Algonquin Power & Utilities Corp. $AQN Shares Sold by GABELLI & Co INVESTMENT ADVISERS INC.

Key Points

• GABELLI & Co INVESTMENT ADVISERS INC. significantly reduced its holdings in Algonquin Power & Utilities Corp. by 71.9%, now owning 85,000 shares valued at $437,000.
• Institutional investors hold 62.28% of Algonquin Power & Utilities stock, with EdgePoint Investment Group Inc. increasing its position by 32.8%.
• Algonquin Power & Utilities announced a quarterly dividend of $0.065 per share, yielding 4.5%, with a payout ratio currently at -14.44%.

GABELLI & Co INVESTMENT ADVISERS INC. trimmed its holdings in shares of Algonquin Power & Utilities Corp. (NYSE:AQN - Free Report) by 71.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 85,000 shares of the utilities provider's stock after selling 217,522 shares during the quarter. GABELLI & Co INVESTMENT ADVISERS INC.'s holdings in Algonquin Power & Utilities were worth $437,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in AQN. Raymond James Financial Inc. bought a new stake in shares of Algonquin Power & Utilities during the fourth quarter worth $990,000. Dimensional Fund Advisors LP lifted its position in shares of Algonquin Power & Utilities by 12.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 5,782,827 shares of the utilities provider's stock worth $25,734,000 after purchasing an additional 654,006 shares during the last quarter. Hsbc Holdings PLC lifted its position in shares of Algonquin Power & Utilities by 12.3% during the fourth quarter. Hsbc Holdings PLC now owns 458,885 shares of the utilities provider's stock worth $2,039,000 after purchasing an additional 50,285 shares during the last quarter. Nebula Research & Development LLC lifted its position in shares of Algonquin Power & Utilities by 157.0% during the fourth quarter. Nebula Research & Development LLC now owns 161,576 shares of the utilities provider's stock worth $719,000 after purchasing an additional 98,702 shares during the last quarter. Finally, Aquatic Capital Management LLC bought a new stake in shares of Algonquin Power & Utilities during the fourth quarter worth $1,638,000. 62.28% of the stock is currently owned by institutional investors.

Algonquin Power & Utilities Stock Up 0.1%

AQN traded up $0.01 on Friday, hitting $5.81. The company had a trading volume of 2,659,900 shares, compared to its average volume of 6,275,081. The stock has a fifty day moving average price of $5.84 and a 200-day moving average price of $5.47. 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 quick ratio of 0.86 and a current ratio of 1.09. The stock has a market capitalization of $4.46 billion, a price-to-earnings ratio of -3.22 and a beta of 0.67.

Algonquin Power & Utilities (NYSE:AQN - Get Free Report) last posted its earnings results 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 positive return on equity of 4.76% and a negative net margin of 57.66%.During the same quarter in the previous year, the firm earned $0.09 earnings per share. Analysts predict that Algonquin Power & Utilities Corp. will post 0.38 EPS for the current fiscal year.

Algonquin Power & Utilities Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be issued a $0.065 dividend. This represents a $0.26 annualized dividend and a yield of 4.5%. The ex-dividend date of this dividend is Monday, September 29th. Algonquin Power & Utilities's dividend payout ratio (DPR) is currently -14.44%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on AQN shares. National Bank Financial upgraded Algonquin Power & Utilities to a "hold" rating in a research note on Sunday, June 8th. CIBC raised their price target on Algonquin Power & Utilities from $5.75 to $6.25 and gave the company a "neutral" rating in a research note on Wednesday, June 4th. Scotiabank raised their price target on Algonquin Power & Utilities from $6.00 to $6.50 and gave the company a "sector perform" rating in a research note on Wednesday, June 4th. Raymond James Financial raised their price target on Algonquin Power & Utilities from $5.00 to $6.00 and gave the company a "market perform" rating in a research note on Wednesday, June 4th. Finally, National Bankshares lowered Algonquin Power & Utilities from an "outperform" rating to a "sector perform" rating and set a $6.75 price target on the stock. in a research note on Wednesday, June 4th. Twelve equities research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $6.31.

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.