The AES Co. (NYSE:AES) was the recipient of a large drop in short interest during the month of September. As of September 30th, there was short interest totalling 10,050,000 shares, a drop of 22.2% from the September 15th total of 12,920,000 shares. Currently, 1.5% of the company’s shares are short sold. Based on an average daily volume of 5,140,000 shares, the short-interest ratio is currently 2.0 days.
AES has been the subject of several research reports. TheStreet downgraded shares of The AES from a “b-” rating to a “c” rating in a report on Thursday, August 6th. Morgan Stanley lifted their target price on shares of The AES from $19.00 to $23.50 and gave the company an “overweight” rating in a report on Friday, September 18th. They noted that the move was a valuation call. Finally, ValuEngine upgraded shares of The AES from a “sell” rating to a “hold” rating in a report on Wednesday. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $18.19.
Several hedge funds have recently modified their holdings of the stock. IBM Retirement Fund grew its stake in shares of The AES by 24.4% during the third quarter. IBM Retirement Fund now owns 30,692 shares of the utilities provider’s stock worth $556,000 after purchasing an additional 6,028 shares in the last quarter. IFM Investors Pty Ltd grew its stake in shares of The AES by 18.3% during the third quarter. IFM Investors Pty Ltd now owns 50,108 shares of the utilities provider’s stock worth $907,000 after purchasing an additional 7,741 shares in the last quarter. Polaris Wealth Advisory Group LLC acquired a new position in shares of The AES during the third quarter worth $5,356,000. Ninepoint Partners LP purchased a new stake in The AES in the third quarter valued at $423,000. Finally, Bowling Portfolio Management LLC lifted its position in The AES by 11.5% in the third quarter. Bowling Portfolio Management LLC now owns 56,681 shares of the utilities provider’s stock valued at $1,026,000 after acquiring an additional 5,868 shares during the last quarter. Hedge funds and other institutional investors own 92.90% of the company’s stock.
The AES (NYSE:AES) last posted its quarterly earnings results on Thursday, August 6th. The utilities provider reported $0.25 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.23 by $0.02. The business had revenue of $2.22 billion during the quarter, compared to the consensus estimate of $2.54 billion. The AES had a net margin of 2.01% and a return on equity of 24.35%. The company’s quarterly revenue was down 10.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.26 earnings per share. As a group, equities analysts expect that The AES will post 1.38 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, November 16th. Investors of record on Friday, October 30th will be paid a dividend of $0.1433 per share. This represents a $0.57 dividend on an annualized basis and a dividend yield of 2.88%. The AES’s payout ratio is currently 41.91%.
About The AES
The AES Corporation operates as a diversified power generation and utility company. It owns and/or operates power plants to generate and sell power to customers, such as utilities, industrial users, and other intermediaries. The company also 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.
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