New York State Teachers Retirement System lowered its stake in shares of Talen Energy Corporation (NASDAQ:TLN – Free Report) by 4.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 31,764 shares of the utilities provider’s stock after selling 1,591 shares during the quarter. New York State Teachers Retirement System’s holdings in Talen Energy were worth $10,140,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Elevation Point Wealth Partners LLC raised its position in shares of Talen Energy by 680.1% in the 1st quarter. Elevation Point Wealth Partners LLC now owns 4,501 shares of the utilities provider’s stock valued at $1,437,000 after purchasing an additional 3,924 shares during the last quarter. Strs Ohio grew its position in Talen Energy by 39.6% during the 1st quarter. Strs Ohio now owns 14,085 shares of the utilities provider’s stock worth $4,496,000 after purchasing an additional 3,998 shares during the last quarter. Essex Financial Services Inc. purchased a new stake in Talen Energy during the 1st quarter worth approximately $234,000. North Point Portfolio Managers Corp OH acquired a new position in Talen Energy during the 1st quarter valued at approximately $10,430,000. Finally, Formidable Asset Management LLC increased its stake in Talen Energy by 38.6% during the 1st quarter. Formidable Asset Management LLC now owns 4,641 shares of the utilities provider’s stock valued at $1,482,000 after purchasing an additional 1,293 shares in the last quarter. 0.38% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
A number of research firms have issued reports on TLN. BNP Paribas Exane began coverage on shares of Talen Energy in a report on Wednesday, March 18th. They issued an “outperform” rating and a $548.00 price target for the company. JPMorgan Chase & Co. cut their target price on Talen Energy from $448.00 to $421.00 and set an “overweight” rating on the stock in a research report on Thursday, March 19th. Morgan Stanley restated an “overweight” rating and issued a $508.00 target price on shares of Talen Energy in a research note on Wednesday, June 24th. Jefferies Financial Group cut Talen Energy from a “buy” rating to a “hold” rating and set a $453.00 price target for the company. in a research report on Tuesday, June 23rd. Finally, Weiss Ratings upgraded Talen Energy from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Thursday, May 7th. Eleven equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $458.77.
Talen Energy Stock Performance
Shares of NASDAQ TLN opened at $364.67 on Monday. The company has a current ratio of 1.25, a quick ratio of 1.05 and a debt-to-equity ratio of 6.32. Talen Energy Corporation has a 12 month low of $255.50 and a 12 month high of $451.28. The company has a 50 day simple moving average of $376.69 and a two-hundred day simple moving average of $361.62. The stock has a market cap of $17.47 billion, a price-to-earnings ratio of -544.28 and a beta of 1.82.
Insider Activity
In related news, Director Gizman I. Abbas sold 2,600 shares of the firm’s stock in a transaction on Monday, June 15th. The shares were sold at an average price of $380.00, for a total transaction of $988,000.00. Following the completion of the transaction, the director owned 2,606 shares of the company’s stock, valued at $990,280. This trade represents a 49.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.78% of the stock is currently owned by company insiders.
About Talen Energy
Talen Energy Inc is an independent power producer that develops and operates a diversified portfolio of thermal and renewable generation facilities across the United States. The company supplies wholesale electricity and related services to utilities, large industrial customers, and power marketers, participating actively in regional markets such as PJM Interconnection and the Electric Reliability Council of Texas (ERCOT). Talen’s asset base comprises a mix of natural gas-fired, coal-fired and nuclear generation, supplemented by battery storage and other flexible resources designed to support the evolving needs of the grid.
Established in December 2015 through the combination of the competitive generation businesses previously held by two major utility groups, Talen Energy was structured as a standalone, publicly traded entity on the NASDAQ stock exchange (TLN).
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