Magellan Asset Management Ltd boosted its position in Spire Inc. (NYSE:SR – Free Report) by 21.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 56,048 shares of the utilities provider’s stock after buying an additional 9,883 shares during the period. Magellan Asset Management Ltd’s holdings in Spire were worth $5,075,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also added to or reduced their stakes in SR. Sound Income Strategies LLC acquired a new stake in Spire in the 4th quarter valued at $25,000. Optima Capital LLC purchased a new stake in Spire in the 4th quarter valued at about $25,000. Los Angeles Capital Management LLC purchased a new stake in shares of Spire during the fourth quarter valued at approximately $25,000. MV Capital Management Inc. purchased a new stake in shares of Spire during the 4th quarter valued at $33,000. Finally, SHP Wealth Management bought a new stake in Spire in the fourth quarter worth about $35,000. Institutional investors own 87.36% of the company’s stock.
Spire Stock Down 0.9%
NYSE SR opened at $80.43 on Wednesday. The stock has a market capitalization of $4.76 billion, a PE ratio of 14.14, a PEG ratio of 1.81 and a beta of 0.52. Spire Inc. has a 1 year low of $71.24 and a 1 year high of $95.31. The business’s 50-day moving average is $81.37 and its 200 day moving average is $86.06. The company has a debt-to-equity ratio of 1.69, a current ratio of 0.55 and a quick ratio of 0.48.
Spire Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, July 2nd. Shareholders of record on Thursday, June 11th were issued a dividend of $0.825 per share. The ex-dividend date was Thursday, June 11th. This represents a $3.30 dividend on an annualized basis and a dividend yield of 4.1%. Spire’s dividend payout ratio is 58.00%.
Insider Buying and Selling at Spire
In other news, Director Paul D. Koonce purchased 500 shares of Spire stock in a transaction that occurred on Thursday, June 11th. The shares were bought at an average cost of $78.46 per share, with a total value of $39,230.00. Following the completion of the purchase, the director directly owned 8,000 shares in the company, valued at approximately $627,680. This trade represents a 6.67% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Ryan L. Hyman sold 3,822 shares of the company’s stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $80.51, for a total transaction of $307,709.22. Following the completion of the sale, the senior vice president directly owned 14,295 shares in the company, valued at $1,150,890.45. This represents a 21.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders purchased 3,000 shares of company stock worth $251,100. 2.26% of the stock is owned by insiders.
Wall Street Analyst Weigh In
Several brokerages have issued reports on SR. TD Cowen assumed coverage on Spire in a research note on Thursday, April 16th. They issued a “hold” rating and a $101.00 target price on the stock. Wells Fargo & Company started coverage on shares of Spire in a research report on Monday, May 11th. They set an “overweight” rating and a $96.00 price target for the company. Wolfe Research assumed coverage on Spire in a research report on Tuesday, May 26th. They set a “peer perform” rating for the company. Morgan Stanley set a $96.00 price objective on shares of Spire in a report on Thursday, May 21st. Finally, Weiss Ratings lowered Spire from a “buy (b)” rating to a “buy (b-)” rating in a research note on Thursday, July 9th. Two analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, Spire presently has a consensus rating of “Moderate Buy” and an average price target of $94.30.
Read Our Latest Analysis on SR
Spire Profile
Spire Inc (NYSE: SR), formerly known as The Laclede Group, is a regulated natural gas distribution company headquartered in St. Louis, Missouri. Through its three operating divisions—Spire Missouri, Spire Alabama and Spire Mississippi—the company delivers natural gas to more than 1.7 million residential, commercial and industrial customers. Spire’s service territory spans key markets in the central and southern United States, including metropolitan St. Louis, central Alabama and central Mississippi.
Founded in 1857 as the Laclede Gas Light Company, the business has grown through strategic acquisitions, notably Alabama Gas Corporation in 2013 and Mississippi Gas in 2016.
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