As of the 2nd quarter, Hennessy Advisors Inc. has decreased its stake in Spire Inc. by 10.4%, according to a recent filing with the Securities and Exchange Commission (SEC). The fund now owns 60,891 shares of Spire’s stock after selling 7,100 shares during this period. This reduced stake amounts to approximately 0.12% of Spire’s total worth, which equated to $3,863,000 at the end of this reporting period.
Spire Inc., listed on the New York Stock Exchange under the ticker symbol SR, recently released its earnings results for the second quarter on Wednesday, August 2nd. Unfortunately, the utilities provider fell short of analysts’ expectations with an earnings per share (EPS) of ($0.42), compared to consensus estimates of ($0.02). Furthermore, their revenue for the quarter stood at $418.50 million, slightly below analyst estimates of $428.86 million.
Although Spire faced challenges during this quarter and experienced a decline in revenue by 6.6% compared to the same period last year, it continues to maintain a respectable net margin of 9.05% and return on equity of 8.81%. During the corresponding quarter in the previous year, the company had posted earnings per share of $0.01.
Sell-side analysts have projected that Spire Inc.’s EPS for the current fiscal year will be approximately 4.18.
Investors and analysts interested in staying updated with comprehensive analysis on Spire Inc., should consult our latest reports on SR for additional insights and perspectives in making informed decisions regarding their investments.
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Recent Developments and Market Expectations: Insights into Spire Inc.’s Stock
On September 26, 2023, it was reported that several institutional investors and hedge funds have adjusted their stakes in the stock of Spire Inc., a utilities provider. New Mexico Educational Retirement Board increased its holdings in Spire by 12.6% in the second quarter, now owning 10,700 shares valued at $679,000 after purchasing an additional 1,200 shares. Cambridge Investment Research Advisors Inc. also raised its holdings by 31.8%, now owning 8,780 shares worth $557,000 after acquiring an additional 2,119 shares.
In addition to these changes, Pacer Advisors Inc. entered the scene with a new stake in Spire during the second quarter with an approximate value of $584,000. Cardinal Capital Management saw a slight increase of 1.3% in its holdings during the same period, now owning 23,779 shares valued at $1,526,000 after adding 311 more shares to its portfolio. Lastly, Maryland State Retirement & Pension System raised its holdings by 3.2% in the second quarter by purchasing an additional 1,726 shares worth $3,524,000.
It is worthy to note that as of now, institutional investors and hedge funds own approximately87.36% of the stock.
Shares of Spire on NYSE opened at $58.54 on Tuesday.The stock’s fifty-day simple moving average stood at $60.43 while its two hundred-day moving average was recorded as $64.68.In terms of financial ratios,the company has a current ratio of0.56,a quick ratio of0.40,and a debt-to-equity ratioof1.32.Market capitalization values Spire at$3.08 billionand it has a price-to-earnings ratioof13.58.The price-earnings-to-growthratio (PEG)stands at3.31.A betaof0.49 also indicatesa relativelylow level ofvolatility.
The company recently announced its quarterly dividend, which will be paid on Tuesday, October 3rd. Shareholders of record on Monday, September11thare expected to receive a $0.72 dividend per share.This represents an annualized dividend payout of $2.88and a yield of4.92%. The ex-dividend date is slated for Friday, September 8th.Spire’s dividend payout ratio(DPR) currentlystands at 66.82%.
Several research analyst reports have been published about Spire Inc.’s stock. Royal Bank of Canada reduced their price target from $67.00 to $66.00 and assigned the company a “sector perform” rating in a recent report on Wednesday,September 6th.Guggenheim also lowered its price targetfrom $69.00 to $65.00 inanother report publishedon Friday, July7th.On the other hand,Morgan Stanley increased their price targetfrom $70.00 to$72.00 and gaveSpire’s stockan “equal weight” ratingin a reportreleasedon Thursday, September21st.Another notable change was TheStreet’s downgradeof Spire from a “b” ratingto ac+”rating in areportrevealed on Wednesday,August 2nd.Wells Fargo & Company likewise reduced their price target from$71.00 to$64.00 ina reportannounced onThursday,August 3rd.Two equities research analysts now rate thestockas “sell”, while sevenhave given ita”Hold” rating.According to Bloomberg,the companycurrently hasan average ratingof “Hold” and anaverage targetprice startingat$67.50.
In conclusion, these recent developments regarding institutional investors’ stakes and market expectations surrounding Spire Inc.’s stock provide valuable insight into the state of this utilities provider at present.
