The Manufacturers Life Insurance Company Has $36.22 Million Position in Algonquin Power & Utilities Corp. (NYSE:AQN)

The Manufacturers Life Insurance Company raised its position in Algonquin Power & Utilities Corp. (NYSE:AQN - Free Report) by 5.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,140,676 shares of the utilities provider's stock after purchasing an additional 420,202 shares during the quarter. The Manufacturers Life Insurance Company owned 1.06% of Algonquin Power & Utilities worth $36,217,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in AQN. FIL Ltd lifted its stake in shares of Algonquin Power & Utilities by 85.6% during the fourth quarter. FIL Ltd now owns 40,886,793 shares of the utilities provider's stock worth $181,473,000 after buying an additional 18,857,515 shares during the period. Norges Bank purchased a new stake in shares of Algonquin Power & Utilities in the fourth quarter worth about $31,508,000. Private Management Group Inc. grew its holdings in Algonquin Power & Utilities by 161.2% during the fourth quarter. Private Management Group Inc. now owns 5,924,983 shares of the utilities provider's stock worth $26,366,000 after acquiring an additional 3,656,840 shares during the period. Arrowstreet Capital Limited Partnership raised its position in Algonquin Power & Utilities by 85.5% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 3,730,749 shares of the utilities provider's stock valued at $16,539,000 after acquiring an additional 1,719,928 shares in the last quarter. Finally, Gamco Investors INC. ET AL lifted its holdings in Algonquin Power & Utilities by 83.2% in the fourth quarter. Gamco Investors INC. ET AL now owns 2,858,000 shares of the utilities provider's stock valued at $12,718,000 after acquiring an additional 1,298,030 shares during the period. 62.28% of the stock is owned by hedge funds and other institutional investors.

Algonquin Power & Utilities Stock Performance

Shares of AQN stock traded up $0.02 during mid-day trading on Wednesday, hitting $5.51. The stock had a trading volume of 3,605,497 shares, compared to its average volume of 7,574,092. The firm has a market cap of $4.23 billion, a PE ratio of -4.28 and a beta of 0.67. Algonquin Power & Utilities Corp. has a fifty-two week low of $4.19 and a fifty-two week high of $6.79. The company's 50-day simple moving average is $5.09 and its 200-day simple moving average is $4.80. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.92 and a quick ratio of 0.73.

Algonquin Power & Utilities (NYSE:AQN - Get Free Report) last announced its quarterly earnings data on Friday, March 7th. The utilities provider reported $0.06 EPS for the quarter, missing analysts' consensus estimates of $0.10 by ($0.04). The business had revenue of $584.80 million during the quarter, compared to analysts' expectations of $644.73 million. Algonquin Power & Utilities had a negative net margin of 39.12% and a positive return on equity of 5.22%. Sell-side analysts anticipate that Algonquin Power & Utilities Corp. will post 0.38 earnings per share for the current year.

Algonquin Power & Utilities Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were issued a dividend of $0.065 per share. The ex-dividend date of this dividend was Monday, March 31st. This represents a $0.26 annualized dividend and a dividend yield of 4.72%. Algonquin Power & Utilities's payout ratio is -14.44%.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on AQN. Royal Bank of Canada cut their price target on Algonquin Power & Utilities from $6.00 to $5.50 and set a "sector perform" rating for the company in a research note on Tuesday, February 18th. Scotiabank boosted their price objective on Algonquin Power & Utilities from $5.25 to $5.50 and gave the company a "sector perform" rating in a research report on Thursday, February 13th. National Bankshares decreased their target price on Algonquin Power & Utilities from $6.75 to $6.25 and set an "outperform" rating on the stock in a research report on Tuesday, February 11th. Finally, CIBC cut their price target on shares of Algonquin Power & Utilities from $5.50 to $5.25 and set a "neutral" rating for the company in a report on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $5.92.

Algonquin Power & Utilities Company 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.