Nuveen LLC Takes $13.29 Million Position in Algonquin Power & Utilities Corp. $AQN

Key Points

• Nuveen LLC acquired 2,584,316 shares in Algonquin Power & Utilities Corp. valued at approximately $13.3 million during the first quarter, representing 0.34% ownership by the firm.
• Algonquin Power & Utilities announced a quarterly dividend of $0.065 per share, with a yield of 4.5% and an expected annualized payout of $0.26.
• Recent analyst ratings indicate a consensus "Hold" rating for the stock, with price targets ranging from $6.00 to $6.31 following various upgrades by different brokerages.

Nuveen LLC acquired a new position in Algonquin Power & Utilities Corp. (NYSE:AQN - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 2,584,316 shares of the utilities provider's stock, valued at approximately $13,293,000. Nuveen LLC owned 0.34% of Algonquin Power & Utilities at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the company. Virtu Financial LLC bought a new stake in shares of Algonquin Power & Utilities in the first quarter worth $125,000. Invesco Ltd. grew its holdings in Algonquin Power & Utilities by 15.1% during the first quarter. Invesco Ltd. now owns 3,479,301 shares of the utilities provider's stock valued at $17,884,000 after purchasing an additional 455,471 shares during the period. Chicago Partners Investment Group LLC bought a new stake in Algonquin Power & Utilities during the first quarter valued at about $212,000. Charles Schwab Investment Management Inc. grew its holdings in Algonquin Power & Utilities by 1.7% during the first quarter. Charles Schwab Investment Management Inc. now owns 2,342,740 shares of the utilities provider's stock valued at $12,029,000 after purchasing an additional 39,126 shares during the period. Finally, Vanguard Group Inc. grew its holdings in Algonquin Power & Utilities by 0.6% during the first quarter. Vanguard Group Inc. now owns 31,715,401 shares of the utilities provider's stock valued at $162,859,000 after purchasing an additional 204,473 shares during the period. Institutional investors own 62.28% of the company's stock.

Algonquin Power & Utilities Trading Up 0.8%

AQN stock traded up $0.05 during midday trading on Wednesday, reaching $5.82. 4,280,962 shares of the company traded hands, compared to its average volume of 6,673,379. Algonquin Power & Utilities Corp. has a 52-week low of $4.19 and a 52-week high of $6.24. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.86 and a current ratio of 1.09. The business has a 50 day moving average of $5.84 and a 200-day moving average of $5.45. The firm has a market capitalization of $4.47 billion, a price-to-earnings ratio of -3.23 and a beta of 0.67.

Algonquin Power & Utilities (NYSE:AQN - Get Free Report) last issued its quarterly earnings data on Friday, August 8th. The utilities provider reported $0.04 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.04. Algonquin Power & Utilities had a positive return on equity of 4.76% and a negative net margin of 57.66%.The business had revenue of $535.59 million for the quarter, compared to the consensus estimate of $535.64 million. During the same period in the prior year, the business posted $0.09 earnings per share. As a group, sell-side analysts expect that Algonquin Power & Utilities Corp. will post 0.38 earnings per share for the current fiscal year.

Algonquin Power & Utilities Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be given a dividend of $0.065 per share. The ex-dividend date is Monday, September 29th. This represents a $0.26 dividend on an annualized basis and a yield of 4.5%. Algonquin Power & Utilities's dividend payout ratio is -14.44%.

Analyst Upgrades and Downgrades

Several research firms have issued reports on AQN. Wall Street Zen lowered Algonquin Power & Utilities from a "hold" rating to a "sell" rating in a report on Saturday, August 16th. Scotiabank boosted their price target on Algonquin Power & Utilities from $6.00 to $6.50 and gave the company a "sector perform" rating in a report on Wednesday, June 4th. National Bankshares downgraded Algonquin Power & Utilities from an "outperform" rating to a "sector perform" rating and set a $6.75 price objective on the stock. in a research report on Wednesday, June 4th. TD Securities upgraded Algonquin Power & Utilities to a "hold" rating in a research report on Monday, August 11th. Finally, BMO Capital Markets restated a "market perform" rating and issued a $6.00 price objective (up from $5.00) on shares of Algonquin Power & Utilities in a research report on Monday, May 12th. Twelve investment analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $6.31.

Algonquin Power & Utilities Profile

Algonquin Power & Utilities Corp. is an investment holding company, which engages in energy generation and water distribution facilities. It operates through the Regulated Services Group and Renewable Energy Group segments. The Regulated Services Group segment owns and operates a portfolio of electric, natural gas, water distribution, and wastewater collection utility systems and transmission.