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IFM Investors Pty Ltd Lowers Holdings in Portland General Electric (NYSE:POR)

Defense World · Sep 28, 2022 05:23

IFM Investors Pty Ltd trimmed its position in Portland General Electric (NYSE:POR – Get Rating) by 10.7% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,601 shares of the utilities provider's stock after selling 1,266 shares during the period. IFM Investors Pty Ltd's holdings in Portland General Electric were worth $512,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Northwestern Mutual Wealth Management Co. grew its position in Portland General Electric by 26.2% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 1,373 shares of the utilities provider's stock valued at $76,000 after buying an additional 285 shares during the last quarter. Convergence Investment Partners LLC acquired a new position in shares of Portland General Electric during the 1st quarter worth $130,000. Covestor Ltd raised its stake in shares of Portland General Electric by 359.6% during the 1st quarter. Covestor Ltd now owns 2,523 shares of the utilities provider's stock worth $139,000 after buying an additional 1,974 shares during the last quarter. Point72 Hong Kong Ltd acquired a new position in shares of Portland General Electric during the 1st quarter worth $180,000. Finally, DekaBank Deutsche Girozentrale acquired a new position in Portland General Electric in the 1st quarter valued at about $219,000. 99.67% of the stock is currently owned by hedge funds and other institutional investors.

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Portland General Electric Trading Down 2.8 %

NYSE:POR opened at $46.79 on Wednesday. Portland General Electric has a 1 year low of $45.02 and a 1 year high of $57.03. The stock has a market cap of $4.18 billion, a price-to-earnings ratio of 17.46, a PEG ratio of 3.77 and a beta of 0.51. The business has a fifty day moving average of $52.06 and a 200-day moving average of $50.99. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.77 and a current ratio of 0.87.

Portland General Electric (NYSE:POR – Get Rating) last announced its earnings results on Thursday, July 28th. The utilities provider reported $0.72 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.32. Portland General Electric had a return on equity of 8.87% and a net margin of 9.73%. The business had revenue of $591.00 million during the quarter, compared to analysts' expectations of $531.67 million. During the same quarter last year, the business posted $0.36 earnings per share. The company's quarterly revenue was up 10.1% on a year-over-year basis. Equities analysts predict that Portland General Electric will post 2.82 earnings per share for the current year.

Portland General Electric Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, October 17th. Investors of record on Monday, September 26th will be paid a dividend of $0.4525 per share. The ex-dividend date of this dividend is Friday, September 23rd. This represents a $1.81 annualized dividend and a yield of 3.87%. Portland General Electric's dividend payout ratio is currently 67.54%.

Analyst Ratings Changes

POR has been the subject of a number of research reports. The Goldman Sachs Group upgraded Portland General Electric from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $49.00 to $52.00 in a report on Thursday, June 2nd. Mizuho upped their price objective on Portland General Electric from $50.00 to $51.00 and gave the stock a "neutral" rating in a research note on Friday, August 26th. Bank of America downgraded Portland General Electric from a "buy" rating to a "neutral" rating and set a $52.00 price objective for the company. in a research note on Monday, August 1st. Barclays lowered their price objective on Portland General Electric from $53.00 to $49.00 and set an "equal weight" rating for the company in a research note on Monday, July 18th. Finally, StockNews.com upgraded Portland General Electric from a "hold" rating to a "buy" rating in a research note on Monday, August 1st. One analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, Portland General Electric presently has a consensus rating of "Hold" and a consensus target price of $52.00.

Insider Activity at Portland General Electric

In related news, VP John Teeruk Kochavatr sold 2,000 shares of the firm's stock in a transaction dated Wednesday, August 10th. The stock was sold at an average price of $53.72, for a total transaction of $107,440.00. Following the completion of the transaction, the vice president now owns 14,112 shares of the company's stock, valued at $758,096.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.52% of the company's stock.

Portland General Electric Profile

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Portland General Electric Company, an integrated electric utility company, engages in the generation, wholesale purchase, transmission, distribution, and retail sale of electricity in the state of Oregon. It operates six thermal plants, three wind farms, and seven hydroelectric facilities. As of December 31, 2021, the company owned an electric transmission system consisting of 1,274 circuit miles, including 287 circuit miles of 500 kilovolt line, 415 circuit miles of 230 kilovolt line, and 572 miles of 115 kilovolt line.