LM Asset IM Inc. Makes New $8.46 Million Investment in Algonquin Power & Utilities Corp. (NYSE:AQN)

LM Asset IM Inc. bought a new position in Algonquin Power & Utilities Corp. (NYSE:AQN - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 1,900,000 shares of the utilities provider's stock, valued at approximately $8,455,000. Algonquin Power & Utilities comprises about 7.7% of LM Asset IM Inc.'s investment portfolio, making the stock its 4th largest position. LM Asset IM Inc. owned approximately 0.25% of Algonquin Power & Utilities as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. SVB Wealth LLC bought a new position in Algonquin Power & Utilities in the 4th quarter worth approximately $49,000. Avantax Advisory Services Inc. bought a new position in Algonquin Power & Utilities in the 4th quarter worth approximately $58,000. Ballentine Partners LLC bought a new position in Algonquin Power & Utilities in the 4th quarter worth approximately $63,000. Spire Wealth Management grew its holdings in Algonquin Power & Utilities by 149.6% in the 4th quarter. Spire Wealth Management now owns 17,000 shares of the utilities provider's stock worth $76,000 after buying an additional 10,190 shares in the last quarter. Finally, Capstone Investment Advisors LLC boosted its holdings in shares of 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 in the last quarter. Institutional investors own 62.28% of the company's stock.

Algonquin Power & Utilities Price Performance

NYSE:AQN traded down $0.18 during trading hours on Wednesday, reaching $5.43. 14,137,146 shares of the company's stock were exchanged, compared to its average volume of 8,128,693. The company has a market capitalization of $4.17 billion, a P/E ratio of -4.21 and a beta of 0.67. Algonquin Power & Utilities Corp. has a 12 month low of $4.19 and a 12 month high of $6.59. The company has a quick ratio of 0.73, a current ratio of 0.92 and a debt-to-equity ratio of 1.17. The business's 50-day simple moving average is $5.29 and its two-hundred day simple moving average is $4.88.

Algonquin Power & Utilities (NYSE:AQN - Get Free Report) last posted its quarterly earnings data on Friday, May 9th. The utilities provider reported $0.14 EPS for the quarter, topping analysts' consensus estimates of $0.09 by $0.05. Algonquin Power & Utilities had a negative net margin of 39.12% and a positive return on equity of 5.22%. The firm had revenue of $692.40 million during the quarter, compared to analyst estimates of $699.08 million. During the same quarter last year, the business posted $0.14 EPS. Sell-side analysts expect 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. Investors of record on Monday, June 30th will be paid a $0.065 dividend. This represents a $0.26 dividend on an annualized basis and a yield of 4.79%. The ex-dividend date of this dividend is Monday, June 30th. Algonquin Power & Utilities's dividend payout ratio is -15.48%.

Wall Street Analyst Weigh In

AQN has been the subject of several recent analyst reports. BMO Capital Markets reiterated a "market perform" rating and issued a $6.00 price objective (up from $5.00) on shares of Algonquin Power & Utilities in a report on Monday, May 12th. Wall Street Zen cut shares of Algonquin Power & Utilities from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. Royal Bank of Canada increased their price objective on shares of Algonquin Power & Utilities from $5.50 to $6.00 and gave the company a "sector perform" rating in a report on Monday, May 12th. Scotiabank increased their price objective on shares of Algonquin Power & Utilities from $5.50 to $6.00 and gave the company a "sector perform" rating in a report on Monday, May 12th. Finally, CIBC decreased their price objective on shares of Algonquin Power & Utilities from $5.50 to $5.25 and set a "neutral" rating for the company in a report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $6.03.

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.