Vanguard Group Inc. Buys 204,473 Shares of Algonquin Power & Utilities Corp. $AQN

Key Points

• Vanguard Group Inc. increased its holdings in Algonquin Power & Utilities by 0.6%, owning approximately 31.7 million shares valued at $162.9 million.
• Algonquin Power & Utilities reported $0.04 EPS for its latest quarter, aligning with analysts' expectations, and a negative net margin of 57.66%.
• The company announced a quarterly dividend of $0.065 per share, with a dividend yield of 4.5%, to be paid on October 15th.

Vanguard Group Inc. increased its position in shares of Algonquin Power & Utilities Corp. (NYSE:AQN - Free Report) by 0.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,715,401 shares of the utilities provider's stock after purchasing an additional 204,473 shares during the period. Vanguard Group Inc. owned 4.13% of Algonquin Power & Utilities worth $162,859,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Starboard Value LP raised its position in Algonquin Power & Utilities by 5.1% during the fourth quarter. Starboard Value LP now owns 65,316,000 shares of the utilities provider's stock valued at $290,656,000 after buying an additional 3,175,000 shares during the period. EdgePoint Investment Group Inc. grew its stake in Algonquin Power & Utilities by 32.8% in the fourth quarter. EdgePoint Investment Group Inc. now owns 22,830,789 shares of the utilities provider's stock valued at $101,202,000 after purchasing an additional 5,640,705 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its stake in shares of Algonquin Power & Utilities by 0.7% in the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 13,051,123 shares of the utilities provider's stock valued at $57,852,000 after purchasing an additional 91,353 shares during the last quarter. Bank of Nova Scotia boosted its stake in shares of Algonquin Power & Utilities by 1.5% during the 1st quarter. Bank of Nova Scotia now owns 9,761,735 shares of the utilities provider's stock worth $50,137,000 after acquiring an additional 139,907 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in shares of Algonquin Power & Utilities by 5.4% during the 4th quarter. The Manufacturers Life Insurance Company now owns 8,140,676 shares of the utilities provider's stock worth $36,217,000 after acquiring an additional 420,202 shares in the last quarter. Institutional investors own 62.28% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on AQN shares. Scotiabank raised their price objective on 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. Royal Bank Of Canada raised their price objective on 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. Desjardins raised their price objective on Algonquin Power & Utilities from $4.75 to $6.00 and gave the stock a "hold" rating in a research 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 target price for the company. in a research report on Wednesday, June 4th. Finally, CIBC raised their target price on Algonquin Power & Utilities from $5.75 to $6.25 and gave the stock a "neutral" rating in a research report on Wednesday, June 4th. Twelve equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Algonquin Power & Utilities currently has a consensus rating of "Hold" and an average target price of $6.31.

Algonquin Power & Utilities Price Performance

AQN stock traded up $0.0050 during mid-day trading on Monday, reaching $5.8250. The company's stock had a trading volume of 2,416,388 shares, compared to its average volume of 10,358,183. Algonquin Power & Utilities Corp. has a fifty-two week low of $4.19 and a fifty-two week high of $6.24. The company has a current ratio of 1.09, a quick ratio of 0.86 and a debt-to-equity ratio of 1.22. The company's 50 day moving average is $5.84 and its two-hundred day moving average is $5.43. The stock has a market cap of $4.47 billion, a PE ratio of -3.24 and a beta of 0.67.

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

Algonquin Power & Utilities Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be issued a $0.065 dividend. The ex-dividend date of this dividend 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 (DPR) is currently -14.44%.

Algonquin Power & Utilities Company 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.