TD Asset Management Inc Trims Stock Holdings in Algonquin Power & Utilities Corp. (NYSE:AQN)

Key Points

• TD Asset Management Inc sold 455,704 shares of Algonquin Power & Utilities Corp, reducing its holdings by 16.7% to 2,271,258 shares, valued at approximately $11.66 million.
• Institutional investors collectively own 62.28% of Algonquin Power & Utilities, with notable increases from FIL Ltd and EdgePoint Investment Group Inc during the fourth quarter.
• Recent analyst ratings for AQN include a mix of upgrades and downgrades, with price targets ranging from $5.75 to $6.75 and an average rating of "Hold."

TD Asset Management Inc cut its holdings in shares of Algonquin Power & Utilities Corp. (NYSE:AQN - Free Report) by 16.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,271,258 shares of the utilities provider's stock after selling 455,704 shares during the period. TD Asset Management Inc owned about 0.30% of Algonquin Power & Utilities worth $11,662,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in AQN. Private Management Group Inc. increased its holdings in shares of Algonquin Power & Utilities by 10.8% during the first quarter. Private Management Group Inc. now owns 6,563,198 shares of the utilities provider's stock worth $33,735,000 after buying an additional 638,215 shares in the last quarter. Cetera Investment Advisers increased its holdings in shares of Algonquin Power & Utilities by 21.9% during the first quarter. Cetera Investment Advisers now owns 156,975 shares of the utilities provider's stock worth $806,000 after buying an additional 28,175 shares in the last quarter. John G Ullman & Associates Inc. increased its holdings in shares of Algonquin Power & Utilities by 87.4% during the first quarter. John G Ullman & Associates Inc. now owns 43,100 shares of the utilities provider's stock worth $222,000 after buying an additional 20,100 shares in the last quarter. Oakwell Private Wealth Management LLC acquired a new position in shares of Algonquin Power & Utilities during the first quarter worth $63,000. Finally, Signaturefd LLC increased its holdings in shares of Algonquin Power & Utilities by 14.6% during the first quarter. Signaturefd LLC now owns 48,586 shares of the utilities provider's stock worth $250,000 after buying an additional 6,203 shares in the last quarter. 62.28% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on AQN. CIBC upped their price target on shares of Algonquin Power & Utilities from $5.75 to $6.25 and gave the stock a "neutral" rating in a report on Wednesday, June 4th. Desjardins upped their price target 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. Raymond James Financial upped their price target 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. Wall Street Zen downgraded Algonquin Power & Utilities from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. Finally, National Bankshares downgraded Algonquin Power & Utilities from an "outperform" rating to a "sector perform" rating and set a $6.75 price objective for the company. in a report on Wednesday, June 4th. One investment analyst has rated the stock with a sell rating and twelve have given a hold rating to the company. According to MarketBeat.com, Algonquin Power & Utilities has a consensus rating of "Hold" and an average price target of $6.31.

Algonquin Power & Utilities Trading Up 1.8%

AQN traded up $0.11 during trading on Monday, reaching $6.01. 1,655,367 shares of the stock traded hands, compared to its average volume of 10,728,132. The company has a quick ratio of 0.94, a current ratio of 1.16 and a debt-to-equity ratio of 1.21. The stock has a market capitalization of $4.61 billion, a PE ratio of -3.87 and a beta of 0.68. The stock's 50-day moving average is $5.81 and its 200 day moving average is $5.29. Algonquin Power & Utilities Corp. has a 12 month low of $4.19 and a 12 month high of $6.26.

Algonquin Power & Utilities (NYSE:AQN - Get Free Report) last issued its quarterly earnings results on Friday, May 9th. The utilities provider reported $0.14 EPS for the quarter, beating analysts' consensus estimates of $0.09 by $0.05. The business had revenue of $692.40 million for 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 in the prior year, the firm posted $0.14 earnings per share. Equities analysts anticipate 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 declared a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were given a $0.065 dividend. The ex-dividend date of this dividend was Monday, June 30th. This represents a $0.26 annualized dividend and a yield of 4.3%. Algonquin Power & Utilities's dividend payout ratio (DPR) is presently -16.77%.

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.