Zacks Investment Research downgraded shares of Atlantica Sustainable Infrastructure (NASDAQ:AY) from a hold rating to a strong sell rating in a research note issued to investors on Tuesday morning, Zacks.com reports.
According to Zacks, “Atlantica Yield Plc owns, manages and acquires a diversified portfolio of contracted assets in the power and environment sectors. It operates primarily in North America, South America and Europe. Atlantica Yield Plc, formerly known as Abengoa Yield plc, is based in Brentford, the United Kingdom. “
A number of other analysts have also issued reports on AY. Jonestrading started coverage on Atlantica Sustainable Infrastructure in a report on Monday, October 11th. They issued a buy rating and a $46.00 target price on the stock. CIBC started coverage on Atlantica Sustainable Infrastructure in a report on Thursday, December 16th. They set a neutral rating and a $41.00 price objective on the stock. Raymond James set a $47.00 price objective on Atlantica Sustainable Infrastructure and gave the stock an outperform rating in a report on Friday, November 12th. Finally, KeyCorp initiated coverage on Atlantica Sustainable Infrastructure in a research report on Tuesday, September 21st. They issued a sector weight rating for the company. One analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of Hold and a consensus price target of $42.86.
Atlantica Sustainable Infrastructure (NASDAQ:AY) last released its earnings results on Wednesday, November 10th. The utilities provider reported ($0.10) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.60 by ($0.70). The business had revenue of $329.24 million during the quarter, compared to analyst estimates of $333.20 million. Atlantica Sustainable Infrastructure had a negative net margin of 5.69% and a negative return on equity of 3.76%. During the same period last year, the business earned $0.86 EPS. On average, sell-side analysts anticipate that Atlantica Sustainable Infrastructure will post -0.03 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, December 15th. Stockholders of record on Tuesday, November 30th were given a dividend of $0.435 per share. The ex-dividend date was Monday, November 29th. This represents a $1.74 dividend on an annualized basis and a dividend yield of 5.26%. This is an increase from Atlantica Sustainable Infrastructure’s previous quarterly dividend of $0.43. Atlantica Sustainable Infrastructure’s payout ratio is presently -276.19%.
Hedge funds have recently added to or reduced their stakes in the company. Morgan Stanley grew its stake in shares of Atlantica Sustainable Infrastructure by 5.1% during the second quarter. Morgan Stanley now owns 6,121,375 shares of the utilities provider’s stock worth $227,838,000 after purchasing an additional 296,154 shares during the period. Invesco Ltd. boosted its position in shares of Atlantica Sustainable Infrastructure by 0.7% during the third quarter. Invesco Ltd. now owns 2,706,382 shares of the utilities provider’s stock worth $93,397,000 after buying an additional 19,232 shares during the period. BlackRock Inc. boosted its position in shares of Atlantica Sustainable Infrastructure by 10.6% during the third quarter. BlackRock Inc. now owns 2,299,385 shares of the utilities provider’s stock worth $79,352,000 after buying an additional 221,140 shares during the period. FMR LLC acquired a new position in shares of Atlantica Sustainable Infrastructure during the first quarter worth about $26,976,000. Finally, Dimensional Fund Advisors LP boosted its position in shares of Atlantica Sustainable Infrastructure by 6.8% during the third quarter. Dimensional Fund Advisors LP now owns 1,218,045 shares of the utilities provider’s stock worth $42,035,000 after buying an additional 77,789 shares during the period. Institutional investors own 87.88% of the company’s stock.
Atlantica Sustainable Infrastructure Company Profile
Atlantica Sustainable Infrastructure Plc engages in the ownership, management, and acquisition of renewable energy. It specializes in the following businesses: Renewable Energy; Natural Gas; Electrical Transmission; and Water. The Renewable Energy business includes production of electricity from solar power and wind plants.
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