Zurcher Kantonalbank Zurich Cantonalbank Sells 641,139 Shares of Algonquin Power & Utilities Corp. (NYSE:AQN)

Zurcher Kantonalbank Zurich Cantonalbank cut its stake in Algonquin Power & Utilities Corp. (NYSE:AQN - Free Report) by 83.2% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 129,746 shares of the utilities provider's stock after selling 641,139 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Algonquin Power & Utilities were worth $823,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in AQN. Sasco Capital Inc. CT acquired a new position in Algonquin Power & Utilities in the third quarter valued at approximately $18,156,000. Hudson Bay Capital Management LP acquired a new position in Algonquin Power & Utilities in the third quarter valued at approximately $8,936,000. Toronto Dominion Bank lifted its holdings in Algonquin Power & Utilities by 7.9% in the third quarter. Toronto Dominion Bank now owns 13,293,748 shares of the utilities provider's stock valued at $78,699,000 after acquiring an additional 978,758 shares during the last quarter. Invesco Ltd. lifted its holdings in Algonquin Power & Utilities by 6.6% in the third quarter. Invesco Ltd. now owns 9,881,130 shares of the utilities provider's stock valued at $58,496,000 after acquiring an additional 616,049 shares during the last quarter. Finally, Krilogy Financial LLC acquired a new position in Algonquin Power & Utilities in the third quarter valued at approximately $3,007,000. 62.28% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms recently commented on AQN. StockNews.com upgraded Algonquin Power & Utilities to a "sell" rating in a report on Wednesday, April 17th. TD Securities upped their price target on Algonquin Power & Utilities from $6.00 to $6.50 and gave the stock a "hold" rating in a research note on Monday, March 11th. Desjardins upgraded Algonquin Power & Utilities from a "sell" rating to a "hold" rating and upped their price target for the stock from $4.75 to $5.75 in a research note on Monday, March 11th. National Bankshares decreased their price target on Algonquin Power & Utilities from $7.50 to $7.25 and set a "sector perform" rating on the stock in a research note on Tuesday, January 9th. Finally, CIBC upped their price target on Algonquin Power & Utilities from $7.00 to $7.50 and gave the stock a "neutral" rating in a research note on Tuesday, January 9th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, Algonquin Power & Utilities currently has an average rating of "Hold" and an average price target of $7.67.

Algonquin Power & Utilities Stock Down 1.7 %

Shares of NYSE AQN traded down $0.10 during mid-day trading on Tuesday, hitting $6.11. The company had a trading volume of 3,736,427 shares, compared to its average volume of 4,746,624. The company has a market capitalization of $4.21 billion, a PE ratio of 203.50 and a beta of 0.66. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.63 and a quick ratio of 0.50. Algonquin Power & Utilities Corp. has a 1-year low of $4.90 and a 1-year high of $9.14. The business's 50-day simple moving average is $6.05 and its 200 day simple moving average is $5.99.

Algonquin Power & Utilities (NYSE:AQN - Get Free Report) last announced its quarterly earnings data on Friday, March 8th. The utilities provider reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.02. The business had revenue of $666.90 million for the quarter, compared to analysts' expectations of $661.73 million. Algonquin Power & Utilities had a return on equity of 5.64% and a net margin of 1.06%. The company's revenue for the quarter was down 10.8% compared to the same quarter last year. During the same period last year, the firm earned $0.22 earnings per share. On average, analysts predict that Algonquin Power & Utilities Corp. will post 0.49 earnings per share for the current year.

Algonquin Power & Utilities Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were issued a $0.1085 dividend. This represents a $0.43 annualized dividend and a yield of 7.11%. The ex-dividend date was Wednesday, March 27th. Algonquin Power & Utilities's dividend payout ratio (DPR) is presently 1,433.33%.

Algonquin Power & Utilities Profile

Algonquin Power & Utilities Corp. operates in the power and utility industries in the United States, Canada, and other regions. The company operates in two segments, Regulated Services Group and Renewable Energy Group. The company primarily owns and operates a regulated electric, water distribution and wastewater collection, and natural gas utility systems and transmission operations.