Morgan Stanley Boosts Southern (NYSE:SO) Price Target to $78.00

Southern (NYSE:SO) had its price objective increased by equities research analysts at Morgan Stanley from $72.00 to $78.00 in a research report issued on Friday, Benzinga reports. The firm currently has an “equal weight” rating on the utilities provider’s stock. Morgan Stanley’s target price suggests a potential downside of 9.39% from the company’s previous close.

A number of other research firms have also recently weighed in on SO. BMO Capital Markets upped their price target on shares of Southern from $87.00 to $94.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Scotiabank increased their target price on shares of Southern from $87.00 to $96.00 and gave the company a “sector outperform” rating in a report on Tuesday. Argus lifted their price target on shares of Southern from $75.00 to $90.00 and gave the company a “buy” rating in a research report on Wednesday, May 15th. Bank of America upped their price target on Southern from $73.00 to $79.00 and gave the stock a “neutral” rating in a report on Friday, May 31st. Finally, The Goldman Sachs Group lifted their price objective on Southern from $83.00 to $94.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $83.14.

Southern Stock Performance

NYSE:SO traded down $0.33 during midday trading on Friday, reaching $86.08. The stock had a trading volume of 1,738,526 shares, compared to its average volume of 4,455,426. The stock has a market cap of $94.12 billion, a P/E ratio of 22.26, a P/E/G ratio of 3.13 and a beta of 0.51. The company has a quick ratio of 0.66, a current ratio of 0.91 and a debt-to-equity ratio of 1.66. Southern has a 12-month low of $61.56 and a 12-month high of $89.68. The firm has a fifty day simple moving average of $82.03 and a two-hundred day simple moving average of $75.74.

Southern (NYSE:SO) last posted its quarterly earnings results on Thursday, August 1st. The utilities provider reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.91 by $0.19. Southern had a net margin of 17.67% and a return on equity of 12.88%. The firm had revenue of $6.46 billion during the quarter, compared to analysts’ expectations of $6.10 billion. During the same period in the prior year, the company posted $0.79 earnings per share. The firm’s revenue for the quarter was up 12.4% on a year-over-year basis. On average, equities analysts expect that Southern will post 4.01 EPS for the current year.

Insider Buying and Selling at Southern

In related news, EVP Sterling A. Jr. Spainhour sold 2,380 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $88.99, for a total transaction of $211,796.20. Following the sale, the executive vice president now owns 12,500 shares in the company, valued at $1,112,375. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Southern news, CEO Anthony L. Wilson sold 6,900 shares of Southern stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $77.61, for a total value of $535,509.00. Following the completion of the sale, the chief executive officer now owns 85,309 shares in the company, valued at approximately $6,620,831.49. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Sterling A. Jr. Spainhour sold 2,380 shares of the stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $88.99, for a total transaction of $211,796.20. Following the transaction, the executive vice president now owns 12,500 shares in the company, valued at $1,112,375. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 21,280 shares of company stock worth $1,678,625. Corporate insiders own 0.18% of the company’s stock.

Institutional Investors Weigh In On Southern

A number of institutional investors have recently bought and sold shares of SO. Vanguard Group Inc. increased its stake in Southern by 0.5% during the first quarter. Vanguard Group Inc. now owns 100,089,634 shares of the utilities provider’s stock worth $7,180,430,000 after acquiring an additional 481,071 shares during the last quarter. Capital International Investors increased its position in Southern by 45.9% during the 1st quarter. Capital International Investors now owns 23,994,733 shares of the utilities provider’s stock worth $1,721,382,000 after purchasing an additional 7,550,570 shares in the last quarter. Norges Bank acquired a new stake in Southern during the 4th quarter worth approximately $631,068,000. Charles Schwab Investment Management Inc. raised its holdings in Southern by 1.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,089,460 shares of the utilities provider’s stock valued at $426,993,000 after buying an additional 111,311 shares during the period. Finally, Wellington Management Group LLP grew its stake in Southern by 36.0% during the fourth quarter. Wellington Management Group LLP now owns 3,529,052 shares of the utilities provider’s stock worth $247,457,000 after buying an additional 934,447 shares during the period. 64.10% of the stock is currently owned by hedge funds and other institutional investors.

Southern Company Profile

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.