Gabelli Funds LLC purchased a new position in Algonquin Power & Utilities Corp. (NYSE:AQN – Get Rating) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 420,200 shares of the utilities provider’s stock, valued at approximately $2,750,000. Gabelli Funds LLC owned about 0.06% of Algonquin Power & Utilities at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Toronto Dominion Bank raised its holdings in shares of Algonquin Power & Utilities by 132.2% in the fourth quarter. Toronto Dominion Bank now owns 28,449,656 shares of the utilities provider’s stock worth $199,170,000 after buying an additional 16,200,050 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Algonquin Power & Utilities by 3.7% during the third quarter. Vanguard Group Inc. now owns 23,806,124 shares of the utilities provider’s stock worth $259,726,000 after purchasing an additional 856,114 shares during the last quarter. Bank of Nova Scotia raised its holdings in shares of Algonquin Power & Utilities by 2.2% during the fourth quarter. Bank of Nova Scotia now owns 14,218,745 shares of the utilities provider’s stock worth $92,621,000 after purchasing an additional 309,305 shares during the last quarter. National Bank of Canada FI raised its holdings in shares of Algonquin Power & Utilities by 79.8% during the fourth quarter. National Bank of Canada FI now owns 8,617,068 shares of the utilities provider’s stock worth $56,052,000 after purchasing an additional 3,823,681 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Algonquin Power & Utilities by 1.9% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 6,632,128 shares of the utilities provider’s stock worth $72,356,000 after purchasing an additional 124,800 shares during the last quarter. Hedge funds and other institutional investors own 41.26% of the company’s stock.
Analyst Ratings Changes
Several research analysts recently issued reports on AQN shares. StockNews.com started coverage on shares of Algonquin Power & Utilities in a report on Thursday, May 18th. They set a “sell” rating for the company. Bank of America cut shares of Algonquin Power & Utilities from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $9.00 to $8.50 in a report on Tuesday, April 18th. Royal Bank of Canada raised their target price on shares of Algonquin Power & Utilities from $8.00 to $9.00 and gave the stock a “sector perform” rating in a report on Wednesday, April 12th. Wells Fargo & Company raised their price target on shares of Algonquin Power & Utilities from $9.50 to $10.00 in a research report on Friday, May 12th. Finally, TD Securities raised their price target on shares of Algonquin Power & Utilities from $8.00 to $9.00 and gave the company a “hold” rating in a research report on Monday, April 17th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, Algonquin Power & Utilities presently has an average rating of “Hold” and an average price target of $10.13.
Algonquin Power & Utilities Stock Down 0.5 %
Algonquin Power & Utilities (NYSE:AQN – Get Rating) last posted its quarterly earnings results on Thursday, May 11th. The utilities provider reported $0.17 earnings per share for the quarter, topping analysts’ consensus estimates of $0.16 by $0.01. The firm had revenue of $778.60 million for the quarter, compared to analyst estimates of $770.77 million. Algonquin Power & Utilities had a negative net margin of 1.17% and a positive return on equity of 6.74%. Equities analysts predict that Algonquin Power & Utilities Corp. will post 0.57 EPS for the current fiscal year.
Algonquin Power & Utilities Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, July 14th. Investors of record on Friday, June 30th will be given a dividend of $0.216 per share. The ex-dividend date is Thursday, June 29th. This is a positive change from Algonquin Power & Utilities’s previous quarterly dividend of $0.11. This represents a $0.86 dividend on an annualized basis and a yield of 9.99%. Algonquin Power & Utilities’s payout ratio is presently -716.55%.
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 following business segments: Regulated Services Group, Renewable Energy Group, and Corporate. 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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