Highstreet Asset Management Inc. cut its stake in Westar Energy, Inc. (NYSE:WR) by 74.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,940 shares of the utilities provider’s stock after selling 11,728 shares during the quarter. Highstreet Asset Management Inc.’s holdings in Westar Energy were worth $195,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of the stock. D.A. Davidson & CO. increased its holdings in shares of Westar Energy by 6.6% during the 2nd quarter. D.A. Davidson & CO. now owns 3,240 shares of the utilities provider’s stock worth $171,000 after buying an additional 202 shares during the last quarter. V Wealth Management LLC acquired a new stake in Westar Energy in the 2nd quarter valued at approximately $187,000. Retirement Planning Group increased its holdings in Westar Energy by 0.6% in the 2nd quarter. Retirement Planning Group now owns 4,540 shares of the utilities provider’s stock valued at $241,000 after purchasing an additional 26 shares during the last quarter. Dynamic Technology Lab Private Ltd increased its holdings in Westar Energy by 18.3% in the 2nd quarter. Dynamic Technology Lab Private Ltd now owns 5,089 shares of the utilities provider’s stock valued at $269,000 after purchasing an additional 789 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its holdings in Westar Energy by 115.9% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 5,368 shares of the utilities provider’s stock valued at $285,000 after purchasing an additional 2,882 shares during the last quarter. 73.50% of the stock is currently owned by hedge funds and other institutional investors.
In other Westar Energy news, CFO Anthony D. Somma sold 4,000 shares of the firm’s stock in a transaction dated Monday, August 14th. The shares were sold at an average price of $51.21, for a total value of $204,840.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Greg A. Greenwood sold 10,000 shares of the firm’s stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $51.00, for a total transaction of $510,000.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 31,500 shares of company stock valued at $1,611,715. Corporate insiders own 0.70% of the company’s stock.
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Shares of Westar Energy, Inc. (NYSE WR) opened at 53.48 on Wednesday. The stock has a market cap of $7.60 billion, a P/E ratio of 22.47 and a beta of 0.39. Westar Energy, Inc. has a 12-month low of $49.20 and a 12-month high of $57.50. The company’s 50-day moving average is $51.37 and its 200-day moving average is $51.77.
Westar Energy (NYSE:WR) last announced its quarterly earnings data on Monday, October 30th. The utilities provider reported $1.11 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.20 by ($0.09). The business had revenue of $794.33 million during the quarter, compared to analyst estimates of $773.96 million. Westar Energy had a return on equity of 8.87% and a net margin of 13.33%. The business’s revenue for the quarter was up 3.9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.09 EPS. On average, analysts expect that Westar Energy, Inc. will post $2.49 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, October 2nd. Shareholders of record on Friday, September 8th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.99%. The ex-dividend date of this dividend was Thursday, September 7th. Westar Energy’s payout ratio is 67.23%.
Several analysts recently weighed in on WR shares. Evercore ISI upgraded shares of Westar Energy from an “in-line” rating to an “outperform” rating and lifted their target price for the company from $49.00 to $53.00 in a report on Tuesday, July 11th. Zacks Investment Research raised shares of Westar Energy from a “sell” rating to a “hold” rating in a research report on Wednesday, August 30th. BidaskClub cut shares of Westar Energy from a “hold” rating to a “sell” rating in a research report on Wednesday, July 19th. J P Morgan Chase & Co set a $58.00 price objective on shares of Westar Energy and gave the stock a “buy” rating in a research report on Thursday, October 12th. Finally, Bank of America Corporation started coverage on shares of Westar Energy in a research report on Tuesday, October 24th. They set a “buy” rating and a $57.00 price objective for the company. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $55.75.
Westar Energy Profile
Westar Energy, Inc is an electric utility. The Company provides electric generation, transmission and distribution services. The Company provides these services in central and northeastern Kansas, including the cities of Topeka, Lawrence, Manhattan, Salina and Hutchinson. Its subsidiary, Kansas Gas and Electric Company (KGE), provides these services in south-central and southeastern Kansas, including the city of Wichita.
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