HITE Hedge Asset Management LLC Acquires New Stake in Stellantis (NYSE:STLA)

HITE Hedge Asset Management LLC purchased a new stake in shares of Stellantis (NYSE:STLA - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 1,626,597 shares of the company's stock, valued at approximately $21,227,000. Stellantis accounts for about 1.6% of HITE Hedge Asset Management LLC's holdings, making the stock its 20th biggest holding. HITE Hedge Asset Management LLC owned 0.05% of Stellantis as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Geneos Wealth Management Inc. purchased a new stake in shares of Stellantis during the fourth quarter worth about $26,000. Pilgrim Partners Asia Pte Ltd bought a new stake in shares of Stellantis during the fourth quarter valued at approximately $47,000. MassMutual Private Wealth & Trust FSB lifted its holdings in shares of Stellantis by 67.0% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 3,711 shares of the company's stock worth $48,000 after buying an additional 1,489 shares in the last quarter. Spire Wealth Management grew its stake in Stellantis by 29.7% during the fourth quarter. Spire Wealth Management now owns 5,291 shares of the company's stock valued at $69,000 after acquiring an additional 1,211 shares in the last quarter. Finally, Central Pacific Bank Trust Division grew its position in shares of Stellantis by 160.0% during the fourth quarter. Central Pacific Bank Trust Division now owns 6,500 shares of the company's stock valued at $85,000 after purchasing an additional 4,000 shares in the last quarter. 59.48% of the stock is currently owned by hedge funds and other institutional investors.

Stellantis Stock Up 2.7 %

Shares of NYSE:STLA traded up $0.25 during trading on Tuesday, hitting $9.51. 23,587,079 shares of the company were exchanged, compared to its average volume of 10,682,483. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.14 and a quick ratio of 0.85. The firm's 50 day moving average price is $11.69 and its 200-day moving average price is $12.65. The stock has a market capitalization of $28.75 billion, a P/E ratio of 2.79 and a beta of 1.44. Stellantis has a 12-month low of $8.39 and a 12-month high of $25.05.

Stellantis Dividend Announcement

The company also recently disclosed a dividend, which will be paid on Monday, May 5th. Investors of record on Thursday, April 24th will be given a $0.5032 dividend. The ex-dividend date is Wednesday, April 23rd. This represents a yield of 6.07%. Stellantis's dividend payout ratio (DPR) is 20.82%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on STLA shares. Redburn Atlantic cut Stellantis from a "buy" rating to a "neutral" rating in a report on Tuesday. UBS Group lowered shares of Stellantis from a "buy" rating to a "neutral" rating in a report on Monday, April 14th. Piper Sandler lowered Stellantis from an "overweight" rating to a "neutral" rating and lowered their target price for the stock from $23.00 to $13.00 in a report on Thursday, March 20th. Cowen started coverage on Stellantis in a report on Thursday, March 6th. They issued a "hold" rating on the stock. Finally, TD Cowen began coverage on shares of Stellantis in a research report on Friday, March 7th. They issued a "hold" rating and a $13.00 price objective on the stock. Eleven research analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $16.49.

Stellantis Profile

Stellantis N.V. engages in the design, engineering, manufacturing, distribution, and sale of automobiles and light commercial vehicles, engines, transmission systems, metallurgical products, mobility services, and production systems worldwide. It provides luxury and premium vehicles; sport utility vehicles; American and European brand vehicles; and parts and services, as well as retail and dealer financing, leasing, and rental services.