Wellington Management Group LLP Raises Stake in IDACORP, Inc. (NYSE:IDA)

Wellington Management Group LLP increased its position in shares of IDACORP, Inc. (NYSE:IDA - Free Report) by 17.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,389,823 shares of the energy company's stock after acquiring an additional 359,553 shares during the quarter. Wellington Management Group LLP owned about 4.49% of IDACORP worth $246,367,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Assenagon Asset Management S.A. purchased a new stake in shares of IDACORP during the 2nd quarter valued at $8,032,000. Algert Global LLC raised its stake in IDACORP by 42.5% in the third quarter. Algert Global LLC now owns 35,383 shares of the energy company's stock valued at $3,648,000 after buying an additional 10,550 shares during the last quarter. Edgestream Partners L.P. purchased a new position in shares of IDACORP in the 2nd quarter valued at approximately $1,833,000. Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of IDACORP by 67.8% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 47,707 shares of the energy company's stock worth $4,918,000 after buying an additional 19,274 shares during the period. Finally, GSA Capital Partners LLP acquired a new stake in shares of IDACORP during the third quarter worth about $3,228,000. Hedge funds and other institutional investors own 89.10% of the company's stock.

IDACORP Trading Down 1.4 %

Shares of IDA traded down $1.59 during trading on Monday, reaching $113.53. 314,276 shares of the company traded hands, compared to its average volume of 346,785. IDACORP, Inc. has a twelve month low of $86.43 and a twelve month high of $120.42. The stock has a market cap of $6.05 billion, a PE ratio of 21.36, a price-to-earnings-growth ratio of 2.56 and a beta of 0.64. The stock has a 50-day simple moving average of $109.58 and a 200-day simple moving average of $101.89. 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 results 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 net margin of 15.35% and a return on equity of 9.17%. The company had revenue of $528.53 million for the quarter, compared to analyst estimates of $524.39 million. During the same quarter in the prior year, the business earned $2.07 earnings per share. On average, analysts anticipate that IDACORP, Inc. will post 5.41 earnings per share for the current year.

IDACORP Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Tuesday, November 5th were paid a $0.86 dividend. This is a positive change from IDACORP's previous quarterly dividend of $0.83. The ex-dividend date of this dividend was Tuesday, November 5th. This represents a $3.44 annualized dividend and a dividend yield of 3.03%. IDACORP's dividend payout ratio (DPR) is presently 63.82%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. StockNews.com cut IDACORP from a "hold" rating to a "sell" rating in a report on Wednesday, November 6th. Morgan Stanley increased their target price on shares of IDACORP from $102.00 to $108.00 and gave the stock an "equal weight" rating in a research note on Wednesday, September 25th. Wells Fargo & Company increased their target price on shares of IDACORP from $106.00 to $109.00 and gave the stock an "equal weight" rating in a research note on Wednesday, October 16th. Mizuho raised shares of IDACORP from a "neutral" rating to an "outperform" rating and increased their target price for the stock from $102.00 to $116.00 in a research note on Friday, November 1st. Finally, Jefferies Financial Group initiated coverage on shares of IDACORP in a research note on Friday, September 20th. They set a "hold" rating and a $110.00 target price on the stock. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, IDACORP currently has a consensus rating of "Hold" and a consensus target price of $108.83.

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.