Cornerstone Wealth Group LLC lifted its position in The Southern Company (NYSE:SO – Free Report) by 3.3% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 96,068 shares of the utilities provider’s stock after purchasing an additional 3,078 shares during the quarter. Cornerstone Wealth Group LLC’s holdings in Southern were worth $7,908,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. Financial Enhancement Group LLC bought a new stake in Southern during the 4th quarter worth about $326,000. OneAscent Financial Services LLC acquired a new stake in shares of Southern in the third quarter valued at approximately $576,000. Fisher Asset Management LLC raised its position in Southern by 5.4% in the 3rd quarter. Fisher Asset Management LLC now owns 108,361 shares of the utilities provider’s stock worth $9,772,000 after purchasing an additional 5,589 shares during the last quarter. Verity & Verity LLC lifted its holdings in Southern by 2.8% during the 4th quarter. Verity & Verity LLC now owns 201,971 shares of the utilities provider’s stock worth $16,626,000 after buying an additional 5,434 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. boosted its position in Southern by 94.4% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 288,679 shares of the utilities provider’s stock valued at $26,033,000 after buying an additional 140,151 shares during the last quarter. Institutional investors and hedge funds own 64.10% of the company’s stock.
Wall Street Analyst Weigh In
SO has been the topic of several research reports. Guggenheim lowered Southern from a “buy” rating to a “neutral” rating in a research note on Thursday. BMO Capital Markets reduced their target price on shares of Southern from $99.00 to $97.00 and set an “outperform” rating on the stock in a research note on Friday, November 1st. Morgan Stanley cut their price objective on shares of Southern from $88.00 to $85.00 and set an “equal weight” rating on the stock in a report on Friday, November 22nd. Scotiabank lifted their target price on shares of Southern from $96.00 to $98.00 and gave the stock a “sector outperform” rating in a report on Thursday, December 12th. Finally, Barclays increased their price target on Southern from $71.00 to $83.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 15th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, Southern has a consensus rating of “Hold” and an average price target of $90.14.
Insider Buying and Selling at Southern
In related news, EVP Martin Bernard Davis sold 1,170 shares of the stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $85.90, for a total transaction of $100,503.00. Following the completion of the transaction, the executive vice president now directly owns 88,393 shares of the company’s stock, valued at approximately $7,592,958.70. This represents a 1.31 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.18% of the company’s stock.
Southern Stock Up 1.5 %
Southern stock opened at $83.50 on Monday. The company has a 50 day moving average of $84.28 and a 200-day moving average of $86.45. The company has a quick ratio of 0.66, a current ratio of 0.91 and a debt-to-equity ratio of 1.66. The Southern Company has a twelve month low of $65.80 and a twelve month high of $94.45. The stock has a market capitalization of $91.48 billion, a PE ratio of 19.42, a price-to-earnings-growth ratio of 2.81 and a beta of 0.52.
Southern (NYSE:SO – Get Free Report) last released its earnings results on Thursday, October 31st. The utilities provider reported $1.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.33 by $0.10. The firm had revenue of $7.27 billion during the quarter, compared to analysts’ expectations of $7.14 billion. Southern had a return on equity of 12.78% and a net margin of 17.87%. The company’s revenue was up 4.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.42 EPS. On average, equities research analysts anticipate that The Southern Company will post 4.04 EPS for the current fiscal year.
About Southern
The Southern Company, through its subsidiaries, engages in the generation, transmission, and distribution of electricity. The company also develops, constructs, acquires, owns, and manages power generation assets, including renewable energy projects and sells electricity in the wholesale market; and distributes natural gas in Illinois, Georgia, Virginia, and Tennessee, as well as provides gas marketing services, gas distribution operations, and gas pipeline investments operations.
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