Capital Research & Management Co recently announced the acquisition of new stake in AES Corp. (NYSE:AES). The institutional investor has increased its shareholding in the Utilities company by 5.85% to 67.13 million shares with purchase of 3.71 million shares. This fresh investment now brings its stake to 10.03% valued currently at $1.0 billion. In addition, BlackRock Fund Advisors raised its holdings by 1.43 million to 36.16 million shares. And Fidelity Management & Research Co has lifted its position by 34.46% or 6.69 million shares – to 26.12 million shares.
With over 7.5 million AES Corp. (AES) shares trading Monday and a closing price of $17.98 on the day, the dollar volume was approximately $134.83 million. The shares have shown a negative half year performance of -10.46% and its price on 12/04/23 lost nearly -0.83%. Currently, there are 668.74M common shares owned by the public and among those 666.10M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 14 analysts who have offered their price forecasts for AES have a consensus price objective of $21.45. The analysts have set the share’s price value over the next 12 months at a high of $26.00 and a low of $17.00. The average price target is 16.18% above its recent price level and a downside to the estimated low will see the stock lose -5.76% over that period. But an upside of 30.85% will see the stock hit the forecast high price target while median target price for the stock is $22.50.
Insiders at the company have transacted a total of 50 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 27 of these insider trades were purchases, accounting for 1,379,767 shares. Insider sales of the common stock occurred on 23 occasions, with total insider shares sold totaling 937,717 shares.
The top 3 mutual fund holders in AES Corp. are American Funds Fundamental Invest, American Funds Income Fund of Ame, and Vanguard Total Stock Market ETF. American Funds Fundamental Invest owns 21.76 million shares of the company’s stock, all valued at over $324.28 million. The company bought an additional 1.1 million shares recently to bring their total holdings to about 3.25% of the shares outstanding. Vanguard Total Stock Market ETF bought 0.11 million shares to bring its total holdings to over 20.98 million shares at a value of $312.64 million. Vanguard Total Stock Market ETF now owns shares totaling to 3.13% of the shares outstanding.
Shares of AES Corp. (NYSE: AES) opened at $17.90, down -$0.23 from a prior closing price of $18.13. However, the script later moved the day high at 18.14, down -0.83%. The company’s stock has a 5-day price change of 6.33% and 3.10% over the past three months. AES shares are trading -37.48% year to date (YTD), with the 12-month market performance down to -37.40% lower. It has a 12-month low price of $11.43 and touched a high of $29.89 over the same period. AES has an average intraday trading volume of 8.69 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 7.45%, 17.97%, and -9.57% respectively.
Institutional ownership of AES Corp. (NYSE: AES) shares accounts for 95.27% of the company’s 668.74M shares outstanding. Mutual fund holders own 33.75%, while other institutional holders and individual stakeholders account for 62.08% and 23.93% respectively.
It has a market capitalization of $12.04B and a beta (3y monthly) value of 1.10. The earnings-per-share (ttm) stands at -$0.87. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.38% over the week and 3.13% over the month.
Analysts forecast that AES Corp. (AES) will achieve an EPS of $0.61 for the current quarter, $0.35 for the next quarter and $1.9 for 2024. The lowest estimate earnings-per-share for the quarter is $0.32 while analysts give the company a high EPS estimate of $0.73. Comparatively, EPS for the current quarter was $0.49 a year ago. Earnings per share for the fiscal year are expected to increase by 2.80%, and 10.93% over the next financial year. EPS should grow at an annualized rate of 7.30% over the next five years, compared to 0.38% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 14 brokerage firm advisors rate AES Corp. (AES) as a “Strong Buy” at a consensus score of 1.71. Specifically, 8 Wall Street analysts polled rate the stock as a buy, while 4 of the 14 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the AES, a number of firms have released research notes about the stock. UBS stated their Neutral rating for the stock in a research note on October 06, 2023, with the firm’s price target at $22-$13.
