MADISON, WI – Alliant Energy Corp (NASDAQ:LNT) has notified participants in its 401(k) Savings Plan of an upcoming blackout period, starting on August 30, 2024, during which employees will be unable to engage in certain plan activities, according to a regulatory filing with the Securities and Exchange Commission (SEC) on Friday.
The temporary suspension of trading will begin at 3:00 p.m. Central Time and is expected to last until the week of September 22, 2024. During this time, plan participants will not be able to alter contribution rates, enroll in the plan, change investment allocations for current or future contributions, transfer between investment options, or request loans or distributions.
This suspension is due to administrative changes, as the company transitions to a new service provider for the employee benefit plan. The notice of the blackout period was first issued to the plan administrator on Monday and subsequently communicated to the company's directors and executive officers today, restricting them from trading company stock during the blackout.
Alliant Energy, which is incorporated in Wisconsin and operates in the electric and other services sector, has made provisions for its security holders and other interested parties to obtain the actual blackout start and end dates by contacting the company's Corporate Secretary, Omar N. Chaudhary, without charge.
In other recent news, Alliant Energy Corporation has seen significant developments. Executive Chairman, John O. Larsen, has announced his intention to retire from his executive role by January 1, 2025. After his retirement, Larsen will continue to serve as the non-employee Chairman of the Board.
Alliant Energy and its subsidiary, Interstate Power and Light Company (IPL), have disclosed a one-time charge of approximately $60 million due to a settlement agreement related to IPL's retail electric rate review. This charge will affect the company's earnings for the three and six months ending June 30, 2024.
In financial news, Alliant Energy Finance, LLC, a wholly-owned subsidiary, has priced a private offering of $375 million in senior unsecured notes due 2027. The company reported earnings of $0.62 per share for the first quarter of 2024 and has reaffirmed its 2024 earnings guidance range of $2.99 to $3.13 per share.
These are the recent developments in Alliant Energy's operations. Please note that all information is based on past articles and press releases, and future results may vary.
InvestingPro Insights
As Alliant Energy Corp (NASDAQ:LNT) prepares for a blackout period in its 401(k) Savings Plan, investors may be considering the company's current financial health and market performance. With a solid market capitalization of $14.35 billion and a P/E ratio standing at 20.36, Alliant Energy presents itself as a substantial player in the utilities sector. The company's commitment to shareholder value is reflected in its impressive track record of raising dividends for 54 consecutive years, a testament to its financial resilience and management's confidence in sustained profitability.
InvestingPro Tips highlight that Alliant Energy is trading near its 52-week high, with the price at 98.61% of this peak, indicating investor confidence in the company's prospects. Additionally, the dividend yield of 3.44% is attractive to income-focused investors, especially considering the recent dividend growth of 6.08%. It's worth noting, for those interested in further analysis or considering an investment, that there are 9 additional InvestingPro Tips available, which can be accessed with the exclusive coupon code PRONEWS24 for up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
While the company faces challenges, such as a recent downward revision in earnings by 4 analysts and a high P/E ratio relative to near-term growth, its low price volatility may appeal to investors looking for stable returns. As Alliant Energy navigates through the upcoming blackout period, these financial metrics and insights can help investors make informed decisions.
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