IFM Investors Pty Ltd Buys Shares of 7,051 IDACORP, Inc. (NYSE:IDA)

IFM Investors Pty Ltd acquired a new position in shares of IDACORP, Inc. (NYSE:IDA) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 7,051 shares of the energy company’s stock, valued at approximately $655,000.

Other institutional investors have also made changes to their positions in the company. Wellington Management Group LLP raised its position in shares of IDACORP by 50.3% in the 4th quarter. Wellington Management Group LLP now owns 1,634,463 shares of the energy company’s stock valued at $160,700,000 after acquiring an additional 546,818 shares during the period. Victory Capital Management Inc. increased its stake in IDACORP by 29.7% in the fourth quarter. Victory Capital Management Inc. now owns 1,194,847 shares of the energy company’s stock valued at $117,477,000 after purchasing an additional 273,560 shares in the last quarter. American Trust raised its holdings in IDACORP by 13.7% in the third quarter. American Trust now owns 828,208 shares of the energy company’s stock worth $77,562,000 after purchasing an additional 100,016 shares during the period. First Trust Advisors LP boosted its position in shares of IDACORP by 0.9% during the fourth quarter. First Trust Advisors LP now owns 761,621 shares of the energy company’s stock worth $74,883,000 after purchasing an additional 7,008 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of IDACORP by 10.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 649,195 shares of the energy company’s stock valued at $63,829,000 after buying an additional 61,546 shares during the period. 89.10% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have weighed in on IDA. TheStreet lowered IDACORP from a “b-” rating to a “c+” rating in a report on Thursday, February 15th. Morgan Stanley boosted their price objective on IDACORP from $92.00 to $95.00 and gave the company an “equal weight” rating in a research report on Thursday, March 21st. Guggenheim downgraded IDACORP from a “buy” rating to a “neutral” rating and set a $93.00 price target on the stock. in a research note on Monday, January 22nd. Mizuho cut their price target on IDACORP from $99.00 to $88.00 and set a “neutral” rating on the stock in a report on Tuesday, March 5th. Finally, Wells Fargo & Company decreased their price objective on IDACORP from $100.00 to $94.00 and set an “equal weight” rating for the company in a report on Friday, February 16th. One investment analyst has rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $93.80.

IDACORP Stock Performance

Shares of NYSE:IDA traded down $0.07 on Friday, hitting $94.60. The company had a trading volume of 434,453 shares, compared to its average volume of 337,130. The stock has a market cap of $4.80 billion, a price-to-earnings ratio of 18.40 and a beta of 0.56. The stock has a 50 day moving average price of $90.86 and a 200 day moving average price of $93.99. IDACORP, Inc. has a 1-year low of $86.43 and a 1-year high of $112.91. The company has a current ratio of 1.58, a quick ratio of 1.33 and a debt-to-equity ratio of 0.95.

IDACORP (NYSE:IDA) last announced its quarterly earnings results on Thursday, February 15th. The energy company reported $0.61 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.01. The business had revenue of $411.95 million for the quarter, compared to analyst estimates of $429.84 million. IDACORP had a net margin of 14.79% and a return on equity of 9.06%. During the same quarter in the prior year, the business earned $0.83 EPS. Analysts expect that IDACORP, Inc. will post 5.32 EPS for the current year.

IDACORP Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 30th. Stockholders of record on Monday, May 6th will be paid a dividend of $0.83 per share. The ex-dividend date of this dividend is Friday, May 3rd. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.51%. IDACORP’s dividend payout ratio (DPR) is currently 64.59%.

About IDACORP

IDACORP, Inc, together with its subsidiaries, engages in the generation, transmission, distribution, purchase, and sale of electric energy in the United States. The company operates 17 hydropower generating plants located in southern Idaho and eastern Oregon; three natural gas-fired plants in southern Idaho; and interests in two coal-fired steam electric generating plants located in Wyoming and Nevada.