Global X Management Co LLC increased its holdings in Southern Co (NYSE:SO) by 1.5% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 207,501 shares of the utilities provider’s stock after purchasing an additional 3,164 shares during the quarter. Global X Management Co LLC’s holdings in Southern were worth $9,609,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in SO. Well Done LLC purchased a new stake in shares of Southern in the first quarter valued at approximately $100,000. Kaizen Advisory LLC grew its position in shares of Southern by 133.8% in the second quarter. Kaizen Advisory LLC now owns 2,284 shares of the utilities provider’s stock valued at $106,000 after purchasing an additional 1,307 shares in the last quarter. Destination Wealth Management grew its position in shares of Southern by 359.3% in the second quarter. Destination Wealth Management now owns 2,315 shares of the utilities provider’s stock valued at $107,000 after purchasing an additional 1,811 shares in the last quarter. Point72 Hong Kong Ltd purchased a new stake in shares of Southern in the second quarter valued at approximately $119,000. Finally, Horan Capital Advisors LLC. purchased a new stake in shares of Southern in the second quarter valued at approximately $121,000. 57.35% of the stock is owned by institutional investors.
In other Southern news, EVP Christopher C. Womack sold 16,371 shares of the firm’s stock in a transaction on Thursday, August 16th. The stock was sold at an average price of $47.40, for a total value of $775,985.40. Following the sale, the executive vice president now directly owns 10,165 shares in the company, valued at $481,821. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.73% of the stock is currently owned by company insiders.
Southern (NYSE:SO) last announced its quarterly earnings data on Wednesday, August 8th. The utilities provider reported $0.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.11. The business had revenue of $5.63 billion for the quarter, compared to analysts’ expectations of $5.28 billion. Southern had a return on equity of 13.06% and a net margin of 9.96%. The company’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same period last year, the firm earned $0.73 earnings per share. On average, equities analysts forecast that Southern Co will post 2.97 EPS for the current fiscal year.
Several research analysts recently weighed in on the company. Zacks Investment Research upgraded Southern from a “hold” rating to a “buy” rating and set a $49.00 price objective for the company in a research report on Tuesday. Barclays lowered Southern from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $51.00 to $48.00 in a research report on Thursday, August 9th. Scotiabank reiterated a “hold” rating and issued a $44.00 price objective on shares of Southern in a research report on Thursday, August 9th. SunTrust Banks reiterated a “hold” rating and issued a $50.00 price objective on shares of Southern in a research report on Monday, August 6th. Finally, ValuEngine upgraded Southern from a “sell” rating to a “hold” rating in a research report on Monday, July 2nd. Seven analysts have rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the company. Southern currently has a consensus rating of “Hold” and a consensus target price of $46.04.
The Southern Company, through its subsidiaries, engages in the generation, transmission, and distribution of electricity. The company also constructs, acquires, owns, and manages power generation assets, including renewable energy facilities and sells electricity in the wholesale market; and distributes natural gas in Illinois, Georgia, Virginia, New Jersey, Florida, Tennessee, and Maryland, as well as provides gas marketing services, wholesale gas services, and gas midstream operations.
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