The Manufacturers Life Insurance Company Purchases Shares of 4,480,017 Algonquin Power & Utilities Corp. $AQN

Key Points

• The Manufacturers Life Insurance Company acquired 4.48 million shares of Algonquin Power & Utilities, valued at approximately $26.26 million, giving it a 0.58% stake. Institutional investors and hedge funds collectively own 62.28% of the company.
• Algonquin reported quarterly earnings of $0.04 per share, below the $0.05 consensus estimate, while revenue of $582.99 million matched expectations. Shares opened at $5.67, near the lower end of their 12-month range.
• The company declared a quarterly dividend of $0.065, or $0.26 annually, yielding 4.6%; however, its payout ratio stands at 136.84%. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $6.81.

The Manufacturers Life Insurance Company acquired a new stake in Algonquin Power & Utilities Corp. (NYSE:AQN - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 4,480,017 shares of the utilities provider's stock, valued at approximately $26,260,000. The Manufacturers Life Insurance Company owned 0.58% of Algonquin Power & Utilities at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the company. Quarry LP bought a new stake in shares of Algonquin Power & Utilities in the 3rd quarter valued at about $29,000. Group One Trading LLC grew its holdings in Algonquin Power & Utilities by 63.3% during the fourth quarter. Group One Trading LLC now owns 7,479 shares of the utilities provider's stock worth $46,000 after purchasing an additional 2,900 shares during the period. NewEdge Advisors LLC acquired a new position in Algonquin Power & Utilities during the fourth quarter worth approximately $47,000. Tudor Investment Corp ET AL acquired a new position in Algonquin Power & Utilities during the fourth quarter worth approximately $62,000. Finally, Vise Technologies Inc. bought a new stake in Algonquin Power & Utilities in the third quarter valued at approximately $56,000. 62.28% of the stock is currently owned by institutional investors and hedge funds.

Algonquin Power & Utilities Trading Down 0.6%

Shares of NYSE:AQN opened at $5.67 on Friday. Algonquin Power & Utilities Corp. has a 12-month low of $5.32 and a 12-month high of $7.11. The business has a 50 day moving average of $5.81 and a 200-day moving average of $6.11. The company has a quick ratio of 0.69, a current ratio of 0.88 and a debt-to-equity ratio of 1.28. The stock has a market cap of $4.37 billion, a PE ratio of 29.87 and a beta of 0.70.

Algonquin Power & Utilities (NYSE:AQN - Get Free Report) last released its quarterly earnings results on Friday, August 7th. The utilities provider reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.01). Algonquin Power & Utilities had a return on equity of 5.16% and a net margin of 5.77%.The firm had revenue of $582.99 million for the quarter, compared to analyst estimates of $582.99 million. During the same period in the previous year, the business posted $0.04 earnings per share. Algonquin Power & Utilities has set its FY 2027 guidance at 0.380-0.420 EPS and its FY 2026 guidance at 0.350-0.370 EPS. As a group, equities research analysts forecast that Algonquin Power & Utilities Corp. will post 0.35 earnings per share for the current year.

Algonquin Power & Utilities Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Tuesday, September 29th will be given a $0.065 dividend. This represents a $0.26 dividend on an annualized basis and a dividend yield of 4.6%. The ex-dividend date of this dividend is Tuesday, September 29th. Algonquin Power & Utilities's payout ratio is presently 136.84%.

Analyst Upgrades and Downgrades

AQN has been the subject of a number of recent analyst reports. Wells Fargo & Company started coverage on Algonquin Power & Utilities in a research report on Tuesday, May 12th. They issued an "equal weight" rating and a $7.00 price objective for the company. National Bank Financial decreased their target price on Algonquin Power & Utilities from $7.25 to $7.00 and set an "outperform" rating on the stock in a report on Friday, July 3rd. Finally, Weiss Ratings lowered Algonquin Power & Utilities from a "hold (c)" rating to a "hold (c-)" rating in a report on Tuesday, August 11th. Six equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $6.81.

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.

Want to see what other hedge funds are holding AQN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Algonquin Power & Utilities Corp. (NYSE:AQN - Free Report).

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.