LM Asset IM Inc. Makes New Investment in Algonquin Power & Utilities Corp. (NYSE:AQN)

LM Asset IM Inc. purchased a new stake in Algonquin Power & Utilities Corp. (NYSE:AQN - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 1,900,000 shares of the utilities provider's stock, valued at approximately $8,455,000. Algonquin Power & Utilities makes up approximately 7.7% of LM Asset IM Inc.'s investment portfolio, making the stock its 4th largest holding. LM Asset IM Inc. owned approximately 0.25% of Algonquin Power & Utilities at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the business. Northwest & Ethical Investments L.P. raised its stake in shares of Algonquin Power & Utilities by 6.6% during the 4th quarter. Northwest & Ethical Investments L.P. now owns 50,251 shares of the utilities provider's stock worth $223,000 after purchasing an additional 3,096 shares in the last quarter. CIBC Asset Management Inc raised its position in Algonquin Power & Utilities by 0.4% during the fourth quarter. CIBC Asset Management Inc now owns 935,130 shares of the utilities provider's stock worth $4,141,000 after acquiring an additional 3,656 shares in the last quarter. Quadrant Capital Group LLC raised its position in Algonquin Power & Utilities by 40.5% during the fourth quarter. Quadrant Capital Group LLC now owns 17,555 shares of the utilities provider's stock worth $78,000 after acquiring an additional 5,060 shares in the last quarter. Capstone Investment Advisors LLC lifted its stake in Algonquin Power & Utilities by 59.6% in the fourth quarter. Capstone Investment Advisors LLC now owns 17,060 shares of the utilities provider's stock valued at $76,000 after acquiring an additional 6,370 shares during the last quarter. Finally, Signaturefd LLC grew its position in shares of Algonquin Power & Utilities by 18.5% in the 4th quarter. Signaturefd LLC now owns 42,383 shares of the utilities provider's stock valued at $189,000 after acquiring an additional 6,602 shares during the period. Institutional investors and hedge funds own 62.28% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on AQN shares. Wall Street Zen cut shares of Algonquin Power & Utilities from a "hold" rating to a "sell" rating in a research note on Wednesday, May 21st. BMO Capital Markets reiterated a "market perform" rating and set a $6.00 price objective (up previously from $5.00) on shares of Algonquin Power & Utilities in a research report on Monday, May 12th. Royal Bank of Canada lifted their target price on Algonquin Power & Utilities from $5.50 to $6.00 and gave the stock a "sector perform" rating in a report on Monday, May 12th. CIBC decreased their price target on shares of Algonquin Power & Utilities from $5.50 to $5.25 and set a "neutral" rating on the stock in a research note on Thursday, April 24th. Finally, National Bankshares lowered their price target on shares of Algonquin Power & Utilities from $6.75 to $6.25 and set an "outperform" rating on the stock in a research report on Tuesday, February 11th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $6.03.

Algonquin Power & Utilities Price Performance

Shares of Algonquin Power & Utilities stock traded up $0.06 on Tuesday, reaching $5.62. 8,132,110 shares of the stock were exchanged, compared to its average volume of 8,104,659. The firm's 50 day moving average is $5.29 and its 200-day moving average is $4.88. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.73 and a current ratio of 0.92. Algonquin Power & Utilities Corp. has a one year low of $4.19 and a one year high of $6.59. The firm has a market cap of $4.31 billion, a PE ratio of -4.35 and a beta of 0.67.

Algonquin Power & Utilities (NYSE:AQN - Get Free Report) last announced its quarterly earnings data 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. The business had revenue of $692.40 million during the quarter, compared to the consensus estimate of $699.08 million. Algonquin Power & Utilities had a positive return on equity of 5.22% and a negative net margin of 39.12%. During the same period in the prior year, the company earned $0.14 EPS. As a group, analysts anticipate that Algonquin Power & Utilities Corp. will post 0.38 EPS for the current fiscal year.

Algonquin Power & Utilities Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be issued a $0.065 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $0.26 dividend on an annualized basis and a dividend yield of 4.63%. Algonquin Power & Utilities's dividend payout ratio (DPR) is currently -15.48%.

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.