First Trust Advisors LP raised its holdings in El Paso Electric (NYSE:EE) by 14.5% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 607,340 shares of the utilities provider’s stock after acquiring an additional 76,893 shares during the quarter. First Trust Advisors LP’s holdings in El Paso Electric were worth $40,740,000 as of its most recent filing with the SEC.
A number of other institutional investors have also added to or reduced their stakes in the business. Alpine Associates Management Inc. acquired a new stake in shares of El Paso Electric in the second quarter valued at $33,699,000. Water Island Capital LLC acquired a new stake in El Paso Electric in the second quarter valued at $20,891,000. Chicago Capital Management LLC acquired a new stake in El Paso Electric in the second quarter valued at $16,481,000. Renaissance Technologies LLC increased its holdings in El Paso Electric by 16.8% in the second quarter. Renaissance Technologies LLC now owns 1,532,900 shares of the utilities provider’s stock valued at $100,252,000 after purchasing an additional 220,200 shares during the period. Finally, Royal Bank of Canada increased its holdings in El Paso Electric by 1,211.3% in the second quarter. Royal Bank of Canada now owns 192,592 shares of the utilities provider’s stock valued at $12,595,000 after purchasing an additional 177,905 shares during the period. 92.62% of the stock is owned by institutional investors.
A number of analysts have weighed in on EE shares. ValuEngine downgraded El Paso Electric from a “buy” rating to a “hold” rating in a report on Friday, November 1st. Zacks Investment Research downgraded El Paso Electric from a “buy” rating to a “hold” rating in a report on Monday, August 5th. Five research analysts have rated the stock with a hold rating, El Paso Electric presently has an average rating of “Hold” and an average target price of $60.00.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 13th will be issued a dividend of $0.385 per share. The ex-dividend date is Thursday, December 12th. This represents a $1.54 dividend on an annualized basis and a yield of 2.29%. El Paso Electric’s payout ratio is currently 66.09%.
In other news, Director Stephen Wertheimer sold 25,000 shares of the stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $66.40, for a total transaction of $1,660,000.00. Following the transaction, the director now owns 27,376 shares of the company’s stock, valued at approximately $1,817,766.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Edward Escudero sold 15,000 shares of the stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $66.37, for a total transaction of $995,550.00. Following the transaction, the director now directly owns 17,252 shares in the company, valued at approximately $1,145,015.24. The disclosure for this sale can be found here. Company insiders own 1.21% of the company’s stock.
El Paso Electric Profile
El Paso Electric Co engages in the generation, transmission, and distribution of electricity in West Texas and southern New Mexico. Its energy sources consist of nuclear fuel, natural gas, coal, wind turbines, and purchased power. The company’s electrical generating facilities include Palo Verde Station, Newman Power Station, Rio Grande Power Station, Four Corners Station, Copper Power Station, and Wind Ranch.
Further Reading: Float
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