Alberta Investment Management Corp Sells 309,400 Shares of Algonquin Power & Utilities Corp (NYSE:AQN)

Alberta Investment Management Corp lessened its position in shares of Algonquin Power & Utilities Corp (NYSE:AQN) by 63.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 180,600 shares of the utilities provider’s stock after selling 309,400 shares during the quarter. Alberta Investment Management Corp’s holdings in Algonquin Power & Utilities were worth $2,404,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Franklin Resources Inc. lifted its stake in shares of Algonquin Power & Utilities by 5.1% during the fourth quarter. Franklin Resources Inc. now owns 65,714 shares of the utilities provider’s stock valued at $930,000 after acquiring an additional 3,169 shares during the period. Renaissance Technologies LLC lifted its stake in shares of Algonquin Power & Utilities by 40.6% during the fourth quarter. Renaissance Technologies LLC now owns 3,241,686 shares of the utilities provider’s stock valued at $45,870,000 after acquiring an additional 936,425 shares during the period. Stifel Financial Corp lifted its stake in shares of Algonquin Power & Utilities by 24.6% during the fourth quarter. Stifel Financial Corp now owns 64,406 shares of the utilities provider’s stock valued at $905,000 after acquiring an additional 12,711 shares during the period. Raymond James Financial Services Advisors Inc. lifted its stake in shares of Algonquin Power & Utilities by 48.9% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 85,084 shares of the utilities provider’s stock valued at $1,202,000 after acquiring an additional 27,948 shares during the period. Finally, Bank of New York Mellon Corp lifted its stake in shares of Algonquin Power & Utilities by 2,555.0% during the fourth quarter. Bank of New York Mellon Corp now owns 591,322 shares of the utilities provider’s stock valued at $8,367,000 after acquiring an additional 569,050 shares during the period. 42.81% of the stock is currently owned by institutional investors and hedge funds.

NYSE AQN opened at $13.43 on Friday. The firm has a market cap of $6.99 billion, a P/E ratio of 20.77, a P/E/G ratio of 2.35 and a beta of 0.52. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.91 and a quick ratio of 0.78. The stock’s 50-day moving average is $13.59 and its 200-day moving average is $14.17. Algonquin Power & Utilities Corp has a one year low of $9.53 and a one year high of $16.85.

Algonquin Power & Utilities (NYSE:AQN) last released its quarterly earnings results on Thursday, May 7th. The utilities provider reported $0.19 EPS for the quarter, missing the Zacks’ consensus estimate of $0.21 by ($0.02). The business had revenue of $464.90 million for the quarter, compared to analyst estimates of $513.53 million. Algonquin Power & Utilities had a return on equity of 8.46% and a net margin of 23.59%. The company’s revenue for the quarter was down 2.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.19 EPS. Equities analysts anticipate that Algonquin Power & Utilities Corp will post 0.66 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be issued a dividend of $0.155 per share. The ex-dividend date of this dividend is Monday, June 29th. This is an increase from Algonquin Power & Utilities’s previous quarterly dividend of $0.14. This represents a $0.62 dividend on an annualized basis and a dividend yield of 4.62%. Algonquin Power & Utilities’s dividend payout ratio (DPR) is presently 88.89%.

Several equities analysts have recently issued reports on AQN shares. Royal Bank of Canada reaffirmed a “buy” rating and set a $15.00 price target on shares of Algonquin Power & Utilities in a research note on Wednesday, April 8th. BMO Capital Markets lowered Algonquin Power & Utilities from an “outperform” rating to a “market perform” rating and set a $13.50 price target on the stock. in a research note on Friday, May 8th. Raymond James cut their target price on Algonquin Power & Utilities from $19.00 to $18.00 and set a “strong-buy” rating on the stock in a research note on Friday, May 8th. Bank of America lowered Algonquin Power & Utilities from a “neutral” rating to an “underperform” rating and set a $13.00 target price on the stock. in a research note on Thursday, April 23rd. Finally, Morgan Stanley cut their target price on Algonquin Power & Utilities from $16.00 to $15.50 and set an “equal weight” rating on the stock in a research note on Friday, May 15th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $15.84.

Algonquin Power & Utilities Profile

Algonquin Power & Utilities Corp., through its subsidiaries, owns and operates a portfolio of regulated and non-regulated generation, distribution, and transmission utility assets in Canada and the United States. It generates and sells electrical energy through a portfolio of non-regulated renewable and clean energy power generation facilities.

Further Reading: Technical Analysis

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Institutional Ownership by Quarter for Algonquin Power & Utilities (NYSE:AQN)

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