12,069,980 Shares in Algonquin Power & Utilities Corp. $AQN Bought by Principal Financial Group Inc.

Key Points

• Principal Financial Group bought a new stake of 12,069,980 shares in Algonquin Power & Utilities, worth about $74.3 million, giving it 1.57% ownership of the company.
• Several other institutional investors also adjusted their AQN holdings, and institutional ownership now stands at 62.28%.
• Analysts are mixed on the stock: AQN has a Hold consensus rating with an average price target of $6.68, while the shares recently traded around $6.27 and the company reported quarterly earnings that slightly beat estimates.

Principal Financial Group Inc. acquired a new position in Algonquin Power & Utilities Corp. (NYSE:AQN - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 12,069,980 shares of the utilities provider's stock, valued at approximately $74,263,000. Principal Financial Group Inc. owned 1.57% of Algonquin Power & Utilities at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of AQN. Triasima Portfolio Management inc. boosted its holdings in shares of Algonquin Power & Utilities by 1.4% in the 4th quarter. Triasima Portfolio Management inc. now owns 201,732 shares of the utilities provider's stock valued at $1,242,000 after buying an additional 2,767 shares during the period. Horizon Investments LLC grew its position in shares of Algonquin Power & Utilities by 32.5% during the 4th quarter. Horizon Investments LLC now owns 242,117 shares of the utilities provider's stock valued at $1,489,000 after buying an additional 59,427 shares during the last quarter. R Squared Ltd acquired a new stake in Algonquin Power & Utilities during the fourth quarter worth about $68,000. Washington Capital Management Inc. bought a new position in Algonquin Power & Utilities in the fourth quarter worth about $368,000. Finally, Pictet Asset Management Holding SA lifted its holdings in Algonquin Power & Utilities by 1.5% in the fourth quarter. Pictet Asset Management Holding SA now owns 133,733 shares of the utilities provider's stock worth $823,000 after acquiring an additional 1,966 shares during the last quarter. 62.28% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on AQN. National Bank Financial lowered their target price on Algonquin Power & Utilities from $7.50 to $7.25 and set an "outperform" rating for the company in a report on Monday, March 9th. Barclays started coverage on Algonquin Power & Utilities in a research report on Wednesday, April 1st. They set an "overweight" rating and a $7.00 price objective for the company. Raymond James Financial upgraded Algonquin Power & Utilities from a "market perform" rating to an "outperform" rating and upped their price objective for the stock from $6.50 to $7.25 in a research note on Monday, March 9th. Wall Street Zen cut Algonquin Power & Utilities from a "buy" rating to a "hold" rating in a research note on Sunday, March 15th. Finally, TD Cowen reduced their price target on shares of Algonquin Power & Utilities from $6.50 to $6.00 and set a "hold" rating for the company in a report on Monday, March 9th. Six investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat, Algonquin Power & Utilities currently has an average rating of "Hold" and a consensus price target of $6.68.

Algonquin Power & Utilities Trading Down 1.0%

NYSE:AQN opened at $6.27 on Friday. The stock has a market cap of $4.82 billion, a price-to-earnings ratio of 27.24 and a beta of 0.74. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.82 and a current ratio of 1.00. Algonquin Power & Utilities Corp. has a 1 year low of $5.32 and a 1 year high of $7.11. The business has a fifty day moving average of $6.37 and a 200-day moving average of $6.26.

Algonquin Power & Utilities (NYSE:AQN - Get Free Report) last posted its quarterly earnings data on Friday, March 6th. The utilities provider reported $0.06 earnings per share for the quarter, topping the consensus estimate of $0.05 by $0.01. The business had revenue of $630.70 million during the quarter, compared to the consensus estimate of $625.77 million. Algonquin Power & Utilities had a net margin of 7.32% and a return on equity of 5.47%. The company's quarterly revenue was up 7.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.06 earnings per share. Algonquin Power & Utilities has set its FY 2027 guidance at 0.380-0.420 EPS and its FY 2026 guidance at 0.350-0.370 EPS. Equities analysts predict that Algonquin Power & Utilities Corp. will post 0.36 earnings per share for the current year.

Algonquin Power & Utilities Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st were paid a $0.065 dividend. This represents a $0.26 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date of this dividend was Tuesday, March 31st. Algonquin Power & Utilities's dividend payout ratio is currently 113.04%.

Algonquin Power & Utilities Company Profile

Algonquin Power & Utilities Corp NYSE: AQN is a diversified generation, transmission and distribution utility company headquartered in Oakville, Ontario. Established in 1988, the firm operates through two primary business segments: Regulated Utilities and Renewable Energy. Its Regulated Utilities segment comprises electric, natural gas and water distribution networks serving residential, commercial and industrial customers across North America, while its Renewable Energy portfolio includes hydroelectric, solar, wind and thermal generation facilities.

The company's renewable energy assets span multiple jurisdictions in Canada and the United States, reflecting its strategy to expand clean power capacity in regions with supportive regulatory frameworks.

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