Principal Financial Group Inc. Sells 60,376 Shares of The AES Co. (NYSE:AES)

Principal Financial Group Inc. cut its holdings in The AES Co. (NYSE:AES) by 6.1% during the 3rd quarter, Holdings Channel reports. The fund owned 935,760 shares of the utilities provider’s stock after selling 60,376 shares during the period. Principal Financial Group Inc.’s holdings in The AES were worth $16,947,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Harvest Fund Management Co. Ltd bought a new position in The AES in the third quarter worth approximately $26,000. Flagship Harbor Advisors LLC raised its position in The AES by 168.8% in the second quarter. Flagship Harbor Advisors LLC now owns 2,113 shares of the utilities provider’s stock worth $30,000 after acquiring an additional 1,327 shares during the period. Nachman Norwood & Parrott Inc bought a new position in The AES in the third quarter worth approximately $36,000. CWM LLC raised its position in The AES by 301.3% in the third quarter. CWM LLC now owns 2,183 shares of the utilities provider’s stock worth $40,000 after acquiring an additional 1,639 shares during the period. Finally, Freestone Capital Holdings LLC bought a new position in The AES in the third quarter worth approximately $52,000. Institutional investors and hedge funds own 85.22% of the company’s stock.

Shares of NYSE AES opened at $20.42 on Friday. The company has a debt-to-equity ratio of 4.79, a quick ratio of 0.94 and a current ratio of 1.02. The company has a market cap of $13.58 billion, a P/E ratio of -39.27, a P/E/G ratio of 1.90 and a beta of 0.90. The firm’s fifty day moving average is $19.99 and its two-hundred day moving average is $16.43. The AES Co. has a 52-week low of $8.11 and a 52-week high of $22.32.

The AES (NYSE:AES) last announced its quarterly earnings results on Wednesday, November 11th. The utilities provider reported $0.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.01). The company had revenue of $2.55 billion during the quarter, compared to the consensus estimate of $2.73 billion. The AES had a negative net margin of 3.67% and a positive return on equity of 24.03%. The business’s revenue was down 3.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.48 earnings per share. As a group, analysts forecast that The AES Co. will post 1.39 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Monday, November 16th. Shareholders of record on Friday, October 30th were issued a $0.1433 dividend. The ex-dividend date was Thursday, October 29th. This represents a $0.57 dividend on an annualized basis and a yield of 2.81%. The AES’s dividend payout ratio is currently 41.91%.

Several analysts have recently commented on the stock. Zacks Investment Research downgraded shares of The AES from a “buy” rating to a “hold” rating and set a $21.00 price objective on the stock. in a research report on Wednesday, October 21st. Morgan Stanley decreased their price objective on shares of The AES from $23.50 to $23.00 and set an “overweight” rating on the stock in a research report on Thursday, November 5th. TheStreet downgraded shares of The AES from a “b-” rating to a “c” rating in a research report on Thursday, August 6th. Finally, ValuEngine upgraded shares of The AES from a “sell” rating to a “hold” rating in a research report on Wednesday, October 14th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The AES presently has an average rating of “Buy” and a consensus price target of $18.75.

The AES Company Profile

The AES Corporation operates as a diversified power generation and utility company. It owns and/or operates power plants to generate and sell power to customers, such as utilities, industrial users, and other intermediaries. The company also owns and/or operates utilities to generate or purchase, distribute, transmit, and sell electricity to end-user customers in the residential, commercial, industrial, and governmental sectors; and generates and sells electricity on the wholesale market.

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Institutional Ownership by Quarter for The AES (NYSE:AES)

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