Baker Avenue Asset Management LP Buys Shares of 8,496 PPL Co. (NYSE:PPL)

Baker Avenue Asset Management LP acquired a new position in PPL Co. (NYSE:PPL) during the 3rd quarter, Holdings Channel reports. The fund acquired 8,496 shares of the utilities provider’s stock, valued at approximately $281,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Clearbridge Investments LLC increased its stake in shares of PPL by 25.3% during the 2nd quarter. Clearbridge Investments LLC now owns 5,890,854 shares of the utilities provider’s stock worth $162,882,000 after purchasing an additional 1,189,339 shares in the last quarter. Point72 Asset Management L.P. raised its holdings in shares of PPL by 91.3% in the second quarter. Point72 Asset Management L.P. now owns 5,821,936 shares of the utilities provider’s stock worth $160,977,000 after acquiring an additional 2,778,820 shares during the last quarter. Electron Capital Partners LLC lifted its position in shares of PPL by 71.3% in the second quarter. Electron Capital Partners LLC now owns 4,306,007 shares of the utilities provider’s stock valued at $119,061,000 after acquiring an additional 1,792,200 shares in the last quarter. Bank of Montreal Can boosted its stake in shares of PPL by 3.4% during the second quarter. Bank of Montreal Can now owns 3,228,776 shares of the utilities provider’s stock valued at $89,808,000 after acquiring an additional 104,662 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in PPL by 8.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,571,253 shares of the utilities provider’s stock valued at $71,098,000 after purchasing an additional 202,296 shares during the last quarter. 76.99% of the stock is currently owned by hedge funds and other institutional investors.

PPL Stock Performance

Shares of PPL opened at $33.47 on Tuesday. PPL Co. has a 52-week low of $24.93 and a 52-week high of $33.58. The firm has a market capitalization of $24.70 billion, a PE ratio of 29.88, a P/E/G ratio of 2.82 and a beta of 0.81. The firm has a 50-day moving average price of $32.40 and a 200 day moving average price of $30.25. The company has a quick ratio of 1.07, a current ratio of 1.29 and a debt-to-equity ratio of 1.17.

PPL (NYSE:PPL) last announced its earnings results on Friday, November 1st. The utilities provider reported $0.42 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.42. PPL had a return on equity of 9.20% and a net margin of 9.95%. The company had revenue of $2.07 billion for the quarter, compared to analyst estimates of $2.10 billion. During the same period in the previous year, the firm earned $0.43 earnings per share. PPL’s revenue for the quarter was up 1.1% compared to the same quarter last year. On average, sell-side analysts anticipate that PPL Co. will post 1.72 earnings per share for the current fiscal year.

PPL Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Tuesday, September 10th were issued a dividend of $0.2575 per share. The ex-dividend date was Tuesday, September 10th. This represents a $1.03 annualized dividend and a yield of 3.08%. PPL’s dividend payout ratio (DPR) is currently 91.97%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on PPL shares. Morgan Stanley boosted their price target on PPL from $31.00 to $33.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. JPMorgan Chase & Co. assumed coverage on shares of PPL in a research report on Friday, October 25th. They issued an “overweight” rating and a $37.00 target price on the stock. Jefferies Financial Group began coverage on shares of PPL in a research note on Thursday, September 19th. They set a “buy” rating and a $38.00 price target on the stock. Barclays boosted their price objective on shares of PPL from $30.00 to $34.00 and gave the company an “equal weight” rating in a research note on Monday, October 21st. Finally, Wells Fargo & Company increased their target price on PPL from $35.00 to $37.00 and gave the stock an “overweight” rating in a research report on Monday, September 16th. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, PPL currently has a consensus rating of “Moderate Buy” and a consensus price target of $35.50.

About PPL

PPL Corporation, an energy company, focuses on providing electricity and natural gas to approximately 3.6 million customers in the United States. It operates through three segments: Kentucky Regulated, Pennsylvania Regulated, and Rhode Island Regulated. The company delivers electricity to customers in Pennsylvania, Kentucky, Virginia, and Rhode Island; delivers natural gas to customers in Kentucky and Rhode Island; and generates electricity from power plants in Kentucky.