Pinebridge Investments L.P. Sells 621,488 Shares of Algonquin Power & Utilities Corp. (NYSE:AQN)

Pinebridge Investments L.P. cut its position in shares of Algonquin Power & Utilities Corp. (NYSE:AQN) by 83.1% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 126,178 shares of the utilities provider’s stock after selling 621,488 shares during the period. Pinebridge Investments L.P.’s holdings in Algonquin Power & Utilities were worth $561,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. SVB Wealth LLC purchased a new position in shares of Algonquin Power & Utilities in the fourth quarter valued at $49,000. Avantax Advisory Services Inc. purchased a new position in shares of Algonquin Power & Utilities in the fourth quarter valued at $58,000. Ballentine Partners LLC purchased a new position in shares of Algonquin Power & Utilities in the fourth quarter valued at $63,000. Spire Wealth Management grew its holdings in shares of Algonquin Power & Utilities by 149.6% in the fourth quarter. Spire Wealth Management now owns 17,000 shares of the utilities provider’s stock valued at $76,000 after purchasing an additional 10,190 shares in the last quarter. Finally, Quadrant Capital Group LLC grew its holdings in shares of Algonquin Power & Utilities by 40.5% in the fourth quarter. Quadrant Capital Group LLC now owns 17,555 shares of the utilities provider’s stock valued at $78,000 after purchasing an additional 5,060 shares in the last quarter. Hedge funds and other institutional investors own 62.28% of the company’s stock.

Algonquin Power & Utilities Price Performance

Shares of AQN stock opened at $5.36 on Tuesday. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.92 and a quick ratio of 0.73. The company has a market capitalization of $4.12 billion, a P/E ratio of -4.16 and a beta of 0.65. The company’s 50-day simple moving average is $5.03 and its two-hundred day simple moving average is $4.79. Algonquin Power & Utilities Corp. has a one year low of $4.19 and a one year high of $6.79.

Algonquin Power & Utilities (NYSE:AQN) last issued its earnings results 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 company had revenue of $584.80 million during the quarter, compared to the consensus estimate of $644.73 million. Algonquin Power & Utilities had a positive return on equity of 5.22% and a negative net margin of 39.12%. As a group, equities analysts anticipate that Algonquin Power & Utilities Corp. will post 0.38 EPS for the current year.

Algonquin Power & Utilities Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were paid a dividend of $0.065 per share. The ex-dividend date of this dividend was Monday, March 31st. This represents a $0.26 dividend on an annualized basis and a dividend yield of 4.85%. Algonquin Power & Utilities’s dividend payout ratio is presently -14.44%.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on AQN. CIBC cut their target price 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. National Bankshares dropped their price objective on shares of Algonquin Power & Utilities from $6.75 to $6.25 and set an “outperform” rating for the company in a research note on Tuesday, February 11th. Scotiabank raised their target price on shares of Algonquin Power & Utilities from $5.25 to $5.50 and gave the stock a “sector perform” rating in a report on Thursday, February 13th. Finally, Royal Bank of Canada cut their price target on shares of Algonquin Power & Utilities from $6.00 to $5.50 and set a “sector perform” rating on the stock in a report on Tuesday, February 18th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Algonquin Power & Utilities currently has an average rating of “Hold” and a consensus target price of $5.92.

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 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.