TD Asset Management Inc Buys 106,708 Shares of Algonquin Power & Utilities Corp. $AQN

Key Points

• TD Asset Management Inc increased its stake in Algonquin Power & Utilities Corp. by 4.7% in Q2, acquiring an additional 106,708 shares, bringing their total holdings to approximately 2.38 million shares valued at $13.6 million.
• Major investors such as Vanguard and Public Employees Retirement System of Ohio also significantly increased their positions in Algonquin Power & Utilities during the same quarter.
• Algonquin Power & Utilities announced a quarterly dividend of $0.065 per share, yielding 4.4% annualized, with a recent negative net margin of 57.66%.

TD Asset Management Inc boosted its stake in shares of Algonquin Power & Utilities Corp. (NYSE:AQN - Free Report) by 4.7% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,377,966 shares of the utilities provider's stock after acquiring an additional 106,708 shares during the quarter. TD Asset Management Inc owned approximately 0.31% of Algonquin Power & Utilities worth $13,576,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the business. Vanguard Personalized Indexing Management LLC lifted its position in Algonquin Power & Utilities by 11.8% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 76,803 shares of the utilities provider's stock valued at $440,000 after purchasing an additional 8,103 shares during the period. Hennessy Advisors Inc. lifted its position in Algonquin Power & Utilities by 46.1% during the 2nd quarter. Hennessy Advisors Inc. now owns 166,064 shares of the utilities provider's stock valued at $952,000 after purchasing an additional 52,400 shares during the period. Public Employees Retirement System of Ohio lifted its position in Algonquin Power & Utilities by 59.9% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 2,066,247 shares of the utilities provider's stock valued at $11,834,000 after purchasing an additional 774,061 shares during the period. Ballentine Partners LLC lifted its position in Algonquin Power & Utilities by 10.6% during the 2nd quarter. Ballentine Partners LLC now owns 23,484 shares of the utilities provider's stock valued at $135,000 after purchasing an additional 2,242 shares during the period. Finally, Value Partners Investments Inc. lifted its position in Algonquin Power & Utilities by 26.4% during the 2nd quarter. Value Partners Investments Inc. now owns 47,983 shares of the utilities provider's stock valued at $274,000 after purchasing an additional 10,020 shares during the period. 62.28% of the stock is currently owned by institutional investors and hedge funds.

Algonquin Power & Utilities Stock Performance

Shares of NYSE:AQN opened at $5.98 on Friday. The company has a market capitalization of $4.59 billion, a price-to-earnings ratio of -3.32 and a beta of 0.72. The firm's 50 day simple moving average is $5.69 and its 200 day simple moving average is $5.63. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.09 and a quick ratio of 0.86. Algonquin Power & Utilities Corp. has a fifty-two week low of $4.19 and a fifty-two week high of $6.24.

Algonquin Power & Utilities (NYSE:AQN - Get Free Report) last posted its earnings results on Friday, August 8th. The utilities provider reported $0.04 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.04. Algonquin Power & Utilities had a positive return on equity of 4.76% and a negative net margin of 57.66%.The business had revenue of $535.59 million during the quarter, compared to analysts' expectations of $535.64 million. During the same period in the prior year, the business earned $0.09 EPS. As a group, sell-side analysts forecast that Algonquin Power & Utilities Corp. will post 0.38 earnings per share for the current year.

Algonquin Power & Utilities Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th were paid a dividend of $0.065 per share. This represents a $0.26 dividend on an annualized basis and a yield of 4.4%. The ex-dividend date of this dividend was Monday, September 29th. Algonquin Power & Utilities's dividend payout ratio is presently -14.44%.

Analyst Ratings Changes

A number of research firms have issued reports on AQN. TD Securities upgraded shares of Algonquin Power & Utilities to a "hold" rating in a research report on Monday, August 11th. Weiss Ratings reiterated a "sell (d)" rating on shares of Algonquin Power & Utilities in a research report on Wednesday, October 8th. Desjardins increased their price target on shares of Algonquin Power & Utilities from $6.25 to $6.75 and gave the company a "buy" rating in a research report on Thursday, October 9th. Finally, Wall Street Zen downgraded shares of Algonquin Power & Utilities from a "hold" rating to a "sell" rating in a research report on Saturday. One research analyst has rated the stock with a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $6.50.

Algonquin Power & Utilities 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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