The Manufacturers Life Insurance Company acquired a new stake in Algonquin Power & Utilities Corp. (NYSE:AQN – Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 4,480,017 shares of the utilities provider’s stock, valued at approximately $26,260,000. The Manufacturers Life Insurance Company owned 0.58% of Algonquin Power & Utilities at the end of the most recent reporting period.
Several other institutional investors also recently modified their holdings of the company. Quarry LP bought a new stake in shares of Algonquin Power & Utilities in the 3rd quarter valued at about $29,000. Group One Trading LLC grew its holdings in Algonquin Power & Utilities by 63.3% during the fourth quarter. Group One Trading LLC now owns 7,479 shares of the utilities provider’s stock worth $46,000 after purchasing an additional 2,900 shares during the period. NewEdge Advisors LLC acquired a new position in Algonquin Power & Utilities during the fourth quarter worth approximately $47,000. Tudor Investment Corp ET AL acquired a new position in Algonquin Power & Utilities during the fourth quarter worth approximately $62,000. Finally, Vise Technologies Inc. bought a new stake in Algonquin Power & Utilities in the third quarter valued at approximately $56,000. 62.28% of the stock is currently owned by institutional investors and hedge funds.
Algonquin Power & Utilities Trading Down 0.6%
Shares of NYSE:AQN opened at $5.67 on Friday. Algonquin Power & Utilities Corp. has a 12-month low of $5.32 and a 12-month high of $7.11. The business has a 50 day moving average of $5.81 and a 200-day moving average of $6.11. The company has a quick ratio of 0.69, a current ratio of 0.88 and a debt-to-equity ratio of 1.28. The stock has a market cap of $4.37 billion, a PE ratio of 29.87 and a beta of 0.70.
Algonquin Power & Utilities Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Tuesday, September 29th will be given a $0.065 dividend. This represents a $0.26 dividend on an annualized basis and a dividend yield of 4.6%. The ex-dividend date of this dividend is Tuesday, September 29th. Algonquin Power & Utilities’s payout ratio is presently 136.84%.
Analyst Upgrades and Downgrades
AQN has been the subject of a number of recent analyst reports. Wells Fargo & Company started coverage on Algonquin Power & Utilities in a research report on Tuesday, May 12th. They issued an “equal weight” rating and a $7.00 price objective for the company. National Bank Financial decreased their target price on Algonquin Power & Utilities from $7.25 to $7.00 and set an “outperform” rating on the stock in a report on Friday, July 3rd. Finally, Weiss Ratings lowered Algonquin Power & Utilities from a “hold (c)” rating to a “hold (c-)” rating in a report on Tuesday, August 11th. Six equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $6.81.
View Our Latest Stock Report on AQN
Algonquin Power & Utilities Profile
Algonquin Power & Utilities Corp (NYSE: AQN) is a diversified generation, transmission and distribution utility company headquartered in Oakville, Ontario. Established in 1988, the firm operates through two primary business segments: Regulated Utilities and Renewable Energy. Its Regulated Utilities segment comprises electric, natural gas and water distribution networks serving residential, commercial and industrial customers across North America, while its Renewable Energy portfolio includes hydroelectric, solar, wind and thermal generation facilities.
The company’s renewable energy assets span multiple jurisdictions in Canada and the United States, reflecting its strategy to expand clean power capacity in regions with supportive regulatory frameworks.
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