Investment Management Corp of Ontario Trims Stock Holdings in Algonquin Power & Utilities Corp. (NYSE:AQN)

Investment Management Corp of Ontario reduced its holdings in Algonquin Power & Utilities Corp. (NYSE:AQN) by 12.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 29,947 shares of the utilities provider’s stock after selling 4,100 shares during the quarter. Investment Management Corp of Ontario’s holdings in Algonquin Power & Utilities were worth $133,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in AQN. SVB Wealth LLC acquired a new stake in Algonquin Power & Utilities during the fourth quarter worth about $49,000. Avantax Advisory Services Inc. bought a new position in Algonquin Power & Utilities during the 4th quarter worth approximately $58,000. Ballentine Partners LLC bought a new position in Algonquin Power & Utilities during the 4th quarter worth approximately $63,000. Spire Wealth Management lifted its holdings in shares of Algonquin Power & Utilities by 149.6% in the 4th quarter. Spire Wealth Management now owns 17,000 shares of the utilities provider’s stock worth $76,000 after purchasing an additional 10,190 shares during the last quarter. Finally, Capstone Investment Advisors LLC lifted its holdings in shares of Algonquin Power & Utilities by 59.6% in the 4th quarter. Capstone Investment Advisors LLC now owns 17,060 shares of the utilities provider’s stock worth $76,000 after purchasing an additional 6,370 shares during the last quarter. 62.28% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Royal Bank of Canada raised their price target on Algonquin Power & Utilities from $5.50 to $6.00 and gave the stock a “sector perform” rating in a report on Monday. CIBC lowered their target price on Algonquin Power & Utilities from $5.50 to $5.25 and set a “neutral” rating on the stock in a research report on Thursday, April 24th. StockNews.com upgraded Algonquin Power & Utilities from a “sell” rating to a “hold” rating in a research report on Tuesday. National Bankshares lowered their target price on Algonquin Power & Utilities from $6.75 to $6.25 and set an “outperform” rating on the stock in a research report on Tuesday, February 11th. Finally, BMO Capital Markets restated a “market perform” rating and issued a $6.00 target price (up from $5.00) on shares of Algonquin Power & Utilities in a research report on Monday. Ten investment analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Algonquin Power & Utilities presently has a consensus rating of “Hold” and an average price target of $6.03.

Algonquin Power & Utilities Stock Down 1.9%

Shares of AQN stock opened at $5.60 on Wednesday. Algonquin Power & Utilities Corp. has a 1 year low of $4.19 and a 1 year high of $6.75. The stock has a market cap of $4.30 billion, a PE ratio of -4.34 and a beta of 0.67. The business’s fifty day moving average is $5.17 and its 200-day moving average is $4.83. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.73 and a current ratio of 0.92.

Algonquin Power & Utilities (NYSE:AQN) last issued its quarterly earnings results on Friday, May 9th. The utilities provider reported $0.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.09 by $0.05. Algonquin Power & Utilities had a positive return on equity of 5.22% and a negative net margin of 39.12%. The company had revenue of $692.40 million for the quarter, compared to analysts’ expectations of $699.08 million. During the same period last year, the firm earned $0.14 EPS. Equities analysts expect that Algonquin Power & Utilities Corp. will post 0.38 earnings per share for the current fiscal year.

Algonquin Power & Utilities Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be given a dividend of $0.065 per share. This represents a $0.26 annualized dividend and a dividend yield of 4.64%. The ex-dividend date is Monday, June 30th. Algonquin Power & Utilities’s dividend payout ratio (DPR) is presently -15.48%.

About Algonquin Power & Utilities

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.