Spirit of America Management Corp NY Buys 1,000 Shares of Clearway Energy, Inc. (NYSE:CWEN)

Spirit of America Management Corp NY grew its holdings in Clearway Energy, Inc. (NYSE:CWEN) by 17.2% during the 3rd quarter, Holdings Channel reports. The fund owned 6,800 shares of the company’s stock after buying an additional 1,000 shares during the period. Spirit of America Management Corp NY’s holdings in Clearway Energy were worth $209,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the business. Abundance Wealth Counselors grew its stake in Clearway Energy by 71.8% during the first quarter. Abundance Wealth Counselors now owns 29,678 shares of the company’s stock valued at $684,000 after acquiring an additional 12,405 shares in the last quarter. Nordea Investment Management AB lifted its holdings in Clearway Energy by 11.0% during the 1st quarter. Nordea Investment Management AB now owns 171,212 shares of the company’s stock valued at $3,892,000 after buying an additional 17,014 shares in the last quarter. Significant Wealth Partners LLC bought a new stake in Clearway Energy during the 1st quarter valued at about $480,000. Sei Investments Co. purchased a new position in Clearway Energy during the 1st quarter valued at about $1,010,000. Finally, Meeder Asset Management Inc. purchased a new position in Clearway Energy during the 1st quarter valued at about $747,000. 38.03% of the stock is currently owned by institutional investors.

Clearway Energy Trading Down 2.9 %

Shares of CWEN stock opened at $26.20 on Friday. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.46 and a quick ratio of 1.37. The firm has a market cap of $5.30 billion, a PE ratio of 34.47, a price-to-earnings-growth ratio of 2.26 and a beta of 0.86. The company has a 50-day moving average of $28.64 and a two-hundred day moving average of $26.77. Clearway Energy, Inc. has a 1-year low of $20.63 and a 1-year high of $30.92.

Clearway Energy (NYSE:CWEN) last issued its earnings results on Thursday, August 1st. The company reported $0.43 earnings per share for the quarter, missing the consensus estimate of $0.66 by ($0.23). The firm had revenue of $366.00 million during the quarter, compared to analyst estimates of $424.59 million. Clearway Energy had a net margin of 7.21% and a return on equity of 1.80%. The firm’s revenue was down 9.9% compared to the same quarter last year. During the same period last year, the business earned $0.33 EPS. On average, analysts predict that Clearway Energy, Inc. will post 0.85 EPS for the current year.

Clearway Energy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Tuesday, September 3rd were paid a $0.417 dividend. This is a positive change from Clearway Energy’s previous quarterly dividend of $0.41. This represents a $1.67 annualized dividend and a yield of 6.37%. The ex-dividend date was Tuesday, September 3rd. Clearway Energy’s dividend payout ratio is currently 219.74%.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on CWEN shares. CIBC lifted their price objective on shares of Clearway Energy from $33.00 to $34.00 and gave the stock an “outperformer” rating in a research report on Tuesday. BNP Paribas started coverage on shares of Clearway Energy in a research report on Tuesday, October 1st. They issued an “outperform” rating and a $36.00 price objective on the stock. Roth Mkm reaffirmed a “buy” rating and issued a $32.00 price objective (up previously from $30.00) on shares of Clearway Energy in a research report on Friday, August 2nd. Morgan Stanley raised shares of Clearway Energy from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $25.00 to $36.00 in a research report on Wednesday, July 31st. Finally, StockNews.com raised shares of Clearway Energy from a “sell” rating to a “hold” rating in a research report on Friday, August 9th. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $33.13.

Clearway Energy Profile

Clearway Energy, Inc operates in the renewable energy business in the United States. The company operates through Conventional and Renewables segments. It has approximately 6,000 net MW of installed wind, solar, and energy generation projects; and approximately 2,500 net MW of natural gas-fired generation facilities.