Alliant Energy (NYSE:LNT) Upgraded to Buy by Bank of America

Bank of America upgraded shares of Alliant Energy (NYSE:LNT) from a neutral rating to a buy rating in a research note published on Wednesday morning, Benzinga reports. They currently have $54.00 target price on the utilities provider’s stock, up from their previous target price of $50.00.

LNT has been the subject of a number of other research reports. Argus reaffirmed a buy rating and set a $52.00 price target on shares of Alliant Energy in a report on Wednesday, June 5th. Zacks Investment Research downgraded shares of Alliant Energy from a buy rating to a hold rating in a report on Tuesday, April 16th. Six research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock has an average rating of Hold and a consensus price target of $48.56.

NYSE LNT opened at $49.08 on Wednesday. The company has a quick ratio of 0.59, a current ratio of 0.73 and a debt-to-equity ratio of 1.15. The company has a market cap of $11.65 billion, a P/E ratio of 25.43, a P/E/G ratio of 3.28 and a beta of 0.18. Alliant Energy has a 12-month low of $40.68 and a 12-month high of $50.17. The firm has a 50-day simple moving average of $48.58.

Alliant Energy (NYSE:LNT) last issued its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $0.53 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.51 by $0.02. Alliant Energy had a net margin of 15.09% and a return on equity of 11.69%. The company had revenue of $987.20 million during the quarter, compared to the consensus estimate of $903.85 million. During the same quarter in the prior year, the firm posted $0.52 EPS. The firm’s quarterly revenue was up 7.7% on a year-over-year basis. As a group, research analysts forecast that Alliant Energy will post 2.15 earnings per share for the current fiscal year.

In other news, SVP James H. Gallegos sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $47.50, for a total transaction of $237,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Patricia L. Kampling sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $47.55, for a total transaction of $475,500.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 30,000 shares of company stock valued at $1,432,800. 0.25% of the stock is currently owned by insiders.

A number of large investors have recently modified their holdings of the stock. Vanguard Group Inc lifted its holdings in shares of Alliant Energy by 3.3% in the 3rd quarter. Vanguard Group Inc now owns 25,799,199 shares of the utilities provider’s stock valued at $1,098,272,000 after buying an additional 833,075 shares during the period. SG Americas Securities LLC lifted its holdings in shares of Alliant Energy by 69.4% in the 4th quarter. SG Americas Securities LLC now owns 7,027 shares of the utilities provider’s stock valued at $297,000 after buying an additional 2,880 shares during the period. Oregon Public Employees Retirement Fund lifted its holdings in shares of Alliant Energy by 4,072.3% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 1,049,786 shares of the utilities provider’s stock valued at $25,000 after buying an additional 1,024,625 shares during the period. LPL Financial LLC lifted its holdings in shares of Alliant Energy by 1.1% in the 4th quarter. LPL Financial LLC now owns 113,206 shares of the utilities provider’s stock valued at $4,783,000 after buying an additional 1,223 shares during the period. Finally, California Public Employees Retirement System lifted its holdings in shares of Alliant Energy by 40.1% in the 4th quarter. California Public Employees Retirement System now owns 1,189,479 shares of the utilities provider’s stock valued at $50,255,000 after buying an additional 340,290 shares during the period. 71.12% of the stock is owned by institutional investors and hedge funds.

About Alliant Energy

Alliant Energy Corporation operates as a utility holding company that provides regulated electricity and natural gas services in the Midwest region of the United States. It operates through three segments: Electric, Gas, and Other. The company, through its subsidiary, Interstate Power and Light Company (IPL), primarily generates and distributes electricity, and distributes and transports natural gas to retail customers in Iowa; sells electricity to wholesale customers in Minnesota, Illinois, and Iowa; and generates and distributes steam in Cedar Rapids, Iowa.

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