CenterBook Partners LP Purchases 362,410 Shares of TransAlta Corporation $TAC

Key Points

• CenterBook Partners acquired 362,410 TransAlta shares in the third quarter, worth about $4.38 million and representing 0.11% of the company. Hedge funds and other institutions collectively held 59% of TransAlta’s stock.
• TransAlta beat quarterly earnings expectations, reporting EPS of $0.13 versus the $0.05 consensus, and revenue of $376.4 million versus forecasts of $366.4 million. Analysts’ consensus rating was Buy, with an average price target of $24.50.
• The company announced a quarterly dividend of C$0.07 per share, or C$0.28 annualized, for a stated yield of 2.2%.

CenterBook Partners LP acquired a new stake in shares of TransAlta Corporation (NYSE:TAC - Free Report) TSE: TA during the third quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 362,410 shares of the utilities provider's stock, valued at approximately $4,378,000. CenterBook Partners LP owned 0.11% of TransAlta at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in TAC. Jupiter Topco LLC purchased a new position in shares of TransAlta during the second quarter valued at about $1,434,000. Bank of America Corp DE bought a new position in TransAlta in the second quarter worth about $123,434,000. The Manufacturers Life Insurance Company purchased a new stake in TransAlta in the second quarter worth about $4,015,000. BlackRock Inc. purchased a new stake in TransAlta in the second quarter worth about $2,854,000. Finally, Polar Asset Management Partners Inc. purchased a new stake in TransAlta in the second quarter worth about $3,453,000. 59.00% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have weighed in on TAC shares. Canadian Imperial Bank of Commerce reaffirmed an "outperform" rating on shares of TransAlta in a research report on Friday, July 17th. BMO Capital Markets reissued an "outperform" rating on shares of TransAlta in a research report on Monday, August 3rd. Weiss Ratings upgraded TransAlta from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Thursday, October 8th. Finally, Zacks Research upgraded TransAlta from a "hold" rating to a "strong-buy" rating in a research note on Thursday. Two analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $24.50.

TransAlta Stock Down 0.8%

Shares of TransAlta stock opened at $13.02 on Friday. The company has a debt-to-equity ratio of 3.30, a current ratio of 0.87 and a quick ratio of 0.77. The company has a 50-day moving average of $12.47 and a 200 day moving average of $12.95. The firm has a market cap of $4.12 billion, a price-to-earnings ratio of 118.34 and a beta of 0.73. TransAlta Corporation has a 1 year low of $11.38 and a 1 year high of $15.98.

TransAlta (NYSE:TAC - Get Free Report) TSE: TA last issued its quarterly earnings results on Tuesday, November 3rd. The utilities provider reported $0.13 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.05 by $0.08. TransAlta had a net margin of 2.24% and a return on equity of 14.75%. The company had revenue of $376.43 million during the quarter, compared to analysts' expectations of $366.40 million. As a group, sell-side analysts anticipate that TransAlta Corporation will post 0.28 earnings per share for the current fiscal year.

TransAlta Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 1st. Shareholders of record on Tuesday, December 1st will be paid a dividend of C$0.07 per share. The ex-dividend date of this dividend is Tuesday, December 1st. This represents a $0.28 dividend on an annualized basis and a dividend yield of 2.2%. TransAlta's dividend payout ratio (DPR) is currently 181.82%.

TransAlta Company Profile

TransAlta Corporation is a Canada-based power generation and wholesale marketing company headquartered in Calgary, Alberta. The company develops, owns and operates a diversified portfolio of electricity-generating facilities, including hydroelectric, wind, solar, natural gas and coal-fired power assets.

TransAlta supplies electricity to utilities, commercial and industrial customers, and wholesale markets. Its activities include power generation, energy marketing, asset management and the development of renewable energy projects.

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