Cardinal Point Capital Management ULC Buys 28,170 Shares of TransAlta Corporation $TAC

Cardinal Point Capital Management ULC raised its stake in shares of TransAlta Corporation (NYSE:TAC) (TSE:TA) by 19.5% during the 2nd quarter, Holdings Channel.com reports. The fund owned 172,985 shares of the utilities provider’s stock after acquiring an additional 28,170 shares during the period. Cardinal Point Capital Management ULC’s holdings in TransAlta were worth $1,863,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of TAC. Caitong International Asset Management Co. Ltd lifted its stake in TransAlta by 48,666.7% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 4,389 shares of the utilities provider’s stock valued at $41,000 after acquiring an additional 4,380 shares in the last quarter. Entropy Technologies LP bought a new stake in shares of TransAlta during the 1st quarter worth $119,000. Ballentine Partners LLC bought a new stake in shares of TransAlta during the 2nd quarter worth $134,000. State of Wyoming bought a new stake in shares of TransAlta during the 1st quarter worth $146,000. Finally, Private Advisor Group LLC increased its holdings in TransAlta by 64.9% in the 1st quarter. Private Advisor Group LLC now owns 17,525 shares of the utilities provider’s stock worth $164,000 after acquiring an additional 6,900 shares during the last quarter. 59.00% of the stock is currently owned by institutional investors.

TransAlta Stock Up 3.0%

Shares of NYSE TAC opened at $17.23 on Friday. TransAlta Corporation has a 12 month low of $7.82 and a 12 month high of $17.69. The company has a current ratio of 0.79, a quick ratio of 0.72 and a debt-to-equity ratio of 4.98. The firm has a market capitalization of $5.11 billion, a price-to-earnings ratio of -41.02 and a beta of 0.79. The business has a 50-day moving average of $13.82 and a 200-day moving average of $11.53.

TransAlta (NYSE:TAC) (TSE:TA) last issued its quarterly earnings data on Friday, August 1st. The utilities provider reported $0.13 EPS for the quarter, topping the consensus estimate of $0.07 by $0.06. The company had revenue of $451.20 million during the quarter, compared to analyst estimates of $473.94 million. TransAlta had a negative return on equity of 2.06% and a negative net margin of 6.79%. Sell-side analysts expect that TransAlta Corporation will post 0.41 earnings per share for the current fiscal year.

TransAlta Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 1st. Shareholders of record on Monday, December 1st will be given a $0.065 dividend. The ex-dividend date is Monday, December 1st. This represents a $0.26 annualized dividend and a yield of 1.5%. TransAlta’s payout ratio is presently -42.86%.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on TAC. National Bankshares reissued an “outperform” rating on shares of TransAlta in a report on Tuesday, August 5th. Scotiabank reiterated an “outperform” rating on shares of TransAlta in a research report on Monday, October 6th. CIBC reiterated an “outperform” rating on shares of TransAlta in a research report on Monday. Weiss Ratings reiterated a “sell (d+)” rating on shares of TransAlta in a research report on Wednesday, October 8th. Finally, TD Securities reiterated a “buy” rating and set a $20.00 price target (up from $19.00) on shares of TransAlta in a research report on Tuesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $19.88.

TransAlta Profile

TransAlta Corporation engages in the development, production, and sale of electric energy. It operates through Hydro, Wind and Solar, Gas, Energy Transition, and Energy Marketing segments. The Hydro segment holds interest of approximately 922 megawatts (MW) of owned hydroelectric generating capacity located in Alberta, British Columbia, and Ontario.