Intact Investment Management Inc. Sells 47,700 Shares of Algonquin Power & Utilities Corp. (NYSE:AQN)

Intact Investment Management Inc. reduced its holdings in shares of Algonquin Power & Utilities Corp. (NYSE:AQN - Free Report) by 0.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,281,319 shares of the utilities provider's stock after selling 47,700 shares during the period. Algonquin Power & Utilities accounts for about 0.9% of Intact Investment Management Inc.'s investment portfolio, making the stock its 29th largest holding. Intact Investment Management Inc. owned about 0.69% of Algonquin Power & Utilities worth $27,125,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. Starboard Value LP lifted its position in Algonquin Power & Utilities by 5.1% during the 4th quarter. Starboard Value LP now owns 65,316,000 shares of the utilities provider's stock valued at $290,656,000 after acquiring an additional 3,175,000 shares during the period. FIL Ltd raised its holdings in Algonquin Power & Utilities by 85.6% in the fourth quarter. FIL Ltd now owns 40,886,793 shares of the utilities provider's stock worth $181,473,000 after buying an additional 18,857,515 shares during the last quarter. Vanguard Group Inc. raised its holdings in Algonquin Power & Utilities by 1.8% in the fourth quarter. Vanguard Group Inc. now owns 31,510,928 shares of the utilities provider's stock worth $139,845,000 after buying an additional 544,198 shares during the last quarter. EdgePoint Investment Group Inc. raised its holdings in Algonquin Power & Utilities by 32.8% in the fourth quarter. EdgePoint Investment Group Inc. now owns 22,830,789 shares of the utilities provider's stock worth $101,202,000 after buying an additional 5,640,705 shares during the last quarter. Finally, Bank of Montreal Can raised its holdings in Algonquin Power & Utilities by 0.6% in the fourth quarter. Bank of Montreal Can now owns 21,000,723 shares of the utilities provider's stock worth $93,090,000 after buying an additional 117,757 shares during the last quarter. 62.28% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

AQN has been the subject of several recent analyst reports. Scotiabank lifted their target price on shares of Algonquin Power & Utilities from $6.00 to $6.50 and gave the stock a "sector perform" rating in a report on Wednesday, June 4th. Raymond James Financial boosted their price objective on shares of Algonquin Power & Utilities from $5.00 to $6.00 and gave the company a "market perform" rating in a report on Wednesday, June 4th. National Bankshares cut shares of Algonquin Power & Utilities from an "outperform" rating to a "sector perform" rating and set a $6.75 price objective for the company. in a report on Wednesday, June 4th. Royal Bank Of Canada boosted their price objective on shares of Algonquin Power & Utilities from $6.00 to $6.50 and gave the company a "sector perform" rating in a report on Wednesday, June 4th. Finally, Desjardins boosted their price objective on shares of Algonquin Power & Utilities from $4.75 to $6.00 and gave the company a "hold" rating in a report on Wednesday, June 4th. One research analyst has rated the stock with a sell rating and twelve have issued a hold rating to the stock. According to MarketBeat.com, Algonquin Power & Utilities currently has a consensus rating of "Hold" and an average price target of $6.31.

Algonquin Power & Utilities Trading Down 0.8%

AQN stock opened at $5.71 on Friday. Algonquin Power & Utilities Corp. has a 1-year low of $4.19 and a 1-year high of $6.36. The company has a debt-to-equity ratio of 1.21, a current ratio of 1.16 and a quick ratio of 0.94. The company has a market capitalization of $4.38 billion, a price-to-earnings ratio of -3.68 and a beta of 0.67. The business has a 50 day simple moving average of $5.56 and a two-hundred day simple moving average of $4.99.

Algonquin Power & Utilities (NYSE:AQN - Get Free Report) last posted its quarterly earnings results on Friday, May 9th. The utilities provider reported $0.14 earnings per share for the quarter, topping the consensus estimate of $0.09 by $0.05. Algonquin Power & Utilities had a positive return on equity of 4.74% and a negative net margin of 48.78%. The business had revenue of $692.40 million during the quarter, compared to the consensus estimate of $699.08 million. During the same period in the prior year, the company posted $0.14 EPS. Research analysts anticipate that Algonquin Power & Utilities Corp. will post 0.38 EPS for the current fiscal year.

Algonquin Power & Utilities Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be issued a dividend of $0.065 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $0.26 annualized dividend and a dividend yield of 4.56%. Algonquin Power & Utilities's dividend payout ratio (DPR) is -16.77%.

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.

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