Alliant Energy (NASDAQ:LNT) Reaches New 12-Month High Following Dividend Announcement

Alliant Energy Co. (NASDAQ:LNT)’s share price reached a new 52-week high on Tuesday following a dividend announcement from the company. The stock traded as high as $61.22 and last traded at $61.20, with a volume of 123833 shares changing hands. The stock had previously closed at $60.38.

The newly announced dividend which will be paid on Friday, November 15th. Stockholders of record on Thursday, October 31st will be given a $0.48 dividend. This represents a $1.92 annualized dividend and a dividend yield of 3.14%. Alliant Energy’s dividend payout ratio is 69.82%.

Wall Street Analysts Forecast Growth

LNT has been the subject of several research reports. Scotiabank increased their price target on shares of Alliant Energy from $58.00 to $64.00 and gave the stock a “sector outperform” rating in a research note on Tuesday, August 20th. Wells Fargo & Company increased their price target on shares of Alliant Energy from $56.00 to $62.00 and gave the stock an “overweight” rating in a research note on Monday, August 5th. UBS Group increased their price target on shares of Alliant Energy from $64.00 to $65.00 and gave the stock a “neutral” rating in a research note on Friday, September 20th. LADENBURG THALM/SH SH raised shares of Alliant Energy from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $50.00 to $62.50 in a report on Tuesday, August 13th. Finally, Bank of America lifted their target price on shares of Alliant Energy from $62.00 to $63.00 and gave the stock a “buy” rating in a report on Thursday, August 29th. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $62.83.

Alliant Energy Price Performance

The stock has a market capitalization of $15.66 billion, a PE ratio of 22.21, a PEG ratio of 2.83 and a beta of 0.58. The company has a quick ratio of 0.48, a current ratio of 0.65 and a debt-to-equity ratio of 1.31. The firm’s fifty day moving average price is $58.86 and its two-hundred day moving average price is $54.01.

Alliant Energy (NASDAQ:LNT) last announced its earnings results on Thursday, August 1st. The company reported $0.57 EPS for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.07). Alliant Energy had a net margin of 15.77% and a return on equity of 10.23%. The business had revenue of $894.00 million for the quarter, compared to analysts’ expectations of $897.03 million. During the same period in the prior year, the company posted $0.64 earnings per share. The firm’s quarterly revenue was down 2.0% on a year-over-year basis. On average, equities analysts predict that Alliant Energy Co. will post 3.05 earnings per share for the current year.

Hedge Funds Weigh In On Alliant Energy

Hedge funds have recently modified their holdings of the company. Scarborough Advisors LLC bought a new position in shares of Alliant Energy in the fourth quarter worth approximately $28,000. Kimelman & Baird LLC bought a new position in shares of Alliant Energy in the second quarter worth approximately $41,000. Ashton Thomas Private Wealth LLC bought a new position in shares of Alliant Energy in the second quarter worth approximately $43,000. MRP Capital Investments LLC bought a new position in shares of Alliant Energy in the second quarter worth approximately $56,000. Finally, Gradient Investments LLC bought a new position in shares of Alliant Energy in the second quarter worth approximately $74,000. 79.90% of the stock is currently owned by institutional investors.

Alliant Energy Company Profile

Alliant Energy Corporation operates as a utility holding company that provides regulated electricity and natural gas services in the United States. It operates in three segments: Utility Electric Operations, Utility Gas Operations, and Utility 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.