Corebridge Financial Inc. Decreases Position in The AES Corporation $AES

Corebridge Financial Inc. lessened its holdings in shares of The AES Corporation (NYSE:AES) by 3.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 163,357 shares of the utilities provider’s stock after selling 4,988 shares during the period. Corebridge Financial Inc.’s holdings in AES were worth $2,029,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Freedom Investment Management Inc. lifted its holdings in shares of AES by 19.6% during the 1st quarter. Freedom Investment Management Inc. now owns 35,517 shares of the utilities provider’s stock valued at $441,000 after purchasing an additional 5,814 shares during the last quarter. SVB Wealth LLC acquired a new position in shares of AES in the 1st quarter valued at $990,000. Northwestern Mutual Wealth Management Co. increased its position in shares of AES by 40.4% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 126,302 shares of the utilities provider’s stock valued at $1,569,000 after acquiring an additional 36,358 shares during the period. Compound Planning Inc. increased its position in shares of AES by 36.5% in the 1st quarter. Compound Planning Inc. now owns 16,204 shares of the utilities provider’s stock valued at $201,000 after acquiring an additional 4,330 shares during the period. Finally, Gould Capital LLC increased its position in shares of AES by 9.1% in the 1st quarter. Gould Capital LLC now owns 245,765 shares of the utilities provider’s stock valued at $3,052,000 after acquiring an additional 20,569 shares during the period. Hedge funds and other institutional investors own 93.13% of the company’s stock.

AES Price Performance

Shares of AES opened at $13.40 on Wednesday. The business’s 50-day moving average is $12.79 and its two-hundred day moving average is $11.63. The company has a market capitalization of $9.54 billion, a P/E ratio of 9.44, a P/E/G ratio of 1.62 and a beta of 0.92. The company has a debt-to-equity ratio of 3.46, a quick ratio of 0.74 and a current ratio of 0.82. The AES Corporation has a fifty-two week low of $9.46 and a fifty-two week high of $20.30.

AES (NYSE:AES) last announced its quarterly earnings results on Thursday, July 31st. The utilities provider reported $0.51 earnings per share for the quarter, topping the consensus estimate of $0.39 by $0.12. The company had revenue of $2.86 billion for the quarter, compared to the consensus estimate of $2.97 billion. AES had a return on equity of 19.02% and a net margin of 8.42%.The firm’s revenue for the quarter was down 3.0% compared to the same quarter last year. During the same period last year, the firm earned $0.38 EPS. Research analysts predict that The AES Corporation will post 1.93 earnings per share for the current year.

AES Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Friday, August 1st were paid a dividend of $0.176 per share. This represents a $0.70 annualized dividend and a dividend yield of 5.3%. The ex-dividend date of this dividend was Friday, August 1st. AES’s dividend payout ratio is presently 49.30%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on AES. JPMorgan Chase & Co. upped their target price on AES from $14.00 to $15.00 and gave the company an “overweight” rating in a research report on Tuesday, July 22nd. Susquehanna upped their target price on AES from $15.00 to $16.00 and gave the company a “positive” rating in a research report on Monday, July 21st. Wall Street Zen raised AES from a “sell” rating to a “hold” rating in a research report on Saturday, August 2nd. Citigroup cut their target price on AES from $23.00 to $14.00 and set a “buy” rating on the stock in a research report on Friday, May 9th. Finally, Jefferies Financial Group downgraded AES from a “hold” rating to an “underperform” rating and cut their price target for the stock from $10.00 to $9.00 in a research report on Tuesday, May 20th. Two investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, AES has an average rating of “Moderate Buy” and a consensus target price of $24.67.

AES Company Profile

The AES Corporation, together with its subsidiaries, operates as a diversified power generation and utility company in the United States and internationally. The company owns and/or operates power plants to generate and sell power to customers, such as utilities, industrial users, and other intermediaries; 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.