NEW YORK (TheStreet) -- Shares of AES Corp. (AES) are lower by 2.25% to $13.36 on heavy volume in early afternoon trading on Wednesday, after AES, which generates and distributes electrical power, announced the pricing of its previously announced secondary offering of public stock of approximately 60 million shares of its common stock at $13.25 per share.
Morgan Stanley (MS) is acting as the underwriter for this transaction.
"As part of the offering, at the selling stockholder's instruction, the underwriter has reserved the remaining 20 million shares to be sold to AES at a price per share equal to the price paid by the underwriter to the selling stockholder in the offering," the company said in a statement announcing the pricing.
So far today, 25.04 million shares of AES have exchanged hands as compared to its average daily volume of 5.91 million shares.
Separately, TheStreet Ratings team rates AES CORP as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate AES CORP (AES) a HOLD. The primary factors that have impacted our rating are mixed-some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, compelling growth in net income and notable return on equity. However, as a counter to these strengths, we also find weaknesses including generally higher debt management risk, poor profit margins and a generally disappointing performance in the stock itself."