Verition Fund Management LLC grew its stake in Great Plains Energy Inc (NYSE:GXP) by 24.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 571,611 shares of the utilities provider’s stock after buying an additional 113,385 shares during the quarter. Great Plains Energy makes up 1.6% of Verition Fund Management LLC’s portfolio, making the stock its 4th biggest holding. Verition Fund Management LLC owned 0.27% of Great Plains Energy worth $16,737,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds also recently modified their holdings of GXP. State Board of Administration of Florida Retirement System grew its position in shares of Great Plains Energy by 9.3% during the second quarter. State Board of Administration of Florida Retirement System now owns 260,571 shares of the utilities provider’s stock worth $7,630,000 after purchasing an additional 22,120 shares in the last quarter. Ontario Teachers Pension Plan Board purchased a new stake in shares of Great Plains Energy during the second quarter worth about $772,000. Magellan Asset Management Ltd grew its position in shares of Great Plains Energy by 6.9% during the second quarter. Magellan Asset Management Ltd now owns 144,315 shares of the utilities provider’s stock worth $4,226,000 after purchasing an additional 9,293 shares in the last quarter. Virginia Retirement Systems ET AL grew its position in shares of Great Plains Energy by 24.7% during the second quarter. Virginia Retirement Systems ET AL now owns 73,600 shares of the utilities provider’s stock worth $2,155,000 after purchasing an additional 14,600 shares in the last quarter. Finally, Louisiana State Employees Retirement System grew its position in shares of Great Plains Energy by 3.3% during the second quarter. Louisiana State Employees Retirement System now owns 56,200 shares of the utilities provider’s stock worth $1,646,000 after purchasing an additional 1,800 shares in the last quarter. Institutional investors and hedge funds own 87.90% of the company’s stock.
GXP has been the subject of several research analyst reports. Zacks Investment Research cut Great Plains Energy from a “hold” rating to a “sell” rating in a research report on Tuesday, September 12th. BidaskClub upgraded Great Plains Energy from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 26th. SunTrust Banks, Inc. reiterated a “hold” rating and set a $30.00 target price on shares of Great Plains Energy in a research report on Wednesday, October 4th. KeyCorp reiterated a “hold” rating on shares of Great Plains Energy in a research report on Friday, September 1st. Finally, J P Morgan Chase & Co upgraded Great Plains Energy from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $31.00 to $32.00 in a research report on Tuesday, July 11th. Four investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Great Plains Energy currently has a consensus rating of “Buy” and an average price target of $31.43.
Great Plains Energy Inc (NYSE:GXP) traded down 0.38% during mid-day trading on Friday, hitting $31.82. The company had a trading volume of 560,505 shares. The firm has a market capitalization of $6.86 billion, a P/E ratio of 37.75 and a beta of 0.44. Great Plains Energy Inc has a 12 month low of $25.85 and a 12 month high of $32.09. The company has a 50-day moving average price of $30.78 and a 200 day moving average price of $29.90.
Great Plains Energy (NYSE:GXP) last posted its quarterly earnings data on Wednesday, August 9th. The utilities provider reported $0.43 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.47 by ($0.04). Great Plains Energy had a return on equity of 5.62% and a net margin of 8.00%. The firm had revenue of $682.60 million for the quarter, compared to analysts’ expectations of $677.00 million. During the same quarter last year, the firm posted $0.55 earnings per share. Equities analysts forecast that Great Plains Energy Inc will post $1.60 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 20th. Shareholders of record on Tuesday, August 29th were paid a dividend of $0.275 per share. The ex-dividend date was Friday, August 25th. This represents a $1.10 annualized dividend and a yield of 3.44%. Great Plains Energy’s dividend payout ratio (DPR) is currently 105.77%.
In other Great Plains Energy news, CFO Kevin E. Bryant sold 9,853 shares of the business’s stock in a transaction that occurred on Monday, September 18th. The stock was sold at an average price of $30.64, for a total transaction of $301,895.92. Following the completion of the sale, the chief financial officer now directly owns 38,003 shares in the company, valued at approximately $1,164,411.92. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, VP Lori A. Wright sold 7,668 shares of the business’s stock in a transaction that occurred on Monday, September 18th. The stock was sold at an average price of $30.54, for a total value of $234,180.72. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 27,391 shares of company stock valued at $838,626. 0.41% of the stock is owned by company insiders.
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Great Plains Energy Company Profile
Great Plains Energy Incorporated (Great Plains Energy) is a utility holding company. The Company operates through electric utility segment. The Company’s subsidiaries with operations include Kansas City Power & Light Company (KCP&L) and KCP&L Greater Missouri Operations Company (GMO). KCP&L is an integrated, regulated electric utility that provides electricity to customers primarily in the states of Missouri and Kansas.
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