Renaissance Technologies LLC lifted its stake in shares of PPL Corp (NYSE:PPL) by 1,448.2% in the fourth quarter, HoldingsChannel reports. The firm owned 3,088,700 shares of the utilities provider’s stock after buying an additional 2,889,200 shares during the period. Renaissance Technologies LLC’s holdings in PPL were worth $95,595,000 at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. Cutler Capital Management LLC purchased a new stake in shares of PPL during the third quarter worth about $114,000. Taylor Hoffman Wealth Management purchased a new stake in shares of PPL during the fourth quarter worth about $124,000. Cerebellum GP LLC purchased a new stake in shares of PPL during the fourth quarter worth about $128,000. Crewe Advisors LLC purchased a new stake in shares of PPL during the fourth quarter worth about $133,000. Finally, Calton & Associates Inc. purchased a new stake in PPL during the 4th quarter valued at about $156,000. 70.82% of the stock is owned by institutional investors and hedge funds.
PPL Corp (NYSE PPL) opened at $27.54 on Friday. The company has a quick ratio of 0.49, a current ratio of 0.57 and a debt-to-equity ratio of 1.84. The firm has a market cap of $19,273.76, a PE ratio of 16.79, a price-to-earnings-growth ratio of 1.99 and a beta of 0.54. PPL Corp has a fifty-two week low of $27.12 and a fifty-two week high of $40.20.
The company also recently announced a quarterly dividend, which will be paid on Monday, April 2nd. Shareholders of record on Friday, March 9th will be issued a $0.41 dividend. This represents a $1.64 annualized dividend and a yield of 5.95%. This is a positive change from PPL’s previous quarterly dividend of $0.40. The ex-dividend date is Thursday, March 8th. PPL’s payout ratio is presently 100.00%.
In other PPL news, insider Gregory N. Dudkin sold 9,320 shares of the business’s stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $31.67, for a total value of $295,164.40. Following the transaction, the insider now directly owns 25,940 shares in the company, valued at approximately $821,519.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Victor A. Staffieri sold 19,524 shares of the business’s stock in a transaction dated Tuesday, January 23rd. The shares were sold at an average price of $31.60, for a total transaction of $616,958.40. Following the completion of the transaction, the chairman now owns 29,084 shares in the company, valued at $919,054.40. The disclosure for this sale can be found here. Insiders sold a total of 52,978 shares of company stock worth $1,652,939 over the last quarter. 0.40% of the stock is currently owned by company insiders.
Several brokerages recently issued reports on PPL. Canaccord Genuity reaffirmed a “buy” rating and set a $48.00 price objective on shares of PPL in a research note on Thursday, November 30th. Zacks Investment Research raised shares of PPL from a “hold” rating to a “buy” rating and set a $39.00 price objective for the company in a research note on Tuesday, December 12th. Macquarie cut shares of PPL from a “neutral” rating to an “underperform” rating and set a $30.00 price objective for the company. in a research note on Tuesday, December 19th. TheStreet cut shares of PPL from a “b-” rating to a “c+” rating in a research note on Thursday, January 18th. Finally, Deutsche Bank raised shares of PPL from a “hold” rating to a “buy” rating and dropped their price objective for the company from $39.00 to $36.00 in a research note on Thursday, January 18th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $37.50.
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PPL Company Profile
PPL Corporation (PPL) is a utility holding company. Through its subsidiaries, PPL delivers electricity to customers in the United Kingdom, Pennsylvania, Kentucky, Virginia and Tennessee; delivers natural gas to customers in Kentucky, and generates electricity from power plants in Kentucky. PPL operates through U.K.
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