Private Management Group Inc. Raises Stock Holdings in Algonquin Power & Utilities Corp. (NYSE:AQN)

Key Points

• Private Management Group Inc. increased its stake in Algonquin Power & Utilities Corp. by 10.8%, acquiring an additional 638,215 shares in the first quarter, totaling 6,563,198 shares owned.
• Algonquin Power & Utilities reported $0.14 earnings per share for the quarter, exceeding analysts' estimates of $0.09, with a revenue of $692.40 million.
• The company announced a quarterly dividend of $0.065, translating to an annualized dividend of $0.26 and a yield of 4.31%.

Private Management Group Inc. lifted its holdings in shares of Algonquin Power & Utilities Corp. (NYSE:AQN - Free Report) by 10.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,563,198 shares of the utilities provider's stock after acquiring an additional 638,215 shares during the quarter. Algonquin Power & Utilities accounts for about 1.2% of Private Management Group Inc.'s holdings, making the stock its 20th largest position. Private Management Group Inc. owned about 0.85% of Algonquin Power & Utilities worth $33,735,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Sowell Financial Services LLC purchased a new stake in shares of Algonquin Power & Utilities during the first quarter valued at approximately $59,000. Oakwell Private Wealth Management LLC purchased a new stake in Algonquin Power & Utilities in the first quarter worth $63,000. NBC Securities Inc. increased its position in Algonquin Power & Utilities by 111,700.0% in the first quarter. NBC Securities Inc. now owns 12,298 shares of the utilities provider's stock worth $63,000 after buying an additional 12,287 shares during the last quarter. Avantax Advisory Services Inc. purchased a new stake in Algonquin Power & Utilities in the fourth quarter worth $58,000. Finally, Bank of New York Mellon Corp increased its position in Algonquin Power & Utilities by 16.3% in the first quarter. Bank of New York Mellon Corp now owns 14,809 shares of the utilities provider's stock worth $76,000 after buying an additional 2,073 shares during the last quarter. 62.28% of the stock is owned by hedge funds and other institutional investors.

Algonquin Power & Utilities Price Performance

AQN stock opened at $6.04 on Friday. The firm has a 50 day simple moving average of $5.76 and a two-hundred day simple moving average of $5.21. 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 stock has a market cap of $4.63 billion, a PE ratio of -3.89 and a beta of 0.69. Algonquin Power & Utilities Corp. has a one year low of $4.19 and a one year high of $6.36.

Algonquin Power & Utilities (NYSE:AQN - Get Free Report) last released its quarterly earnings results on Friday, May 9th. The utilities provider reported $0.14 earnings per share for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $699.08 million. During the same quarter last year, the business posted $0.14 earnings per share. On average, analysts predict that Algonquin Power & Utilities Corp. will post 0.38 EPS for the current fiscal year.

Algonquin Power & Utilities Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were given a $0.065 dividend. The ex-dividend date was Monday, June 30th. This represents a $0.26 dividend on an annualized basis and a yield of 4.31%. Algonquin Power & Utilities's payout ratio is -16.77%.

Analyst Ratings Changes

AQN has been the subject of a number of recent research reports. Raymond James Financial raised their target price on Algonquin Power & Utilities from $5.00 to $6.00 and gave the stock a "market perform" rating in a research report on Wednesday, June 4th. National Bank Financial raised Algonquin Power & Utilities to a "hold" rating in a research report on Sunday, June 8th. National Bankshares downgraded Algonquin Power & Utilities from an "outperform" rating to a "sector perform" rating and set a $6.75 target price for the company. in a research report on Wednesday, June 4th. TD Securities raised their target price on Algonquin Power & Utilities from $6.00 to $6.50 and gave the stock a "hold" rating in a research report on Wednesday, June 4th. Finally, Desjardins raised their target price on Algonquin Power & Utilities from $4.75 to $6.00 and gave the stock a "hold" rating in a research report on Wednesday, June 4th. One research analyst has rated the stock with a sell rating and twelve have given a hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average 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.

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