Ariel Investments LLC Buys Shares of 6,952,341 Algonquin Power & Utilities Corp. $AQN

Key Points

• Ariel Investments LLC has acquired a significant stake in Algonquin Power & Utilities Corp., purchasing approximately 6.95 million shares valued at $35.7 million, representing about 0.91% of the company's stock.
• Algonquin Power & Utilities recently announced a quarterly dividend of $0.065 per share, which translates to a 4.6% dividend yield for its investors.
• Despite a challenging performance, with the stock down 2.7% recently, analysts maintain a consensus rating of "Hold" with a median price target of $6.31.

Ariel Investments LLC purchased a new stake in Algonquin Power & Utilities Corp. (NYSE:AQN - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 6,952,341 shares of the utilities provider's stock, valued at approximately $35,735,000. Ariel Investments LLC owned about 0.91% of Algonquin Power & Utilities at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. Starboard Value LP lifted its holdings in shares of Algonquin Power & Utilities by 5.1% in the 4th quarter. Starboard Value LP now owns 65,316,000 shares of the utilities provider's stock valued at $290,656,000 after acquiring an additional 3,175,000 shares during the last quarter. Vanguard Group Inc. raised its position in Algonquin Power & Utilities by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 31,715,401 shares of the utilities provider's stock worth $162,859,000 after purchasing an additional 204,473 shares during the period. EdgePoint Investment Group Inc. raised its position in Algonquin Power & Utilities by 32.8% in the 4th quarter. EdgePoint Investment Group Inc. now owns 22,830,789 shares of the utilities provider's stock worth $101,202,000 after purchasing an additional 5,640,705 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its position in Algonquin Power & Utilities by 0.7% in the 1st quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 13,139,562 shares of the utilities provider's stock worth $67,487,000 after purchasing an additional 88,439 shares during the period. Finally, Southpoint Capital Advisors LP purchased a new stake in Algonquin Power & Utilities in the 1st quarter worth about $51,400,000. Institutional investors own 62.28% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on AQN shares. TD Securities raised shares of Algonquin Power & Utilities to a "hold" rating in a research report on Monday, August 11th. National Bank Financial raised shares of Algonquin Power & Utilities to a "hold" rating in a research report on Sunday, June 8th. Wall Street Zen lowered shares of Algonquin Power & Utilities from a "hold" rating to a "sell" rating in a research report on Saturday, August 16th. BMO Capital Markets reissued a "market perform" rating and issued a $6.00 price objective (up from $5.00) on shares of Algonquin Power & Utilities in a research report on Monday, May 12th. Finally, National Bankshares lowered shares of Algonquin Power & Utilities from an "outperform" rating to a "sector perform" rating and set a $6.75 price objective on the stock. in a research report on Wednesday, June 4th. Eleven analysts have rated the stock with a Hold rating, According to MarketBeat, Algonquin Power & Utilities presently has a consensus rating of "Hold" and a consensus target price of $6.34.

Algonquin Power & Utilities Trading Up 0.8%

Shares of NYSE:AQN traded up $0.05 during trading on Friday, reaching $5.69. 3,675,004 shares of the company were exchanged, compared to its average volume of 4,571,837. The firm has a market capitalization of $4.37 billion, a PE ratio of -3.16 and a beta of 0.69. The business's fifty day simple moving average is $5.84 and its 200-day simple moving average is $5.50. Algonquin Power & Utilities Corp. has a 12-month low of $4.19 and a 12-month high of $6.24. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.09 and a quick ratio of 0.86.

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

Algonquin Power & Utilities Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be issued a dividend of $0.065 per share. This represents a $0.26 annualized dividend and a yield of 4.6%. The ex-dividend date of this dividend is Monday, September 29th. Algonquin Power & Utilities's dividend payout ratio (DPR) is presently -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.