Bank of New York Mellon Corp lowered its stake in Calpine Co. (NYSE:CPN) by 84.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,391,153 shares of the utilities provider’s stock after selling 7,576,009 shares during the period. Bank of New York Mellon Corp owned 0.39% of Calpine worth $20,519,000 at the end of the most recent quarter.
A number of other institutional investors also recently modified their holdings of the business. Opera Trading Capital acquired a new stake in Calpine in the third quarter valued at approximately $502,000. Kassirer Asset Management Corp acquired a new stake in Calpine in the third quarter valued at approximately $2,434,000. BNP Paribas Arbitrage SA boosted its position in Calpine by 3,735.9% in the third quarter. BNP Paribas Arbitrage SA now owns 1,004,160 shares of the utilities provider’s stock valued at $14,811,000 after buying an additional 977,982 shares in the last quarter. Swiss National Bank boosted its position in Calpine by 5.8% in the third quarter. Swiss National Bank now owns 636,500 shares of the utilities provider’s stock valued at $9,388,000 after buying an additional 35,100 shares in the last quarter. Finally, IndexIQ Advisors LLC acquired a new stake in Calpine in the third quarter valued at approximately $14,516,000. Hedge funds and other institutional investors own 85.98% of the company’s stock.
A number of brokerages have recently commented on CPN. Zacks Investment Research upgraded shares of Calpine from a “strong sell” rating to a “buy” rating and set a $17.00 price target on the stock in a report on Friday, October 13th. SunTrust Banks reiterated a “hold” rating and set a $15.00 price target on shares of Calpine in a report on Friday, November 17th. Royal Bank of Canada reiterated a “hold” rating and set a $15.25 price target on shares of Calpine in a report on Monday, October 30th. Citigroup lowered shares of Calpine from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $15.00 to $15.25 in a report on Friday, September 8th. Finally, Macquarie lowered shares of Calpine from an “outperform” rating to a “neutral” rating in a report on Thursday, August 31st. Ten research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $15.08.
In related news, CEO Thad Hill sold 38,304 shares of the business’s stock in a transaction on Tuesday, December 12th. The shares were sold at an average price of $15.08, for a total value of $577,624.32. Following the transaction, the chief executive officer now owns 559,237 shares in the company, valued at $8,433,293.96. The transaction was disclosed in a document filed with the SEC, which is available through this link. 1.20% of the stock is owned by insiders.
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Calpine Corporation is a power generation company. The Company is engaged in the ownership and operation of primarily natural gas-fired and geothermal power plants in North America. The Company’s segments include West (including geothermal), Texas and East (including Canada). In the Northeast and Mid-Atlantic regions, the Company has generating units capable of burning either natural gas or fuel oil.
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