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Allspring Global Investments Holdings LLC Purchases Shares of 56,000 Algonquin Power & Utilities Corp. (NYSE:AQN)

Algonquin Power & Utilities logo with Utilities background

Allspring Global Investments Holdings LLC purchased a new stake in Algonquin Power & Utilities Corp. (NYSE:AQN - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 56,000 shares of the utilities provider's stock, valued at approximately $288,000.

A number of other hedge funds have also recently bought and sold shares of AQN. Avantax Advisory Services Inc. bought a new stake in Algonquin Power & Utilities in the 4th quarter valued at $58,000. Sowell Financial Services LLC bought a new position in shares of Algonquin Power & Utilities during the 1st quarter worth about $59,000. NBC Securities Inc. lifted its holdings in shares of Algonquin Power & Utilities by 111,700.0% during the 1st quarter. NBC Securities Inc. now owns 12,298 shares of the utilities provider's stock worth $63,000 after acquiring an additional 12,287 shares during the period. Capstone Investment Advisors LLC lifted its holdings in shares of Algonquin Power & Utilities by 59.6% during the 4th quarter. Capstone Investment Advisors LLC now owns 17,060 shares of the utilities provider's stock worth $76,000 after acquiring an additional 6,370 shares during the period. Finally, Quadrant Capital Group LLC lifted its holdings in shares of Algonquin Power & Utilities by 40.5% during the 4th quarter. Quadrant Capital Group LLC now owns 17,555 shares of the utilities provider's stock worth $78,000 after acquiring an additional 5,060 shares during the period. 62.28% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

AQN has been the subject of a number of analyst reports. Raymond James Financial raised their price objective on shares of Algonquin Power & Utilities from $5.00 to $6.00 and gave the stock a "market perform" rating in a report on Wednesday, June 4th. TD Securities raised their price objective on shares of Algonquin Power & Utilities from $6.00 to $6.50 and gave the stock a "hold" rating in a report on Wednesday, June 4th. BMO Capital Markets reaffirmed a "market perform" rating and set a $6.00 price objective (up from $5.00) on shares of Algonquin Power & Utilities in a report on Monday, May 12th. Desjardins raised their price objective on shares of Algonquin Power & Utilities from $4.75 to $6.00 and gave the stock a "hold" rating in a report on Wednesday, June 4th. Finally, Scotiabank increased their target price on shares of Algonquin Power & Utilities from $6.00 to $6.50 and gave the stock a "sector perform" rating in a research report on Wednesday, June 4th. One analyst has rated the stock with a sell rating and twelve have assigned a hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $6.31.

View Our Latest Research Report on Algonquin Power & Utilities

Algonquin Power & Utilities Price Performance

AQN traded down $0.02 during midday trading on Friday, hitting $5.83. The company had a trading volume of 5,035,744 shares, compared to its average volume of 8,713,611. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.94 and a current ratio of 1.16. The company has a market capitalization of $4.48 billion, a PE ratio of -3.76 and a beta of 0.69. Algonquin Power & Utilities Corp. has a twelve month low of $4.19 and a twelve month high of $6.36. The firm's 50-day simple moving average is $5.69 and its 200-day simple moving average is $5.12.

Algonquin Power & Utilities (NYSE:AQN - Get Free Report) last posted its quarterly earnings data on Friday, May 9th. The utilities provider reported $0.14 earnings per share for the quarter, beating the consensus estimate of $0.09 by $0.05. The firm had revenue of $692.40 million during the quarter, compared to analysts' expectations of $699.08 million. Algonquin Power & Utilities had a negative net margin of 48.78% and a positive return on equity of 4.74%. During the same quarter last year, the company posted $0.14 EPS. Equities research analysts predict that Algonquin Power & Utilities Corp. will post 0.38 EPS for the current fiscal year.

Algonquin Power & Utilities Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be paid a $0.065 dividend. This represents a $0.26 annualized dividend and a dividend yield of 4.46%. The ex-dividend date is Monday, June 30th. Algonquin Power & Utilities's dividend payout ratio (DPR) is presently -16.77%.

About Algonquin Power & Utilities

(Free Report)

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

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