United Services Automobile Association lessened its stake in shares of El Paso Electric (NYSE:EE) by 4.0% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 9,971 shares of the utilities provider’s stock after selling 417 shares during the period. United Services Automobile Association’s holdings in El Paso Electric were worth $652,000 at the end of the most recent quarter.
Several other institutional investors also recently bought and sold shares of EE. First Trust Advisors LP boosted its position in El Paso Electric by 6.5% in the 1st quarter. First Trust Advisors LP now owns 525,822 shares of the utilities provider’s stock valued at $30,929,000 after buying an additional 32,187 shares during the period. Summit Global Investments raised its holdings in shares of El Paso Electric by 1.7% during the first quarter. Summit Global Investments now owns 12,300 shares of the utilities provider’s stock worth $723,000 after purchasing an additional 200 shares during the period. Electron Capital Partners LLC raised its holdings in shares of El Paso Electric by 47.5% during the first quarter. Electron Capital Partners LLC now owns 962,905 shares of the utilities provider’s stock worth $56,638,000 after purchasing an additional 310,159 shares during the period. Clearbridge Investments LLC raised its holdings in shares of El Paso Electric by 24.8% during the first quarter. Clearbridge Investments LLC now owns 29,075 shares of the utilities provider’s stock worth $1,710,000 after purchasing an additional 5,779 shares during the period. Finally, WINTON GROUP Ltd acquired a new stake in shares of El Paso Electric during the second quarter worth $3,344,000. 91.94% of the stock is owned by hedge funds and other institutional investors.
Shares of EE opened at $67.14 on Friday. The firm has a 50-day moving average price of $66.87 and a 200 day moving average price of $63.88. The firm has a market capitalization of $2.74 billion, a PE ratio of 28.82 and a beta of 0.53. The company has a quick ratio of 0.46, a current ratio of 0.64 and a debt-to-equity ratio of 1.19. El Paso Electric has a 52-week low of $47.99 and a 52-week high of $67.86.
The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 16th were given a $0.385 dividend. The ex-dividend date was Friday, September 13th. This represents a $1.54 dividend on an annualized basis and a yield of 2.29%. El Paso Electric’s dividend payout ratio is presently 66.09%.
A number of analysts recently weighed in on EE shares. Zacks Investment Research cut shares of El Paso Electric from a “buy” rating to a “hold” rating in a report on Monday, August 5th. ValuEngine cut shares of El Paso Electric from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. Five investment analysts have rated the stock with a hold rating, The company currently has a consensus rating of “Hold” and an average target price of $60.00.
In other news, Director Stephen Wertheimer sold 25,000 shares of the stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $66.40, for a total value of $1,660,000.00. Following the completion of the sale, the director now directly owns 27,376 shares of the company’s stock, valued at $1,817,766.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Edward Escudero sold 15,000 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $66.37, for a total transaction of $995,550.00. Following the completion of the sale, the director now directly owns 17,252 shares of the company’s stock, valued at $1,145,015.24. The disclosure for this sale can be found here. Insiders sold a total of 64,094 shares of company stock valued at $4,254,910 in the last quarter. 1.21% of the stock is currently owned by insiders.
El Paso Electric Company Profile
El Paso Electric Co engages in the generation, transmission, and distribution of electricity in West Texas and southern New Mexico. Its energy sources consist of nuclear fuel, natural gas, coal, wind turbines, and purchased power. The company’s electrical generating facilities include Palo Verde Station, Newman Power Station, Rio Grande Power Station, Four Corners Station, Copper Power Station, and Wind Ranch.
Further Reading: Overbought
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