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

Intact Investment Management Inc. cut its stake in Algonquin Power & Utilities Corp. (NYSE:AQN - Free Report) by 0.9% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,281,319 shares of the utilities provider's stock after selling 47,700 shares during the quarter. Algonquin Power & Utilities comprises about 0.9% of Intact Investment Management Inc.'s holdings, making the stock its 29th biggest holding. Intact Investment Management Inc. owned about 0.69% of Algonquin Power & Utilities worth $27,125,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently modified their holdings of the company. Vanguard Group Inc. grew its stake in shares of 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 acquiring an additional 544,198 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Algonquin Power & Utilities by 4.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,303,614 shares of the utilities provider's stock valued at $10,219,000 after buying an additional 92,373 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of Algonquin Power & Utilities during the fourth quarter valued at approximately $990,000. Swiss National Bank increased its position in shares of Algonquin Power & Utilities by 0.6% during the fourth quarter. Swiss National Bank now owns 1,441,700 shares of the utilities provider's stock valued at $6,396,000 after acquiring an additional 8,700 shares in the last quarter. Finally, Van ECK Associates Corp lifted its position in Algonquin Power & Utilities by 4.1% in the 4th quarter. Van ECK Associates Corp now owns 221,307 shares of the utilities provider's stock valued at $982,000 after acquiring an additional 8,620 shares in the last quarter. Institutional investors own 62.28% of the company's stock.

Algonquin Power & Utilities Trading Down 0.8%

NYSE:AQN traded down $0.05 during mid-day trading on Tuesday, hitting $5.74. 14,770,122 shares of the stock traded hands, compared to its average volume of 8,618,015. The company has a quick ratio of 0.94, a current ratio of 1.16 and a debt-to-equity ratio of 1.21. The stock has a market capitalization of $4.40 billion, a price-to-earnings ratio of -3.70 and a beta of 0.67. Algonquin Power & Utilities Corp. has a 52 week low of $4.19 and a 52 week high of $6.36. The firm's 50 day moving average is $5.58 and its two-hundred day moving average is $5.01.

Algonquin Power & Utilities (NYSE:AQN - Get Free Report) last issued its quarterly earnings results on Friday, May 9th. The utilities provider reported $0.14 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.09 by $0.05. The firm had revenue of $692.40 million during the quarter, compared to analyst estimates of $699.08 million. Algonquin Power & Utilities had a positive return on equity of 4.74% and a negative net margin of 48.78%. During the same period last year, the company earned $0.14 EPS. On average, equities research analysts predict that Algonquin Power & Utilities Corp. will post 0.38 earnings per share for the current year.

Algonquin Power & Utilities Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be given a dividend of $0.065 per share. This represents a $0.26 dividend on an annualized basis and a dividend yield of 4.53%. The ex-dividend date is Monday, June 30th. Algonquin Power & Utilities's payout ratio is -16.77%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Raymond James Financial boosted their price target on Algonquin Power & Utilities from $5.00 to $6.00 and gave the stock a "market perform" rating in a research note on Wednesday, June 4th. Royal Bank Of Canada raised their price target 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. Desjardins increased their price objective on shares of Algonquin Power & Utilities from $4.75 to $6.00 and gave the company a "hold" rating in a research report on Wednesday, June 4th. TD Securities boosted their target price on shares of Algonquin Power & Utilities from $6.00 to $6.50 and gave the company a "hold" rating in a research note on Wednesday, June 4th. Finally, National Bankshares cut shares of Algonquin Power & Utilities from an "outperform" rating to a "sector perform" rating and set a $6.75 target price for the company. in a report on Wednesday, June 4th. One investment analyst has rated the stock with a sell rating and twelve have issued a hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target 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.