Cambria Investment Management L.P. Grows Stake in Southern Company (The) (SO)

Cambria Investment Management L.P. increased its stake in shares of Southern Company (The) (NYSE:SO) by 192.6% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 113,239 shares of the utilities provider’s stock after purchasing an additional 74,535 shares during the period. Cambria Investment Management L.P.’s holdings in Southern were worth $5,565,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. increased its holdings in Southern by 2,961.9% during the first quarter. BlackRock Inc. now owns 62,067,822 shares of the utilities provider’s stock valued at $3,089,736,000 after buying an additional 60,040,696 shares during the last quarter. Janus Henderson Group PLC increased its holdings in Southern by 3,580.1% during the second quarter. Janus Henderson Group PLC now owns 4,673,498 shares of the utilities provider’s stock valued at $223,766,000 after buying an additional 4,546,503 shares during the last quarter. Capital Research Global Investors increased its holdings in Southern by 25.3% during the second quarter. Capital Research Global Investors now owns 14,940,226 shares of the utilities provider’s stock valued at $715,338,000 after buying an additional 3,015,226 shares during the last quarter. Vanguard Group Inc. increased its holdings in Southern by 4.1% during the first quarter. Vanguard Group Inc. now owns 68,758,138 shares of the utilities provider’s stock valued at $3,422,780,000 after buying an additional 2,688,854 shares during the last quarter. Finally, Commonwealth Bank of Australia increased its stake in shares of Southern by 1,565.3% in the third quarter. Commonwealth Bank of Australia now owns 1,738,380 shares of the utilities provider’s stock worth $59,048,000 after purchasing an additional 1,633,990 shares in the last quarter. 53.66% of the stock is owned by hedge funds and other institutional investors.

Southern Company (SO) opened at $48.50 on Friday. The company has a debt-to-equity ratio of 1.73, a quick ratio of 0.57 and a current ratio of 0.73. Southern Company has a 12-month low of $46.71 and a 12-month high of $53.51. The firm has a market cap of $48,680.00, a price-to-earnings ratio of 86.61, a P/E/G ratio of 3.72 and a beta of 0.13.

Southern (NYSE:SO) last issued its earnings results on Wednesday, November 1st. The utilities provider reported $1.12 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.08 by $0.04. Southern had a net margin of 2.59% and a return on equity of 10.81%. The firm had revenue of $6.20 billion during the quarter, compared to analyst estimates of $6.16 billion. During the same quarter in the prior year, the business earned $1.27 earnings per share. Southern’s revenue for the quarter was down 1.0% on a year-over-year basis. analysts expect that Southern Company will post 2.95 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 6th. Investors of record on Monday, November 20th were given a dividend of $0.58 per share. The ex-dividend date was Friday, November 17th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 4.78%. Southern’s dividend payout ratio is 414.29%.

In related news, CEO William P. Bowers sold 85,151 shares of the company’s stock in a transaction on Tuesday, October 10th. The shares were sold at an average price of $50.00, for a total transaction of $4,257,550.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Art P. Beattie sold 46,941 shares of the company’s stock in a transaction on Thursday, October 26th. The stock was sold at an average price of $52.50, for a total transaction of $2,464,402.50. Following the transaction, the insider now owns 59,494 shares of the company’s stock, valued at approximately $3,123,435. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 213,813 shares of company stock valued at $11,029,988. 1.00% of the stock is owned by company insiders.

SO has been the subject of a number of analyst reports. Zacks Investment Research cut shares of Southern from a “hold” rating to a “sell” rating in a research note on Monday, September 11th. Guggenheim raised shares of Southern from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $49.00 to $56.00 in a research note on Thursday, September 14th. Mizuho raised shares of Southern from a “neutral” rating to a “buy” rating and set a $53.00 price objective for the company in a research note on Tuesday, September 5th. SunTrust Banks reissued a “hold” rating and issued a $52.00 price objective on shares of Southern in a research note on Friday, October 20th. Finally, KeyCorp reissued a “hold” rating on shares of Southern in a research note on Friday, September 1st. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and nine have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $49.92.

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Southern Profile

The Southern Company (Southern Company) is a holding company. The Company owns all of the stock of the traditional electric operating companies and the parent entities of Southern Power Company (Southern Power) and Southern Company Gas, and owns other direct and indirect subsidiaries. The Company’s segments include Gas distribution operations, Gas marketing services, Wholesale gas services, Gas midstream operations and All other.

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Institutional Ownership by Quarter for Southern (NYSE:SO)

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