Investment Management Corp of Ontario Has $3.27 Million Stock Holdings in The Southern Company (NYSE:SO)

Investment Management Corp of Ontario increased its holdings in shares of The Southern Company (NYSE:SO) by 48.9% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 36,242 shares of the utilities provider’s stock after purchasing an additional 11,900 shares during the period. Investment Management Corp of Ontario’s holdings in Southern were worth $3,268,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in SO. Jacobs Levy Equity Management Inc. increased its position in Southern by 94.4% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 288,679 shares of the utilities provider’s stock valued at $26,033,000 after buying an additional 140,151 shares in the last quarter. Janus Henderson Group PLC grew its stake in Southern by 0.3% in the third quarter. Janus Henderson Group PLC now owns 121,333 shares of the utilities provider’s stock valued at $10,941,000 after acquiring an additional 382 shares during the period. HighTower Advisors LLC increased its holdings in shares of Southern by 12.1% during the third quarter. HighTower Advisors LLC now owns 1,039,294 shares of the utilities provider’s stock valued at $93,780,000 after acquiring an additional 112,132 shares in the last quarter. Hilltop Holdings Inc. raised its position in shares of Southern by 4.9% during the third quarter. Hilltop Holdings Inc. now owns 20,555 shares of the utilities provider’s stock worth $1,854,000 after purchasing an additional 953 shares during the period. Finally, Centiva Capital LP bought a new position in shares of Southern in the 3rd quarter worth $232,000. 64.10% of the stock is currently owned by institutional investors.

Southern Stock Performance

Shares of SO stock opened at $86.26 on Wednesday. The Southern Company has a 12 month low of $65.80 and a 12 month high of $94.45. The stock has a market capitalization of $94.51 billion, a P/E ratio of 20.06, a PEG ratio of 3.20 and a beta of 0.51. The company has a current ratio of 0.91, a quick ratio of 0.66 and a debt-to-equity ratio of 1.66. The firm’s 50 day moving average is $89.59 and its 200 day moving average is $85.27.

Southern (NYSE:SO) last issued its earnings results on Thursday, October 31st. The utilities provider reported $1.43 EPS for the quarter, topping the consensus estimate of $1.33 by $0.10. Southern had a return on equity of 12.78% and a net margin of 17.87%. The business had revenue of $7.27 billion during the quarter, compared to the consensus estimate of $7.14 billion. During the same quarter last year, the company earned $1.42 EPS. The firm’s revenue was up 4.2% compared to the same quarter last year. On average, sell-side analysts anticipate that The Southern Company will post 4.03 earnings per share for the current year.

Southern Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Monday, November 18th will be given a dividend of $0.72 per share. The ex-dividend date of this dividend is Monday, November 18th. This represents a $2.88 annualized dividend and a yield of 3.34%. Southern’s payout ratio is presently 66.98%.

Insiders Place Their Bets

In related news, CEO James Y. Kerr II sold 30,000 shares of the business’s stock in a transaction that occurred on Friday, October 4th. The stock was sold at an average price of $89.64, for a total value of $2,689,200.00. Following the completion of the sale, the chief executive officer now owns 145,088 shares in the company, valued at $13,005,688.32. The trade was a 17.13 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Bryan D. Anderson sold 6,565 shares of the stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $89.54, for a total transaction of $587,830.10. Following the transaction, the executive vice president now owns 44,467 shares in the company, valued at $3,981,575.18. The trade was a 12.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.18% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. JPMorgan Chase & Co. raised their price objective on shares of Southern from $80.00 to $87.00 and gave the company an “underweight” rating in a research note on Monday, August 12th. BMO Capital Markets dropped their price target on shares of Southern from $99.00 to $97.00 and set an “outperform” rating on the stock in a research report on Friday, November 1st. Barclays boosted their price objective on Southern from $71.00 to $83.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 15th. Morgan Stanley dropped their target price on Southern from $88.00 to $85.00 and set an “equal weight” rating on the stock in a report on Friday, November 22nd. Finally, Jefferies Financial Group assumed coverage on Southern in a report on Friday, September 20th. They set a “hold” rating and a $94.00 price target for the company. One analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, Southern currently has an average rating of “Hold” and a consensus target price of $89.47.

Southern Company Profile

The Southern Company, through its subsidiaries, engages in the generation, transmission, and distribution of electricity. The company also develops, constructs, acquires, owns, and manages power generation assets, including renewable energy projects and sells electricity in the wholesale market; and distributes natural gas in Illinois, Georgia, Virginia, and Tennessee, as well as provides gas marketing services, gas distribution operations, and gas pipeline investments operations.