Putnam Investments LLC acquired a new position in shares of Algonquin Power & Utilities Corp. (NYSE:AQN – Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 491,223 shares of the utilities provider’s stock, valued at approximately $4,126,000. Putnam Investments LLC owned approximately 0.07% of Algonquin Power & Utilities as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Bank of New York Mellon Corp grew its holdings in Algonquin Power & Utilities by 0.3% during the first quarter. Bank of New York Mellon Corp now owns 720,888 shares of the utilities provider’s stock worth $11,188,000 after buying an additional 1,979 shares in the last quarter. Cambridge Investment Research Advisors Inc. grew its stake in shares of Algonquin Power & Utilities by 31.1% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 42,274 shares of the utilities provider’s stock worth $656,000 after acquiring an additional 10,029 shares in the last quarter. Private Advisor Group LLC purchased a new stake in shares of Algonquin Power & Utilities in the first quarter valued at about $250,000. Natixis Advisors L.P. lifted its position in shares of Algonquin Power & Utilities by 39.8% during the first quarter. Natixis Advisors L.P. now owns 19,708 shares of the utilities provider’s stock valued at $306,000 after purchasing an additional 5,608 shares in the last quarter. Finally, BlackRock Inc. boosted its holdings in Algonquin Power & Utilities by 57,813.0% during the first quarter. BlackRock Inc. now owns 422,186 shares of the utilities provider’s stock worth $6,552,000 after purchasing an additional 421,457 shares during the last quarter. 52.12% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
AQN has been the subject of several analyst reports. Royal Bank of Canada decreased their price objective on shares of Algonquin Power & Utilities from $9.00 to $8.00 and set a “sector perform” rating for the company in a research note on Thursday. StockNews.com began coverage on Algonquin Power & Utilities in a report on Thursday, August 17th. They set a “sell” rating on the stock. CSFB reduced their price objective on Algonquin Power & Utilities from $10.50 to $10.00 and set an “outperform” rating for the company in a research note on Monday, July 24th. Scotiabank lowered their target price on Algonquin Power & Utilities from $9.25 to $9.00 in a research note on Monday, August 14th. Finally, BMO Capital Markets reduced their price target on shares of Algonquin Power & Utilities from $8.50 to $8.00 and set a “market perform” rating for the company in a research report on Friday, September 8th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $9.98.
Algonquin Power & Utilities Price Performance
Algonquin Power & Utilities stock opened at $7.20 on Friday. The firm has a 50 day simple moving average of $7.66 and a 200 day simple moving average of $8.09. The company has a current ratio of 0.71, a quick ratio of 0.56 and a debt-to-equity ratio of 1.14. Algonquin Power & Utilities Corp. has a 1-year low of $6.41 and a 1-year high of $13.37. The firm has a market capitalization of $4.96 billion, a price-to-earnings ratio of -18.95, a P/E/G ratio of 4.27 and a beta of 0.50.
Algonquin Power & Utilities (NYSE:AQN – Get Free Report) last posted its quarterly earnings results on Thursday, August 10th. The utilities provider reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.02). Algonquin Power & Utilities had a positive return on equity of 5.99% and a negative net margin of 8.96%. The company had revenue of $627.30 million during the quarter, compared to the consensus estimate of $611.83 million. During the same period in the previous year, the business earned $0.16 earnings per share. Algonquin Power & Utilities’s revenue was up .5% on a year-over-year basis. On average, analysts predict that Algonquin Power & Utilities Corp. will post 0.55 earnings per share for the current year.
Algonquin Power & Utilities Cuts Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, October 13th. Stockholders of record on Thursday, September 28th will be given a dividend of $0.108 per share. This represents a $0.43 annualized dividend and a dividend yield of 6.00%. The ex-dividend date is Wednesday, September 27th. Algonquin Power & Utilities’s dividend payout ratio is presently -113.16%.
Algonquin Power & Utilities Profile
Algonquin Power & Utilities Corp., a renewable energy and utility company, that provides energy and water solutions and services in North America and internationally. The company operates through two segments, Regulated Services Group and Renewable Energy Group. The Regulated Services Group segment provides a portfolio of rate-regulated water, electricity, and gas utility services.
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