Cibc World Market Inc. Sells 2,771,702 Shares of Algonquin Power & Utilities Corp. $AQN

Key Points

• CIBC World Markets cut its stake in Algonquin Power & Utilities by 42.8% in the fourth quarter, selling 2.77 million shares and leaving it with 3.7 million shares valued at about $22.8 million.
• Algonquin Power & Utilities reported Q1 earnings of $0.13 per share, topping analyst estimates of $0.11, while revenue matched expectations at $713.7 million.
• The company declared a quarterly dividend of $0.065 per share payable July 15, implying an annualized yield of 4.3%, though the payout ratio is high at 118.18%.

Cibc World Market Inc. cut its holdings in Algonquin Power & Utilities Corp. (NYSE:AQN - Free Report) by 42.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,700,005 shares of the utilities provider's stock after selling 2,771,702 shares during the period. Cibc World Market Inc. owned about 0.48% of Algonquin Power & Utilities worth $22,755,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in shares of Algonquin Power & Utilities by 3.3% in the 3rd quarter. Vanguard Group Inc. now owns 33,744,586 shares of the utilities provider's stock valued at $181,377,000 after acquiring an additional 1,086,040 shares during the last quarter. Quantbot Technologies LP increased its holdings in shares of Algonquin Power & Utilities by 77.7% in the 3rd quarter. Quantbot Technologies LP now owns 398,318 shares of the utilities provider's stock valued at $2,139,000 after acquiring an additional 174,118 shares during the last quarter. ARS Investment Partners LLC grew its stake in Algonquin Power & Utilities by 29.6% during the 4th quarter. ARS Investment Partners LLC now owns 863,660 shares of the utilities provider's stock worth $5,312,000 after buying an additional 197,490 shares during the last quarter. Cidel Asset Management Inc. grew its stake in Algonquin Power & Utilities by 2.4% during the 3rd quarter. Cidel Asset Management Inc. now owns 3,253,612 shares of the utilities provider's stock worth $17,491,000 after buying an additional 75,266 shares during the last quarter. Finally, Callodine Capital Management LP grew its stake in Algonquin Power & Utilities by 15.3% during the 3rd quarter. Callodine Capital Management LP now owns 5,581,841 shares of the utilities provider's stock worth $29,974,000 after buying an additional 740,872 shares during the last quarter. 62.28% of the stock is currently owned by institutional investors.

Algonquin Power & Utilities Stock Up 0.9%

Algonquin Power & Utilities stock opened at $6.00 on Friday. Algonquin Power & Utilities Corp. has a twelve month low of $5.32 and a twelve month high of $7.11. The stock has a 50 day moving average of $6.12 and a two-hundred day moving average of $6.27. The company has a current ratio of 1.05, a quick ratio of 0.87 and a debt-to-equity ratio of 1.26. The stock has a market capitalization of $4.61 billion, a price-to-earnings ratio of 27.25 and a beta of 0.71.

Algonquin Power & Utilities (NYSE:AQN - Get Free Report) last posted its quarterly earnings data on Friday, May 8th. The utilities provider reported $0.13 earnings per share for the quarter, topping analysts' consensus estimates of $0.11 by $0.02. Algonquin Power & Utilities had a return on equity of 5.21% and a net margin of 6.62%.The company had revenue of $713.69 million during the quarter, compared to analysts' expectations of $713.69 million. During the same period last year, the firm earned $0.14 EPS. As a group, research analysts expect that Algonquin Power & Utilities Corp. will post 0.36 earnings per share for the current year.

Algonquin Power & Utilities Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be given a dividend of $0.065 per share. This represents a $0.26 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date of this dividend is Tuesday, June 30th. Algonquin Power & Utilities's dividend payout ratio (DPR) is presently 118.18%.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on AQN. Zacks Research downgraded Algonquin Power & Utilities from a "strong-buy" rating to a "hold" rating in a research note on Monday, March 9th. TD Cowen dropped their price target on Algonquin Power & Utilities from $6.50 to $6.00 and set a "hold" rating on the stock in a research note on Monday, March 9th. Wall Street Zen downgraded Algonquin Power & Utilities from a "buy" rating to a "hold" rating in a research note on Sunday, March 15th. Wells Fargo & Company began coverage on Algonquin Power & Utilities in a research note on Tuesday, May 12th. They set an "equal weight" rating and a $7.00 price target on the stock. Finally, National Bank Financial dropped their price target on Algonquin Power & Utilities from $7.50 to $7.25 and set an "outperform" rating on the stock in a research note on Monday, March 9th. Six analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $6.83.

Algonquin Power & Utilities Profile

Algonquin Power & Utilities Corp NYSE: AQN is a diversified generation, transmission and distribution utility company headquartered in Oakville, Ontario. Established in 1988, the firm operates through two primary business segments: Regulated Utilities and Renewable Energy. Its Regulated Utilities segment comprises electric, natural gas and water distribution networks serving residential, commercial and industrial customers across North America, while its Renewable Energy portfolio includes hydroelectric, solar, wind and thermal generation facilities.

The company's renewable energy assets span multiple jurisdictions in Canada and the United States, reflecting its strategy to expand clean power capacity in regions with supportive regulatory frameworks.

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