Rock Point Advisors LLC cut its stake in Algonquin Power & Utilities Corp. (NYSE:AQN - Free Report) by 35.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 423,710 shares of the utilities provider's stock after selling 236,925 shares during the quarter. Rock Point Advisors LLC owned approximately 0.06% of Algonquin Power & Utilities worth $2,178,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds have also modified their holdings of AQN. FIL Ltd increased its stake in shares of Algonquin Power & Utilities by 85.6% in the fourth quarter. FIL Ltd now owns 40,886,793 shares of the utilities provider's stock worth $181,473,000 after acquiring an additional 18,857,515 shares during the last quarter. Norges Bank bought a new stake in Algonquin Power & Utilities in the fourth quarter worth $31,508,000. EdgePoint Investment Group Inc. boosted its holdings in Algonquin Power & Utilities by 32.8% in the fourth quarter. EdgePoint Investment Group Inc. now owns 22,830,789 shares of the utilities provider's stock worth $101,202,000 after purchasing an additional 5,640,705 shares in the last quarter. Packer & Co Ltd bought a new stake in Algonquin Power & Utilities in the first quarter worth $23,197,000. Finally, Starboard Value LP boosted its holdings in Algonquin Power & Utilities by 5.1% in the fourth quarter. Starboard Value LP now owns 65,316,000 shares of the utilities provider's stock worth $290,656,000 after purchasing an additional 3,175,000 shares in the last quarter. 62.28% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of equities research analysts recently issued reports on the stock. Desjardins upped their price objective on shares of Algonquin Power & Utilities from $4.75 to $6.00 and gave the stock a "hold" rating in a report on Wednesday, June 4th. Raymond James Financial upped their price target on shares of Algonquin Power & Utilities from $5.00 to $6.00 and gave the company a "market perform" rating in a report on Wednesday, June 4th. Scotiabank upped their price target on shares of Algonquin Power & Utilities from $6.00 to $6.50 and gave the company a "sector perform" rating in a report on Wednesday, June 4th. Wall Street Zen cut shares of Algonquin Power & Utilities from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. Finally, TD Securities upped their price target on shares of Algonquin Power & Utilities from $6.00 to $6.50 and gave the company a "hold" rating in a report on Wednesday, June 4th. One investment analyst has rated the stock with a sell rating and twelve have given a hold rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $6.31.
Get Our Latest Stock Report on AQN
Algonquin Power & Utilities Stock Performance
Shares of Algonquin Power & Utilities stock traded down $0.03 during trading on Friday, hitting $5.83. 3,347,141 shares of the stock were exchanged, compared to its average volume of 8,697,895. The stock has a market capitalization of $4.47 billion, a price-to-earnings ratio of -3.76 and a beta of 0.69. The company has a fifty day moving average price of $5.69 and a 200-day moving average price of $5.11. Algonquin Power & Utilities Corp. has a 1-year low of $4.19 and a 1-year high of $6.36. The company has a current ratio of 1.16, a quick ratio of 0.94 and a debt-to-equity ratio of 1.21.
Algonquin Power & Utilities (NYSE:AQN - Get Free Report) last announced its earnings results on Friday, May 9th. The utilities provider reported $0.14 EPS 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 negative net margin of 48.78% and a positive return on equity of 4.74%. During the same quarter in the previous year, the firm posted $0.14 EPS. As a group, equities analysts predict that Algonquin Power & Utilities Corp. will post 0.38 EPS for the current fiscal year.
Algonquin Power & Utilities Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be issued a dividend of $0.065 per share. This represents a $0.26 annualized dividend and a dividend yield of 4.46%. The ex-dividend date is Monday, June 30th. Algonquin Power & Utilities's payout ratio is -16.77%.
Algonquin Power & Utilities Company Profile
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Free Report)
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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