Dynamic Technology Lab Private Ltd Makes New $874,000 Investment in IDACORP, Inc. (NYSE:IDA)

Dynamic Technology Lab Private Ltd acquired a new stake in IDACORP, Inc. (NYSE:IDA - Free Report) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 8,479 shares of the energy company's stock, valued at approximately $874,000.

A number of other hedge funds have also made changes to their positions in IDA. V Square Quantitative Management LLC purchased a new position in shares of IDACORP in the 3rd quarter valued at about $26,000. Rise Advisors LLC increased its holdings in shares of IDACORP by 65.8% in the 2nd quarter. Rise Advisors LLC now owns 368 shares of the energy company's stock valued at $34,000 after acquiring an additional 146 shares during the last quarter. Ashton Thomas Private Wealth LLC purchased a new position in IDACORP during the 2nd quarter worth approximately $35,000. Avior Wealth Management LLC grew its stake in IDACORP by 35.9% during the 3rd quarter. Avior Wealth Management LLC now owns 443 shares of the energy company's stock worth $46,000 after buying an additional 117 shares during the last quarter. Finally, Eastern Bank purchased a new position in IDACORP during the 3rd quarter worth approximately $52,000. Hedge funds and other institutional investors own 89.10% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on IDA shares. Wells Fargo & Company raised their price target on IDACORP from $106.00 to $109.00 and gave the stock an "equal weight" rating in a research note on Wednesday, October 16th. Morgan Stanley raised their price target on IDACORP from $102.00 to $108.00 and gave the stock an "equal weight" rating in a research note on Wednesday, September 25th. StockNews.com downgraded IDACORP from a "hold" rating to a "sell" rating in a research note on Wednesday, November 6th. Jefferies Financial Group assumed coverage on IDACORP in a research report on Friday, September 20th. They set a "hold" rating and a $110.00 price objective for the company. Finally, Bank of America raised IDACORP from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $113.00 to $117.00 in a research report on Tuesday, November 5th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $108.83.

IDACORP Price Performance

IDA stock traded up $0.85 on Thursday, reaching $118.74. 439,780 shares of the company's stock were exchanged, compared to its average volume of 350,226. The stock has a fifty day moving average of $107.59 and a 200-day moving average of $100.95. IDACORP, Inc. has a twelve month low of $86.43 and a twelve month high of $120.42. The firm has a market cap of $6.33 billion, a PE ratio of 22.03, a P/E/G ratio of 2.65 and a beta of 0.60. The company has a quick ratio of 1.34, a current ratio of 1.70 and a debt-to-equity ratio of 0.93.

IDACORP (NYSE:IDA - Get Free Report) last announced its quarterly earnings data on Thursday, October 31st. The energy company reported $2.12 earnings per share for the quarter, missing analysts' consensus estimates of $2.17 by ($0.05). IDACORP had a return on equity of 9.17% and a net margin of 15.35%. The business had revenue of $528.53 million for the quarter, compared to analyst estimates of $524.39 million. During the same period in the prior year, the company earned $2.07 EPS. As a group, equities analysts predict that IDACORP, Inc. will post 5.41 EPS for the current fiscal year.

IDACORP Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Tuesday, November 5th will be issued a dividend of $0.86 per share. This represents a $3.44 dividend on an annualized basis and a yield of 2.90%. The ex-dividend date of this dividend is Tuesday, November 5th. This is a positive change from IDACORP's previous quarterly dividend of $0.83. IDACORP's dividend payout ratio is currently 63.82%.

IDACORP Company Profile

IDACORP, Inc, together with its subsidiaries, engages in the generation, transmission, distribution, purchase, and sale of electric energy in the United States. The company operates 17 hydropower generating plants located in southern Idaho and eastern Oregon; three natural gas-fired plants in southern Idaho; and interests in two coal-fired steam electric generating plants located in Wyoming and Nevada.