Alliant Energy Corporation (LNT) Downgraded by Zacks Investment Research to “Sell”
Alliant Energy Corporation (NYSE:LNT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Tuesday.
According to Zacks, ” Alliant Energy is exposed to extensive environmental regulations at both federal and state levels that could impact the company’s operations and its ability to recover costs from customers on a timely basis. Further, cost of project completion might increase with delays and could adversely impact its financial condition and results of operations. Additionally, increasing debt levels in a rising interest rate environment and dependence on third-party electric transmission systems remain headwinds. Shares of Alliant Energy have gained more than the industry in the last 12 months. The company has plans to invest substantially over the next ten years to add natural gas and renewable assets to its generation portfolio. Further, Alliant Energy will upgrade some of its coal facilities to lower carbon emission from its generating plants.”
Other analysts have also issued research reports about the company. Bank of America Corporation began coverage on Alliant Energy Corporation in a report on Tuesday. They issued a “neutral” rating for the company. BidaskClub raised Alliant Energy Corporation from a “sell” rating to a “hold” rating in a report on Monday, July 24th. Finally, Jefferies Group LLC reissued a “hold” rating and issued a $43.00 target price (up previously from $42.00) on shares of Alliant Energy Corporation in a report on Wednesday, August 9th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $41.25.
Shares of Alliant Energy Corporation (LNT) traded down 0.400% on Tuesday, hitting $43.595. The company had a trading volume of 119,114 shares. The firm’s 50 day moving average price is $42.57 and its 200-day moving average price is $41.26. Alliant Energy Corporation has a 52 week low of $34.88 and a 52 week high of $43.97. The stock has a market capitalization of $10.07 billion, a PE ratio of 25.735 and a beta of 0.43.
Alliant Energy Corporation (NYSE:LNT) last posted its earnings results on Thursday, August 3rd. The utilities provider reported $0.41 EPS for the quarter, topping the Zacks’ consensus estimate of $0.39 by $0.02. The business had revenue of $765.30 million during the quarter, compared to analyst estimates of $725.92 million. Alliant Energy Corporation had a return on equity of 11.43% and a net margin of 11.85%. The company’s quarterly revenue was up 1.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.37 EPS. Analysts forecast that Alliant Energy Corporation will post $2.01 earnings per share for the current fiscal year.
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In other news, insider Wayne A. Reschke sold 2,000 shares of the firm’s stock in a transaction on Thursday, September 7th. The stock was sold at an average price of $42.83, for a total value of $85,660.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.33% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the company. Mosaic Family Wealth LLC boosted its stake in shares of Alliant Energy Corporation by 0.8% in the 2nd quarter. Mosaic Family Wealth LLC now owns 3,237 shares of the utilities provider’s stock worth $130,000 after buying an additional 25 shares during the last quarter. Veritable L.P. boosted its stake in shares of Alliant Energy Corporation by 0.3% in the 2nd quarter. Veritable L.P. now owns 8,033 shares of the utilities provider’s stock worth $323,000 after buying an additional 28 shares during the last quarter. CIBC Asset Management Inc boosted its stake in shares of Alliant Energy Corporation by 0.4% in the 2nd quarter. CIBC Asset Management Inc now owns 21,990 shares of the utilities provider’s stock worth $883,000 after buying an additional 80 shares during the last quarter. Louisiana State Employees Retirement System boosted its stake in shares of Alliant Energy Corporation by 0.7% in the 2nd quarter. Louisiana State Employees Retirement System now owns 14,100 shares of the utilities provider’s stock worth $566,000 after buying an additional 100 shares during the last quarter. Finally, Meeder Asset Management Inc. boosted its stake in shares of Alliant Energy Corporation by 0.5% in the 2nd quarter. Meeder Asset Management Inc. now owns 22,186 shares of the utilities provider’s stock worth $891,000 after buying an additional 120 shares during the last quarter. Hedge funds and other institutional investors own 66.49% of the company’s stock.
About Alliant Energy Corporation
Alliant Energy Corporation operates as a regulated investor-owned public utility holding company. The Company’s segments include Utility and Non-regulated, Parent and Other. The Utility segment includes the operations of Interstate Power and Light Company (IPL) and Wisconsin Power and Light Company (WPL), which serve retail customers in Iowa and Wisconsin.
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