Man Group plc Makes New Investment in TransAlta Corporation $TAC

Key Points

• Man Group plc acquired 1,419,091 TransAlta shares in the second quarter, worth approximately $19.6 million and representing about 0.45% of the company. Institutional investors collectively own 59% of TransAlta.
• TransAlta reported quarterly EPS of $0.13, beating the $0.11 consensus estimate, though revenue of $342.85 million fell short of expectations. The stock recently traded at $12.49, near its one-year low of $11.38.
• The company declared a quarterly dividend of $0.07, or $0.28 annualized, for a 2.2% yield. Analysts maintain a consensus “Moderate Buy” rating with a $24.50 target price.

Man Group plc bought a new stake in TransAlta Corporation (NYSE:TAC - Free Report) TSE: TA in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,419,091 shares of the utilities provider's stock, valued at approximately $19,626,000. Man Group plc owned approximately 0.45% of TransAlta at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Persistent Asset Partners Ltd acquired a new stake in TransAlta during the second quarter valued at approximately $29,000. Caitong International Asset Management Co. Ltd bought a new stake in shares of TransAlta in the 4th quarter worth about $37,000. EverSource Wealth Advisors LLC increased its position in shares of TransAlta by 37.1% during the 4th quarter. EverSource Wealth Advisors LLC now owns 3,000 shares of the utilities provider's stock worth $38,000 after purchasing an additional 812 shares in the last quarter. Ritter Alpha LP acquired a new stake in shares of TransAlta during the 4th quarter worth about $131,000. Finally, Sage Rhino Capital LLC lifted its holdings in TransAlta by 8.7% during the 1st quarter. Sage Rhino Capital LLC now owns 11,078 shares of the utilities provider's stock valued at $145,000 after purchasing an additional 882 shares during the last quarter. 59.00% of the stock is owned by institutional investors.

TransAlta Price Performance

TransAlta stock opened at $12.49 on Friday. The company has a current ratio of 0.84, a quick ratio of 0.77 and a debt-to-equity ratio of 3.64. The firm has a market capitalization of $3.95 billion, a P/E ratio of -69.41 and a beta of 0.70. The business has a 50-day moving average of $13.20 and a 200-day moving average of $13.14. TransAlta Corporation has a 1 year low of $11.38 and a 1 year high of $17.88.

TransAlta (NYSE:TAC - Get Free Report) TSE: TA last announced its quarterly earnings results on Friday, July 31st. The utilities provider reported $0.13 earnings per share for the quarter, beating analysts' consensus estimates of $0.11 by $0.02. The business had revenue of $342.85 million for the quarter, compared to the consensus estimate of $379.54 million. TransAlta had a negative net margin of 2.76% and a positive return on equity of 8.85%. On average, equities analysts anticipate that TransAlta Corporation will post 0.21 EPS for the current year.

TransAlta Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 1st will be paid a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend is Tuesday, September 1st. TransAlta's payout ratio is presently -111.11%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Canadian Imperial Bank of Commerce reaffirmed an "outperform" rating on shares of TransAlta in a report on Friday, July 17th. BMO Capital Markets restated an "outperform" rating on shares of TransAlta in a report on Monday, August 3rd. TD Securities reaffirmed a "buy" rating on shares of TransAlta in a report on Thursday, May 7th. Scotiabank upgraded shares of TransAlta to a "strong-buy" rating in a research report on Wednesday, June 10th. Finally, Zacks Research upgraded shares of TransAlta from a "strong sell" rating to a "hold" rating in a research report on Monday, August 17th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $24.50.

TransAlta Company Profile

TransAlta Corporation, originally founded in 1909 as Calgary Power Company Ltd., is a publicly traded energy company specializing in the development, ownership and operation of power generation and transmission assets. Headquartered in Calgary, Alberta, TransAlta has grown from its early hydroelectric roots into a diversified energy provider with a multi-fuel generating fleet.

The company's core business activities encompass power generation, asset management and energy trading services.

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