PPL Does Inside Selling
Just recently, it was found that Pennsylvania Power and Light (PPL) Corporation Vice President, Treas and Chief Risk Officer Mark F. Wilten sold 1,526 shares of the company at $30.87 per share. The sale accumulated an approximate total value of $47,108, Octa Finance reports. Based on the form filed with the SEC, the transaction was done last June 22. Meanwhile, a report from Mideast Times states that following the sale, it is estimated that the vice president now directly owns 965 shares of the company which can be valued at approximately $28,790.
Following this move, Octafinance’s equity traders have rated the stock as a sell. Moreover, in a report issued by Jefferies last Monday, benzinga reports that analyst Anthony C. Crowdell had upgraded PPL Corp’s rating from a Hold to a Buy. However, the price target was lowered from $34.50 to $34.00. Furthermore, Crowdell believes PPL makes for an ideal entry point for investors since they stand to gain one of the highest yields in the sector as the share price appreciates.
Crowdell also further explained that, “PPL is now a fully regulated T&D utility with no commodity exposure following its spin-off of Talen Energy on June 1. The spinoff leaves PPL Corp with 4 regulated transmission and distribution subsidiaries in the US and UK. We believe the spinoff allows for PPL Corp. to be valued as a pure play regulated utility with a group average multiple.”
According to its website, PPL Corporation is among the largest companies in the U.S. utility sector that is investor-owned. In fact, Octafinance further reports that of the 655 institutional investors of PPL, there are 11 of them who “hold the stock in Top 10.” These include Hussman Strategic Advisors Inc., Concannon Wealth Management Llc, Vega Energy Gp Llc, Duff & Phelps Investment Management Co, Perkins Investment Management Llc, Huff W R Asset Management Co Llc De. Thompson Siegel & Walmsley Llc as well as Butensky & Cohen Financial Security Inc.
Earning $11.5 billion in revenues last year, the company employs 13,000 employees and possesses approximately 8,000 megawatts of regulated generation capacity in the US. Its utilities include Western Power Distribution, Kentucky Utilities, PPL Electric Utilities as well as Louisville Gas and Electric.