4,513,113 Shares in Algonquin Power & Utilities Corp. (NYSE:AQN) Acquired by Packer & Co Ltd

Packer & Co Ltd purchased a new position in shares of Algonquin Power & Utilities Corp. (NYSE:AQN - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 4,513,113 shares of the utilities provider's stock, valued at approximately $23,197,000. Algonquin Power & Utilities makes up 7.0% of Packer & Co Ltd's holdings, making the stock its 5th biggest holding. Packer & Co Ltd owned about 0.59% of Algonquin Power & Utilities at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in Algonquin Power & Utilities by 1.8% during the fourth quarter. Vanguard Group Inc. now owns 31,510,928 shares of the utilities provider's stock worth $139,845,000 after buying an additional 544,198 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Algonquin Power & Utilities by 4.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,303,614 shares of the utilities provider's stock worth $10,219,000 after buying an additional 92,373 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in Algonquin Power & Utilities during the fourth quarter worth approximately $990,000. Swiss National Bank grew its position in Algonquin Power & Utilities by 0.6% during the fourth quarter. Swiss National Bank now owns 1,441,700 shares of the utilities provider's stock worth $6,396,000 after buying an additional 8,700 shares in the last quarter. Finally, Van ECK Associates Corp grew its position in Algonquin Power & Utilities by 4.1% during the fourth quarter. Van ECK Associates Corp now owns 221,307 shares of the utilities provider's stock worth $982,000 after buying an additional 8,620 shares in the last quarter. Institutional investors and hedge funds own 62.28% of the company's stock.

Algonquin Power & Utilities Stock Down 0.8%

Shares of NYSE:AQN opened at $5.71 on Friday. The firm has a market cap of $4.38 billion, a P/E ratio of -3.68 and a beta of 0.67. The company has a quick ratio of 0.94, a current ratio of 1.16 and a debt-to-equity ratio of 1.21. Algonquin Power & Utilities Corp. has a 12-month low of $4.19 and a 12-month high of $6.36. The business has a fifty day simple moving average of $5.56 and a 200 day simple moving average of $4.99.

Algonquin Power & Utilities (NYSE:AQN - Get Free Report) last announced its earnings results on Friday, May 9th. The utilities provider reported $0.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.09 by $0.05. Algonquin Power & Utilities had a positive return on equity of 4.74% and a negative net margin of 48.78%. The business had revenue of $692.40 million during the quarter, compared to analyst estimates of $699.08 million. During the same period last year, the company earned $0.14 EPS. Analysts predict that Algonquin Power & Utilities Corp. will post 0.38 earnings per share for the current year.

Algonquin Power & Utilities Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be given a $0.065 dividend. This represents a $0.26 annualized dividend and a dividend yield of 4.56%. The ex-dividend date of this dividend is Monday, June 30th. Algonquin Power & Utilities's dividend payout ratio (DPR) is presently -16.77%.

Analyst Ratings Changes

AQN has been the topic of a number of research analyst reports. Royal Bank Of Canada raised their target price 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. Raymond James Financial raised their target price on Algonquin Power & Utilities from $5.00 to $6.00 and gave the company a "market perform" rating in a report on Wednesday, June 4th. Wall Street Zen downgraded Algonquin Power & Utilities from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. TD Securities raised their target price on Algonquin Power & Utilities from $6.00 to $6.50 and gave the company a "hold" rating in a report on Wednesday, June 4th. Finally, BMO Capital Markets reaffirmed a "market perform" rating and issued a $6.00 target price (up previously from $5.00) on shares of Algonquin Power & Utilities in a report on Monday, May 12th. One investment analyst has rated the stock with a sell rating and twelve have assigned a hold rating to the stock. According to MarketBeat.com, Algonquin Power & Utilities has an average rating of "Hold" and an average target price of $6.31.

About Algonquin Power & Utilities

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.

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