Municipal Employees Retirement System of Michigan lifted its stake in PPL Corp (NYSE:PPL) by 7.8% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 41,370 shares of the utilities provider’s stock after buying an additional 3,010 shares during the quarter. Municipal Employees Retirement System of Michigan’s holdings in PPL were worth $1,283,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors also recently bought and sold shares of PPL. Private Capital Group LLC raised its stake in shares of PPL by 68.6% in the first quarter. Private Capital Group LLC now owns 1,111 shares of the utilities provider’s stock worth $35,000 after buying an additional 452 shares during the period. Thor Advisors LLC bought a new stake in PPL during the 1st quarter valued at approximately $35,000. Manchester Financial Inc. bought a new stake in PPL during the 2nd quarter valued at approximately $38,000. Resources Investment Advisors Inc. raised its stake in PPL by 129.8% during the 1st quarter. Resources Investment Advisors Inc. now owns 1,241 shares of the utilities provider’s stock valued at $39,000 after purchasing an additional 701 shares during the period. Finally, Tompkins Financial Corp bought a new stake in PPL during the 1st quarter valued at approximately $41,000. 72.84% of the stock is currently owned by hedge funds and other institutional investors.
Several brokerages recently issued reports on PPL. Evercore ISI set a $31.00 target price on PPL and gave the company a “hold” rating in a research note on Wednesday, August 7th. GMP Securities reissued an “average” rating and set a $59.00 target price on shares of PPL in a research note on Wednesday, August 7th. Zacks Investment Research raised PPL from a “sell” rating to a “hold” rating and set a $32.00 target price on the stock in a research note on Monday, July 22nd. Bank of America raised PPL from an “underperform” rating to a “neutral” rating in a research note on Wednesday, August 7th. Finally, Raymond James reissued an “average” rating on shares of PPL in a research note on Monday, May 6th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and two have assigned a buy rating to the stock. PPL currently has a consensus rating of “Hold” and a consensus price target of $35.75.
PPL (NYSE:PPL) last released its quarterly earnings results on Tuesday, August 6th. The utilities provider reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.02. The business had revenue of $1.80 billion during the quarter, compared to analysts’ expectations of $1.86 billion. PPL had a return on equity of 14.57% and a net margin of 22.97%. The firm’s revenue for the quarter was down 2.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.55 EPS. Equities analysts forecast that PPL Corp will post 2.42 EPS for the current fiscal year.
In other PPL news, insider Philip Swift sold 3,782 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $30.26, for a total transaction of $114,443.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.34% of the company’s stock.
PPL Corporation, a utility holding company, delivers electricity and natural gas in the United States and the United Kingdom. The company operates through three segments: U.K. Regulated, Kentucky Regulated, and Pennsylvania Regulated. It serves approximately 414,000 electric and 328,000 natural gas customers in Louisville and adjacent areas in Kentucky; 527,000 electric customers in central, southeastern, and western Kentucky; and 28,000 electric customers in 5 counties in southwestern Virginia.
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