Spirit of America Management Corp NY reduced its stake in shares of TC Pipelines, LP (NYSE:TCP) by 1.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 80,064 shares of the pipeline company’s stock after selling 1,500 shares during the quarter. Spirit of America Management Corp NY owned 0.11% of TC Pipelines worth $2,991,000 as of its most recent SEC filing.
A number of other institutional investors also recently added to or reduced their stakes in the business. Portfolio Solutions LLC bought a new position in TC Pipelines in the fourth quarter valued at about $36,000. Truvestments Capital LLC bought a new position in TC Pipelines during the first quarter worth about $37,000. Signet Investment Advisory Group Inc. bought a new position in TC Pipelines during the fourth quarter worth about $41,000. Arlington Partners LLC bought a new position in TC Pipelines during the fourth quarter worth about $48,000. Finally, Lindbrook Capital LLC bought a new position in TC Pipelines during the fourth quarter worth about $48,000. Hedge funds and other institutional investors own 62.69% of the company’s stock.
Shares of NYSE:TCP traded down $0.74 during trading on Thursday, hitting $35.86. 90,400 shares of the company were exchanged, compared to its average volume of 190,369. The firm has a market capitalization of $2.48 billion, a price-to-earnings ratio of 8.56 and a beta of 0.76. TC Pipelines, LP has a fifty-two week low of $22.64 and a fifty-two week high of $37.94. The company has a quick ratio of 0.99, a current ratio of 1.08 and a debt-to-equity ratio of 2.96.
The firm also recently announced a quarterly dividend, which will be paid on Monday, May 13th. Stockholders of record on Friday, May 3rd will be paid a dividend of $0.65 per share. The ex-dividend date is Thursday, May 2nd. This represents a $2.60 annualized dividend and a dividend yield of 7.25%. TC Pipelines’s dividend payout ratio is currently 62.20%.
A number of research firms have recently commented on TCP. Zacks Investment Research raised TC Pipelines from a “hold” rating to a “buy” rating and set a $42.00 price target on the stock in a research report on Thursday, March 28th. ValuEngine raised TC Pipelines from a “sell” rating to a “hold” rating in a research report on Monday, March 25th. Barclays raised TC Pipelines from an “underweight” rating to an “equal weight” rating and raised their price target for the stock from $33.00 to $40.00 in a research report on Tuesday, April 16th. Finally, JPMorgan Chase & Co. raised their price target on TC Pipelines from $35.00 to $38.00 and gave the stock an “underweight” rating in a research report on Monday, March 18th. Four analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $35.29.
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TC Pipelines Profile
TC PipeLines, LP acquires, owns, and participates in the management of energy infrastructure businesses in North America. The company has interests in eight natural gas interstate pipeline systems that transport approximately 10.8 billion cubic feet per day of natural gas from producing regions and import facilities to market hubs and consuming markets primarily in the Western, Midwestern, and Eastern United States.
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