The Vanguard Group, the biggest institutional investor in AES Corporation (AES), sold net 2.9 million shares in the first quarter. As of March 31, it held 10.6% of AES’s total outstanding shares.
Fidelity Management added net 5.7 million shares in the first quarter, which raised its total stake in AES to 7%. State Street Global Advisers lowered its stake in AES to 4.8% during the quarter, selling 0.7 million shares.
Capital International Investors added 2.3 million AES shares, which took its total stake to 4.6% as of March 31. MFS Investment Management reduced its stake by 1.8 million shares, which took its total holdings to 2.7% as of March 31.
AES in the first quarter
AES reported adjusted earnings of $0.28 per share in the first quarter and beat consensus estimates. In the same quarter last year, it reported earnings of $0.17 per share. The company’s total revenues in the quarter were $2.7 billion. Its revenue grew 6% year-over-year.
AES has a huge exposure to competitive operations and operates in multiple countries. Volatile exchange rate movements make its earnings less stable. So far this year, AES has rallied almost 13%, notably outperforming the broader utilities (XLU).