The Manufacturers Life Insurance Company Purchases New Position in TransAlta Corporation $TAC

Key Points

• The Manufacturers Life Insurance Company acquired 290,774 TransAlta shares worth approximately $4.0 million, representing about 0.09% of the company. Institutional investors collectively own 59% of TransAlta.
• TransAlta reported quarterly EPS of $0.13, exceeding estimates of $0.11, but revenue of $342.85 million fell short of the $379.54 million consensus forecast. The company declared a quarterly dividend of $0.07 per share, implying a 2.4% annual yield.
• Analysts maintain a generally positive view, with a consensus “Moderate Buy” rating and a $24.50 price target, while the shares were trading at $11.77 in the article.

The Manufacturers Life Insurance Company acquired a new stake in TransAlta Corporation (NYSE:TAC - Free Report) TSE: TA in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 290,774 shares of the utilities provider's stock, valued at approximately $4,015,000. The Manufacturers Life Insurance Company owned approximately 0.09% of TransAlta at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. EverSource Wealth Advisors LLC lifted its holdings in shares of TransAlta by 37.1% in the 4th quarter. EverSource Wealth Advisors LLC now owns 3,000 shares of the utilities provider's stock valued at $38,000 after purchasing an additional 812 shares during the last quarter. Sage Rhino Capital LLC grew its stake in TransAlta by 8.7% during the 1st quarter. Sage Rhino Capital LLC now owns 11,078 shares of the utilities provider's stock worth $145,000 after buying an additional 882 shares during the last quarter. Pictet Asset Management Holding SA grew its stake in TransAlta by 1.9% during the 4th quarter. Pictet Asset Management Holding SA now owns 48,926 shares of the utilities provider's stock worth $620,000 after buying an additional 893 shares during the last quarter. Creative Planning increased its position in TransAlta by 2.0% during the third quarter. Creative Planning now owns 52,339 shares of the utilities provider's stock worth $715,000 after buying an additional 1,003 shares during the period. Finally, Savant Capital LLC increased its position in TransAlta by 10.4% during the fourth quarter. Savant Capital LLC now owns 16,568 shares of the utilities provider's stock worth $209,000 after buying an additional 1,566 shares during the period. Institutional investors and hedge funds own 59.00% of the company's stock.

TransAlta Stock Performance

Shares of TAC stock opened at $11.77 on Wednesday. The company has a current ratio of 0.84, a quick ratio of 0.77 and a debt-to-equity ratio of 3.64. The stock has a 50 day simple moving average of $13.10 and a 200-day simple moving average of $13.11. The company has a market cap of $3.72 billion, a price-to-earnings ratio of -65.39 and a beta of 0.70. TransAlta Corporation has a 12-month low of $11.38 and a 12-month high of $17.88.

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

TransAlta Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 1st will be paid a dividend of $0.07 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.28 dividend on an annualized basis and a dividend yield of 2.4%. TransAlta's dividend payout ratio is -111.11%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on TAC shares. Canadian Imperial Bank of Commerce reissued an "outperform" rating on shares of TransAlta in a report on Friday, July 17th. TD Cowen started coverage on shares of TransAlta in a report on Wednesday, June 10th. They issued a "buy" rating on the stock. BMO Capital Markets reiterated an "outperform" rating on shares of TransAlta in a research report on Monday, August 3rd. TD Securities reiterated a "buy" rating on shares of TransAlta in a research note on Thursday, May 7th. Finally, Zacks Research raised shares of TransAlta from a "strong sell" rating to a "hold" rating in a research report on Monday, August 17th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus 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.

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