. Evercore ISI upgraded AES to a “strong-buy” rating in a research note on Wednesday, September 18th. Finally, Susquehanna dropped their price target on AES from $24.00 to $21.00 and set a “positive” rating on the stock in a research report on Tuesday, November 5th. Two equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, AES has a consensus rating of “Moderate Buy” and a consensus price target of $22.38.

About AES

The AES Corporation, together with its subsidiaries, operates as a diversified power generation and utility company in the United States and internationally. The company owns and/or operates power plants to generate and sell power to customers, such as utilities, industrial users, and other intermediaries; owns and/or operates utilities to generate or purchase, distribute, transmit, and sell electricity to end-user customers in the residential, commercial, industrial, and governmental sectors; and generates and sells electricity on the wholesale market.