Algonquin Power & Utilities Corp. $AQN Shares Purchased by Renaissance Technologies LLC

Renaissance Technologies LLC raised its stake in shares of Algonquin Power & Utilities Corp. (NYSE:AQN - Free Report) by 57.7% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,947,792 shares of the utilities provider's stock after acquiring an additional 712,800 shares during the period. Renaissance Technologies LLC owned approximately 0.25% of Algonquin Power & Utilities worth $11,959,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Public Sector Pension Investment Board increased its holdings in shares of Algonquin Power & Utilities by 2.5% in the second quarter. Public Sector Pension Investment Board now owns 74,271 shares of the utilities provider's stock valued at $424,000 after purchasing an additional 1,800 shares during the period. Assetmark Inc. lifted its holdings in shares of Algonquin Power & Utilities by 9.4% during the first quarter. Assetmark Inc. now owns 22,141 shares of the utilities provider's stock worth $136,000 after purchasing an additional 1,895 shares during the period. Pictet Asset Management Holding SA lifted its holdings in shares of Algonquin Power & Utilities by 1.5% during the fourth quarter. Pictet Asset Management Holding SA now owns 133,733 shares of the utilities provider's stock worth $823,000 after purchasing an additional 1,966 shares during the period. Bank of New York Mellon Corp grew its position in Algonquin Power & Utilities by 13.1% in the 1st quarter. Bank of New York Mellon Corp now owns 17,334 shares of the utilities provider's stock valued at $106,000 after buying an additional 2,010 shares during the last quarter. Finally, LPL Financial LLC grew its position in Algonquin Power & Utilities by 5.7% in the 4th quarter. LPL Financial LLC now owns 37,364 shares of the utilities provider's stock valued at $230,000 after buying an additional 2,026 shares during the last quarter. 62.28% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on AQN. National Bank Financial dropped their price objective on shares of Algonquin Power & Utilities from $7.25 to $7.00 and set an "outperform" rating on the stock in a research note on Friday, July 3rd. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Algonquin Power & Utilities in a report on Friday, July 17th. Canadian Imperial Bank of Commerce boosted their price target on shares of Algonquin Power & Utilities from $6.25 to $6.50 and gave the stock a "neutral" rating in a research note on Monday, April 20th. Finally, Wells Fargo & Company assumed coverage on shares of Algonquin Power & Utilities in a report on Tuesday, May 12th. They set an "equal weight" rating and a $7.00 price target for the company. Six research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $6.81.

Algonquin Power & Utilities Stock Down 2.1%

Algonquin Power & Utilities stock opened at $5.86 on Friday. The stock's 50 day moving average price is $5.87 and its 200 day moving average price is $6.20. Algonquin Power & Utilities Corp. has a 1-year low of $5.32 and a 1-year high of $7.11. The company has a market cap of $4.51 billion, a PE ratio of 26.61 and a beta of 0.71. The company has a debt-to-equity ratio of 1.26, a current ratio of 1.05 and a quick ratio of 0.87.

Algonquin Power & Utilities (NYSE:AQN - Get Free Report) last released its quarterly earnings data on Friday, May 8th. The utilities provider reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.02. Algonquin Power & Utilities had a return on equity of 5.21% and a net margin of 6.62%.The firm had revenue of $713.69 million during the quarter, compared to analysts' expectations of $713.69 million. During the same quarter in the prior year, the business posted $0.14 earnings per share. On average, sell-side analysts predict that Algonquin Power & Utilities Corp. will post 0.36 EPS for the current fiscal year.

Algonquin Power & Utilities Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were issued a $0.065 dividend. This represents a $0.26 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date was Tuesday, June 30th. Algonquin Power & Utilities's dividend payout ratio (DPR) is currently 118.18%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.