Quantbot Technologies LP Acquires New Position in TransAlta Corporation $TAC

Key Points

• Quantbot Technologies LP acquired 109,555 TransAlta shares worth approximately $1.5 million in the second quarter, while institutional investors collectively own 59% of the company.
• TransAlta reported quarterly earnings of $0.13 per share, exceeding estimates of $0.11, but revenue of $342.85 million fell short of the $379.54 million forecast.
• The company declared a quarterly dividend of $0.07 per share, representing an annualized payout of $0.28 and a 2.3% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $24.50.

Quantbot Technologies LP acquired a new position in shares of TransAlta Corporation (NYSE:TAC - Free Report) TSE: TA in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 109,555 shares of the utilities provider's stock, valued at approximately $1,515,000.

A number of other institutional investors also recently bought and sold shares of TAC. Artemis Investment Management LLP grew its stake in shares of TransAlta by 34.2% in the 4th quarter. Artemis Investment Management LLP now owns 1,818,379 shares of the utilities provider's stock valued at $22,999,000 after buying an additional 463,266 shares during the period. Tacita Capital Inc acquired a new stake in shares of TransAlta during the 2nd quarter worth approximately $3,073,000. Dimensional Fund Advisors LP raised its position in shares of TransAlta by 6.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,629,540 shares of the utilities provider's stock valued at $21,343,000 after buying an additional 91,665 shares during the period. Arrowstreet Capital Limited Partnership purchased a new stake in shares of TransAlta during the 1st quarter valued at approximately $5,448,000. Finally, Capital Innovations LLC acquired a new position in TransAlta in the fourth quarter valued at approximately $1,259,000. 59.00% of the stock is owned by hedge funds and other institutional investors.

TransAlta Stock Performance

Shares of TAC stock opened at $12.11 on Tuesday. The firm's 50 day moving average price is $13.27 and its 200-day moving average price is $13.15. The company has a debt-to-equity ratio of 3.64, a quick ratio of 0.77 and a current ratio of 0.84. TransAlta Corporation has a one year low of $11.38 and a one year high of $17.88. The firm has a market cap of $3.83 billion, a P/E ratio of -67.25 and a beta of 0.70.

TransAlta (NYSE:TAC - Get Free Report) TSE: TA last posted its quarterly earnings data on Friday, July 31st. The utilities provider reported $0.13 earnings per share for the quarter, topping analysts' consensus estimates of $0.11 by $0.02. TransAlta had a negative net margin of 2.76% and a positive return on equity of 8.85%. The firm had revenue of $342.85 million during the quarter, compared to analysts' expectations of $379.54 million. As a group, equities research analysts predict that TransAlta Corporation will post 0.21 EPS for the current year.

TransAlta Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 1st will be given a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a dividend yield of 2.3%. The ex-dividend date is Tuesday, September 1st. TransAlta's dividend payout ratio (DPR) is currently -111.11%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on TAC shares. TD Cowen initiated coverage on TransAlta in a research report on Wednesday, June 10th. They issued a "buy" rating for the company. TD Securities restated a "buy" rating on shares of TransAlta in a research report on Thursday, May 7th. BMO Capital Markets reaffirmed an "outperform" rating on shares of TransAlta in a research note on Monday, August 3rd. Scotiabank upgraded TransAlta to a "strong-buy" rating in a report on Wednesday, June 10th. Finally, Zacks Research raised TransAlta from a "strong sell" rating to a "hold" rating in a research report on Monday, August 17th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $24.50.

About TransAlta

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.

Want to see what other hedge funds are holding TAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for TransAlta Corporation (NYSE:TAC - Free Report) TSE: TA.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source