RWC Asset Management LLP Sells 714,225 Shares of Algonquin Power & Utilities Corp. $AQN

Key Points

• RWC Asset Management cut its stake in Algonquin Power & Utilities by 23.5% in the fourth quarter, selling 714,225 shares and leaving it with 2.33 million shares valued at about $14.3 million.
• Algonquin Power & Utilities reported quarterly EPS of $0.13, topping expectations, while revenue came in line at $713.69 million. Analysts still see modest growth, forecasting full-year EPS of 0.36.
• The company declared a quarterly dividend of $0.065 per share, implying a 4.3% annualized yield, though its payout ratio is high at 118.18%.

RWC Asset Management LLP trimmed its holdings in shares of Algonquin Power & Utilities Corp. (NYSE:AQN - Free Report) by 23.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,331,095 shares of the utilities provider's stock after selling 714,225 shares during the quarter. RWC Asset Management LLP owned approximately 0.30% of Algonquin Power & Utilities worth $14,336,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in AQN. Goldman Sachs Group Inc. grew its position in Algonquin Power & Utilities by 65.0% during the first quarter. Goldman Sachs Group Inc. now owns 12,205,756 shares of the utilities provider's stock valued at $62,738,000 after buying an additional 4,808,539 shares during the period. Envestnet Asset Management Inc. bought a new position in shares of Algonquin Power & Utilities in the second quarter worth approximately $85,000. American Century Companies Inc. boosted its position in shares of Algonquin Power & Utilities by 8.4% in the second quarter. American Century Companies Inc. now owns 240,683 shares of the utilities provider's stock worth $1,377,000 after purchasing an additional 18,752 shares during the period. Russell Investments Group Ltd. boosted its position in shares of Algonquin Power & Utilities by 15.9% in the second quarter. Russell Investments Group Ltd. now owns 120,708 shares of the utilities provider's stock worth $691,000 after purchasing an additional 16,552 shares during the period. Finally, Marshall Wace LLP boosted its position in shares of Algonquin Power & Utilities by 465.0% in the second quarter. Marshall Wace LLP now owns 106,046 shares of the utilities provider's stock worth $608,000 after purchasing an additional 87,276 shares during the period. 62.28% of the stock is currently owned by institutional investors.

Algonquin Power & Utilities Price Performance

AQN stock opened at $6.00 on Monday. Algonquin Power & Utilities Corp. has a one year low of $5.32 and a one year high of $7.11. The company's fifty day moving average price is $6.12 and its 200-day moving average price is $6.27. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.87 and a current ratio of 1.05. The company has a market capitalization of $4.61 billion, a PE ratio of 27.25 and a beta of 0.71.

Algonquin Power & Utilities (NYSE:AQN - Get Free Report) last released its earnings results on Friday, May 8th. The utilities provider reported $0.13 EPS for the quarter, topping the consensus estimate of $0.11 by $0.02. Algonquin Power & Utilities had a net margin of 6.62% and a return on equity of 5.21%. The firm had revenue of $713.69 million for the quarter, compared to the consensus estimate of $713.69 million. During the same quarter in the previous year, the firm earned $0.14 earnings per share. On average, equities analysts anticipate that Algonquin Power & Utilities Corp. will post 0.36 EPS for the current fiscal year.

Algonquin Power & Utilities Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be issued a $0.065 dividend. This represents a $0.26 annualized dividend and a dividend yield of 4.3%. The ex-dividend date of this dividend is Tuesday, June 30th. Algonquin Power & Utilities's payout ratio is 118.18%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on AQN shares. Barclays started coverage on shares of Algonquin Power & Utilities in a research report on Wednesday, April 1st. They issued an "overweight" rating and a $7.00 price target for the company. TD Cowen dropped their price target on shares of Algonquin Power & Utilities from $6.50 to $6.00 and set a "hold" rating for the company in a research report on Monday, March 9th. Desjardins dropped their price target on shares of Algonquin Power & Utilities from $7.25 to $7.00 and set a "buy" rating for the company in a research report on Monday, March 9th. Wall Street Zen lowered shares of Algonquin Power & Utilities from a "buy" rating to a "hold" rating in a research report on Sunday, March 15th. Finally, Zacks Research lowered shares of Algonquin Power & Utilities from a "strong-buy" rating to a "hold" rating in a research report on Monday, March 9th. Six research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $6.83.

Algonquin Power & Utilities Profile

Algonquin Power & Utilities Corp NYSE: AQN is a diversified generation, transmission and distribution utility company headquartered in Oakville, Ontario. Established in 1988, the firm operates through two primary business segments: Regulated Utilities and Renewable Energy. Its Regulated Utilities segment comprises electric, natural gas and water distribution networks serving residential, commercial and industrial customers across North America, while its Renewable Energy portfolio includes hydroelectric, solar, wind and thermal generation facilities.

The company's renewable energy assets span multiple jurisdictions in Canada and the United States, reflecting its strategy to expand clean power capacity in regions with supportive regulatory frameworks.

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