GABELLI & Co INVESTMENT ADVISERS INC. Cuts Position in Algonquin Power & Utilities Corp. $AQN

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

Other institutional investors and hedge funds have also made changes to their positions in the company. US Bancorp DE boosted its holdings in shares of Algonquin Power & Utilities by 85.7% during the 1st quarter. US Bancorp DE now owns 4,887 shares of the utilities provider's stock worth $25,000 after purchasing an additional 2,256 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in shares of Algonquin Power & Utilities during the 1st quarter worth approximately $31,000. Atria Wealth Solutions Inc. acquired a new position in shares of Algonquin Power & Utilities during the 1st quarter worth approximately $51,000. Sowell Financial Services LLC acquired a new position in shares of Algonquin Power & Utilities during the 1st quarter worth approximately $59,000. Finally, Oakwell Private Wealth Management LLC acquired a new position in Algonquin Power & Utilities in the first quarter valued at approximately $63,000. 62.28% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

AQN has been the topic of a number of recent analyst reports. TD Securities upgraded Algonquin Power & Utilities to a "hold" rating in a report on Monday, August 11th. CIBC upped their price objective on Algonquin Power & Utilities from $5.75 to $6.25 and gave the company a "neutral" rating in a report on Wednesday, June 4th. Desjardins upped their price objective on Algonquin Power & Utilities from $4.75 to $6.00 and gave the company a "hold" rating in a report on Wednesday, June 4th. National Bankshares cut Algonquin Power & Utilities from an "outperform" rating to a "sector perform" rating and set a $6.75 price objective on the stock. in a report on Wednesday, June 4th. Finally, National Bank Financial upgraded Algonquin Power & Utilities to a "hold" rating in a report on Sunday, June 8th. Twelve research analysts have rated the stock with a Hold rating, According to MarketBeat.com, Algonquin Power & Utilities presently has an average rating of "Hold" and an average price target of $6.31.

Algonquin Power & Utilities Trading Down 0.1%

NYSE AQN traded down $0.01 on Thursday, reaching $5.81. The stock had a trading volume of 3,702,356 shares, compared to its average volume of 6,464,617. The firm has a market capitalization of $4.46 billion, a price-to-earnings ratio of -3.22 and a beta of 0.67. The company has a quick ratio of 0.86, a current ratio of 1.09 and a debt-to-equity ratio of 1.22. Algonquin Power & Utilities Corp. has a 12-month low of $4.19 and a 12-month high of $6.24. The stock has a fifty day moving average price of $5.84 and a two-hundred day moving average price of $5.46.

Algonquin Power & Utilities (NYSE:AQN - Get Free Report) last announced its earnings results on Friday, August 8th. The utilities provider reported $0.04 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates 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 company earned $0.09 earnings per share. As a group, sell-side analysts forecast that Algonquin Power & Utilities Corp. will post 0.38 EPS for the current fiscal year.

Algonquin Power & Utilities Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be given a $0.065 dividend. The ex-dividend date of this dividend is Monday, September 29th. This represents a $0.26 dividend on an annualized basis and a yield of 4.5%. Algonquin Power & Utilities's payout ratio is presently -14.44%.

About Algonquin Power & Utilities

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.