Bank of America Corp DE trimmed its position in TransAlta Corporation (NYSE:TAC – Free Report) (TSE:TA) by 27.8% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 7,957,029 shares of the utilities provider’s stock after selling 3,064,720 shares during the period. Bank of America Corp DE’s holdings in TransAlta were worth $104,237,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Value Aligned Research Advisors LLC acquired a new stake in shares of TransAlta during the 1st quarter valued at approximately $34,128,000. EverSource Wealth Advisors LLC increased its stake in TransAlta by 54.7% during the first quarter. EverSource Wealth Advisors LLC now owns 4,642 shares of the utilities provider’s stock valued at $61,000 after purchasing an additional 1,642 shares during the last quarter. Renaissance Technologies LLC raised its holdings in shares of TransAlta by 17.9% during the first quarter. Renaissance Technologies LLC now owns 1,428,195 shares of the utilities provider’s stock worth $18,709,000 after purchasing an additional 217,200 shares during the period. Arrowstreet Capital Limited Partnership acquired a new stake in shares of TransAlta during the first quarter worth $5,448,000. Finally, Bank of Nova Scotia lifted its position in shares of TransAlta by 23.8% in the 1st quarter. Bank of Nova Scotia now owns 1,338,554 shares of the utilities provider’s stock worth $17,595,000 after buying an additional 257,356 shares during the last quarter. 59.00% of the stock is owned by institutional investors.
Analyst Upgrades and Downgrades
Several research analysts have recently commented on the stock. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of TransAlta in a report on Friday, July 17th. Scotiabank upgraded shares of TransAlta to a “strong-buy” rating in a research note on Wednesday, June 10th. TD Securities reissued a “buy” rating on shares of TransAlta in a report on Thursday, May 7th. Weiss Ratings upgraded TransAlta from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Monday. Finally, TD Cowen initiated coverage on TransAlta in a report on Wednesday, June 10th. They set a “buy” rating for the company. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $24.50.
TransAlta Trading Down 0.4%
Shares of NYSE:TAC opened at $12.43 on Friday. The company has a market cap of $3.93 billion, a PE ratio of -69.02 and a beta of 0.70. The company’s 50-day moving average price is $13.46 and its 200 day moving average price is $13.19. TransAlta Corporation has a fifty-two week low of $11.38 and a fifty-two week high of $17.88. The company has a quick ratio of 0.70, a current ratio of 0.84 and a debt-to-equity ratio of 3.64.
TransAlta (NYSE:TAC – Get Free Report) (TSE:TA) last posted its earnings results on Friday, July 31st. The utilities provider reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.11 by $0.02. TransAlta had a negative net margin of 2.76% and a positive return on equity of 8.85%. The firm had revenue of $342.85 million during the quarter, compared to analyst estimates of $379.54 million. Sell-side analysts anticipate that TransAlta Corporation will post 0.21 earnings per share for the current year.
TransAlta Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 1st will be given a dividend of $0.07 per share. The ex-dividend date is Tuesday, September 1st. This represents a $0.28 annualized dividend and a dividend yield of 2.3%. TransAlta’s payout ratio is currently -111.11%.
TransAlta Profile
TransAlta Corporation, originally founded in 1909 as Calgary Power Company Ltd., is a publicly traded energy company specializing in the development, ownership and operation of power generation and transmission assets. Headquartered in Calgary, Alberta, TransAlta has grown from its early hydroelectric roots into a diversified energy provider with a multi-fuel generating fleet.
The company’s core business activities encompass power generation, asset management and energy trading services.
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