Illinois Municipal Retirement Fund reduced its holdings in Clearway Energy, Inc. (NYSE:CWEN – Free Report) by 21.6% in the 1st quarter, HoldingsChannel.com reports. The firm owned 87,423 shares of the company’s stock after selling 24,109 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Clearway Energy were worth $3,435,000 at the end of the most recent quarter.
Other large investors have also recently added to or reduced their stakes in the company. Sanctuary Advisors LLC grew its holdings in Clearway Energy by 31.3% in the 1st quarter. Sanctuary Advisors LLC now owns 243,587 shares of the company’s stock valued at $9,571,000 after buying an additional 58,138 shares during the period. Sequoia Financial Advisors LLC purchased a new position in shares of Clearway Energy during the 1st quarter worth about $239,000. Kestra Advisory Services LLC lifted its holdings in shares of Clearway Energy by 76.9% during the 1st quarter. Kestra Advisory Services LLC now owns 7,299 shares of the company’s stock worth $287,000 after acquiring an additional 3,172 shares during the period. Capstone Capital Management Ltd acquired a new stake in shares of Clearway Energy in the first quarter worth approximately $204,000. Finally, NBT Bank N A NY boosted its position in shares of Clearway Energy by 6,969.7% in the first quarter. NBT Bank N A NY now owns 2,333 shares of the company’s stock worth $92,000 after acquiring an additional 2,300 shares during the last quarter. 84.53% of the stock is currently owned by hedge funds and other institutional investors.
Clearway Energy Stock Down 0.9%
CWEN opened at $33.47 on Friday. Clearway Energy, Inc. has a 1 year low of $27.67 and a 1 year high of $41.74. The firm has a 50 day moving average price of $36.91 and a 200 day moving average price of $37.52. The company has a debt-to-equity ratio of 1.55, a quick ratio of 1.02 and a current ratio of 1.11. The company has a market cap of $6.87 billion, a PE ratio of 836.91 and a beta of 0.89.
Clearway Energy Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were paid a $0.4676 dividend. The ex-dividend date of this dividend was Monday, June 1st. This represents a $1.87 dividend on an annualized basis and a dividend yield of 5.6%. This is a boost from Clearway Energy’s previous quarterly dividend of $0.46. Clearway Energy’s payout ratio is 4,675.00%.
Analysts Set New Price Targets
A number of research firms recently issued reports on CWEN. Canadian Imperial Bank of Commerce set a $42.00 target price on shares of Clearway Energy in a report on Friday. Weiss Ratings lowered shares of Clearway Energy from a “hold (c)” rating to a “hold (c-)” rating in a report on Monday, May 11th. UBS Group boosted their price objective on shares of Clearway Energy from $44.00 to $45.00 and gave the company a “buy” rating in a research note on Wednesday, June 24th. Truist Financial initiated coverage on Clearway Energy in a report on Monday, July 13th. They set a “buy” rating and a $43.00 price objective for the company. Finally, Morgan Stanley increased their target price on Clearway Energy from $56.00 to $60.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 27th. Two equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Clearway Energy currently has an average rating of “Moderate Buy” and a consensus target price of $43.44.
Read Our Latest Report on Clearway Energy
Clearway Energy Company Profile
Clearway Energy Group (NYSE: CWEN) is a U.S.-based energy company specializing in the ownership, operation and development of clean and conventional power generation assets. The company’s portfolio spans utility-scale wind and solar farms, biogas and natural gas-fired thermal facilities, as well as distributed generation projects such as rooftop solar and energy storage. Clearway’s generation assets are largely underpinned by long-term power purchase agreements and service contracts with creditworthy counterparties, enabling stable, predictable cash flows.
Originally launched in 2013 as NRG Yield and rebranded to Clearway Energy in 2018 following a strategic sponsorship change, the business has grown into one of the largest independent renewable energy platforms in the United States.
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