The Manufacturers Life Insurance Company Cuts Stock Holdings in NuScale Power Co. (NYSE:SMR)

The Manufacturers Life Insurance Company cut its stake in NuScale Power Co. (NYSE:SMR) by 2.3% in the third quarter, HoldingsChannel reports. The institutional investor owned 28,863 shares of the company’s stock after selling 686 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in NuScale Power were worth $334,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in SMR. Van ECK Associates Corp purchased a new position in NuScale Power in the second quarter valued at about $7,600,000. Charles Schwab Investment Management Inc. increased its holdings in NuScale Power by 212.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 677,248 shares of the company’s stock valued at $7,843,000 after buying an additional 460,487 shares in the last quarter. TimesSquare Capital Management LLC purchased a new position in NuScale Power in the third quarter valued at about $2,895,000. Philip James Wealth Mangement LLC purchased a new position in NuScale Power in the third quarter valued at about $1,656,000. Finally, Bank of New York Mellon Corp increased its holdings in NuScale Power by 97.3% in the second quarter. Bank of New York Mellon Corp now owns 278,513 shares of the company’s stock valued at $3,256,000 after buying an additional 137,382 shares in the last quarter. 78.37% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. CLSA started coverage on shares of NuScale Power in a report on Friday, September 13th. They issued an “outperform” rating and a $11.00 target price for the company. Craig Hallum increased their price target on shares of NuScale Power from $16.00 to $21.00 and gave the company a “buy” rating in a research report on Thursday, October 17th. One analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $10.39.

Insider Buying and Selling

In other NuScale Power news, VP Jacqueline F. Engel sold 18,186 shares of NuScale Power stock in a transaction on Friday, November 29th. The shares were sold at an average price of $29.00, for a total value of $527,394.00. Following the transaction, the vice president now owns 3,801 shares in the company, valued at $110,229. This trade represents a 82.71 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Robert K. Temple sold 144,627 shares of NuScale Power stock in a transaction on Friday, September 20th. The shares were sold at an average price of $10.90, for a total transaction of $1,576,434.30. Following the completion of the transaction, the insider now owns 14,054 shares in the company, valued at approximately $153,188.60. This trade represents a 91.14 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 422,237 shares of company stock worth $6,005,215. 1.96% of the stock is owned by insiders.

NuScale Power Stock Down 2.4 %

Shares of NYSE SMR opened at $21.13 on Monday. NuScale Power Co. has a 1 year low of $1.88 and a 1 year high of $32.30. The firm’s 50 day moving average price is $21.59 and its 200 day moving average price is $14.11. The firm has a market cap of $5.40 billion, a P/E ratio of -22.24 and a beta of 1.33. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.24 and a current ratio of 2.24.

NuScale Power Profile

NuScale Power Corporation engages in the development and sale of modular light water reactor nuclear power plants to supply energy for electrical generation, district heating, desalination, hydrogen production, and other process heat applications. It offers NuScale Power Module (NPM), a water reactor that can generate 77 megawatts of electricity (MWe); and VOYGR power plant designs for three facility sizes that are capable of housing from one to four and six or twelve NPMs.