Magellan Asset Management Ltd grew its holdings in shares of Scana Corporation (NYSE:SCG) by 8.4% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 94,916 shares of the utilities provider’s stock after buying an additional 7,321 shares during the quarter. Magellan Asset Management Ltd owned approximately 0.07% of Scana Corporation worth $6,360,000 at the end of the most recent reporting period.
A number of other large investors have also modified their holdings of the business. Vanguard Group Inc. lifted its position in Scana Corporation by 3.7% during the 1st quarter. Vanguard Group Inc. now owns 13,571,569 shares of the utilities provider’s stock worth $886,902,000 after buying an additional 479,888 shares in the last quarter. BlackRock Inc. lifted its position in Scana Corporation by 3,558.5% during the 1st quarter. BlackRock Inc. now owns 12,263,023 shares of the utilities provider’s stock worth $801,389,000 after buying an additional 11,927,826 shares in the last quarter. Artisan Partners Limited Partnership lifted its position in Scana Corporation by 27.7% during the 2nd quarter. Artisan Partners Limited Partnership now owns 1,794,850 shares of the utilities provider’s stock worth $120,273,000 after buying an additional 389,431 shares in the last quarter. First Trust Advisors LP lifted its position in Scana Corporation by 106.6% during the 2nd quarter. First Trust Advisors LP now owns 1,651,461 shares of the utilities provider’s stock worth $110,664,000 after buying an additional 852,243 shares in the last quarter. Finally, Morgan Stanley lifted its position in Scana Corporation by 127.7% during the 1st quarter. Morgan Stanley now owns 1,473,057 shares of the utilities provider’s stock worth $96,264,000 after buying an additional 826,008 shares in the last quarter. 66.70% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Scana Corporation (SCG) traded up 0.37% during midday trading on Friday, hitting $59.84. 1,480,625 shares of the stock were exchanged. Scana Corporation has a 1-year low of $58.55 and a 1-year high of $75.92. The stock has a market capitalization of $8.55 billion, a price-to-earnings ratio of 14.12 and a beta of 0.27. The firm’s 50 day moving average is $61.35 and its 200-day moving average is $65.50.
Scana Corporation (NYSE:SCG) last announced its quarterly earnings data on Thursday, August 3rd. The utilities provider reported $0.85 EPS for the quarter, topping the consensus estimate of $0.74 by $0.11. The business had revenue of $1 billion for the quarter, compared to analyst estimates of $931.67 million. Scana Corporation had a net margin of 13.99% and a return on equity of 10.50%. The company’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.74 earnings per share. On average, analysts predict that Scana Corporation will post $4.19 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Sunday, October 1st. Stockholders of record on Monday, September 11th will be given a $0.6125 dividend. This represents a $2.45 annualized dividend and a dividend yield of 4.09%. The ex-dividend date is Friday, September 8th. Scana Corporation’s dividend payout ratio (DPR) is currently 57.92%.
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Several equities research analysts have commented on SCG shares. Morgan Stanley cut their price target on shares of Scana Corporation from $70.00 to $67.00 and set an “underweight” rating on the stock in a research report on Tuesday, July 11th. BidaskClub cut shares of Scana Corporation from a “sell” rating to a “strong sell” rating in a research report on Wednesday, July 12th. Goldman Sachs Group, Inc. (The) raised shares of Scana Corporation from a “sell” rating to a “neutral” rating and cut their price target for the stock from $66.00 to $64.00 in a research report on Thursday, July 20th. Mizuho reissued an “underperform” rating and set a $63.00 price target on shares of Scana Corporation in a research report on Friday, July 7th. Finally, Gabelli cut shares of Scana Corporation from a “buy” rating to a “hold” rating in a report on Friday, July 28th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $70.31.
Scana Corporation Profile
SCANA Corporation is a holding company. The Company, through its subsidiaries, is engaged in the generation, transmission, distribution and sale of electricity in South Carolina. The Company operates through segments, including Electric Operations, Gas Distribution, Gas Marketing and All Other. The Company is engaged in the purchase, transmission and sale of natural gas in North Carolina and South Carolina.
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