Portside Wealth Group LLC Sells 4,623 Shares of The AES Co. (NYSE:AES)

Portside Wealth Group LLC reduced its stake in shares of The AES Co. (NYSE:AES) by 8.3% during the 2nd quarter, HoldingsChannel reports. The fund owned 51,207 shares of the utilities provider’s stock after selling 4,623 shares during the period. Portside Wealth Group LLC’s holdings in AES were worth $900,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in AES by 2.2% during the 1st quarter. Vanguard Group Inc. now owns 89,725,232 shares of the utilities provider’s stock valued at $1,608,773,000 after buying an additional 1,929,523 shares during the period. Capital International Investors lifted its holdings in shares of AES by 11.4% in the 1st quarter. Capital International Investors now owns 77,641,395 shares of the utilities provider’s stock worth $1,392,110,000 after acquiring an additional 7,969,594 shares during the last quarter. Capital World Investors boosted its stake in shares of AES by 76.9% during the 4th quarter. Capital World Investors now owns 71,348,566 shares of the utilities provider’s stock worth $1,373,460,000 after purchasing an additional 31,009,718 shares during the period. M&G Plc bought a new position in AES during the 1st quarter valued at about $123,272,000. Finally, Goldman Sachs Group Inc. boosted its position in shares of AES by 70.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 6,441,980 shares of the utilities provider’s stock valued at $124,008,000 after buying an additional 2,670,001 shares during the period. 93.13% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

AES has been the subject of a number of research analyst reports. Mizuho raised their price target on AES from $21.00 to $24.00 and gave the stock a “buy” rating in a research note on Friday, May 17th. Seaport Res Ptn downgraded AES from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 21st. Finally, Barclays reduced their price target on shares of AES from $23.00 to $22.00 and set an “overweight” rating on the stock in a research note on Monday, July 22nd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $21.71.

AES Stock Down 0.1 %

Shares of AES stock traded down $0.01 on Friday, hitting $17.26. The stock had a trading volume of 6,108,331 shares, compared to its average volume of 8,139,324. The company has a quick ratio of 0.71, a current ratio of 0.78 and a debt-to-equity ratio of 4.04. The AES Co. has a one year low of $11.43 and a one year high of $22.21. The business has a 50 day moving average price of $17.88 and a 200 day moving average price of $17.77. The company has a market cap of $12.27 billion, a PE ratio of 23.97 and a beta of 1.08.

AES (NYSE:AES) last announced its quarterly earnings results on Thursday, August 1st. The utilities provider reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.02. The firm had revenue of $2.94 billion during the quarter, compared to analysts’ expectations of $3.22 billion. AES had a net margin of 6.07% and a return on equity of 35.44%. The company’s revenue was down 2.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.21 EPS. Research analysts anticipate that The AES Co. will post 1.91 earnings per share for the current fiscal year.

AES Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Thursday, August 1st were given a $0.1725 dividend. This represents a $0.69 annualized dividend and a dividend yield of 4.00%. The ex-dividend date was Thursday, August 1st. AES’s payout ratio is 95.83%.

About AES

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.