Cardinal Point Capital Management ULC Has $1.86 Million Stake in TransAlta Corporation $TAC

Key Points

• Cardinal Point Capital Management ULC increased its stake in TransAlta Corporation by 19.5%, now holding 172,985 shares valued at approximately $1.86 million.
• TransAlta reported $0.13 earnings per share for the most recent quarter, surpassing analyst expectations, while total revenue was $451.2 million.
• The company declared a quarterly dividend of $0.065, with an ex-dividend date of December 1st, representing an annual yield of 1.5%.

Cardinal Point Capital Management ULC boosted its position in shares of TransAlta Corporation (NYSE:TAC - Free Report) TSE: TA by 19.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 172,985 shares of the utilities provider's stock after acquiring an additional 28,170 shares during the quarter. Cardinal Point Capital Management ULC owned 0.06% of TransAlta worth $1,863,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Invesco Ltd. raised its position in shares of TransAlta by 1,150.1% in the first quarter. Invesco Ltd. now owns 904,342 shares of the utilities provider's stock valued at $8,456,000 after purchasing an additional 832,000 shares during the period. Bessemer Group Inc. bought a new position in shares of TransAlta in the first quarter valued at about $638,000. Canada Pension Plan Investment Board acquired a new position in shares of TransAlta in the first quarter valued at about $4,200,000. Nuveen LLC acquired a new position in shares of TransAlta in the first quarter valued at about $2,056,000. Finally, Russell Investments Group Ltd. grew its stake in shares of TransAlta by 25.2% in the first quarter. Russell Investments Group Ltd. now owns 70,824 shares of the utilities provider's stock valued at $661,000 after acquiring an additional 14,256 shares in the last quarter. 59.00% of the stock is owned by institutional investors.

TransAlta Stock Performance

NYSE:TAC opened at $17.23 on Friday. The company has a market capitalization of $5.11 billion, a PE ratio of -41.02 and a beta of 0.79. The company has a 50 day simple moving average of $13.82 and a two-hundred day simple moving average of $11.53. The company has a debt-to-equity ratio of 4.98, a quick ratio of 0.72 and a current ratio of 0.79. TransAlta Corporation has a fifty-two week low of $7.82 and a fifty-two week high of $17.69.

TransAlta (NYSE:TAC - Get Free Report) TSE: TA last released its earnings results on Friday, August 1st. The utilities provider reported $0.13 earnings per share for the quarter, beating analysts' consensus estimates of $0.07 by $0.06. The business had revenue of $451.20 million during the quarter, compared to the consensus estimate of $473.94 million. TransAlta had a negative net margin of 6.79% and a negative return on equity of 2.06%. Research analysts anticipate that TransAlta Corporation will post 0.41 earnings per share for the current year.

TransAlta Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 1st. Investors of record on Monday, December 1st will be given a $0.065 dividend. The ex-dividend date of this dividend is Monday, December 1st. This represents a $0.26 annualized dividend and a yield of 1.5%. TransAlta's dividend payout ratio (DPR) is presently -42.86%.

Wall Street Analyst Weigh In

TAC has been the topic of several research reports. CIBC restated an "outperform" rating on shares of TransAlta in a research note on Monday. National Bankshares reaffirmed an "outperform" rating on shares of TransAlta in a research report on Tuesday, August 5th. Zacks Research cut shares of TransAlta from a "strong-buy" rating to a "hold" rating in a research report on Friday, October 3rd. Scotiabank reaffirmed an "outperform" rating on shares of TransAlta in a research report on Monday, October 6th. Finally, Weiss Ratings reaffirmed a "sell (d+)" rating on shares of TransAlta in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, TransAlta presently has an average rating of "Moderate Buy" and an average target price of $19.88.

TransAlta Company Profile

TransAlta Corporation engages in the development, production, and sale of electric energy. It operates through Hydro, Wind and Solar, Gas, Energy Transition, and Energy Marketing segments. The Hydro segment holds interest of approximately 922 megawatts (MW) of owned hydroelectric generating capacity located in Alberta, British Columbia, and Ontario.

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