Value Aligned Research Advisors LLC bought a new stake in shares of TransAlta Corporation (NYSE:TAC – Free Report) (TSE:TA) in the 1st quarter, HoldingsChannel.com reports. The fund bought 2,596,273 shares of the utilities provider’s stock, valued at approximately $34,128,000.
A number of other hedge funds have also recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd acquired a new stake in TransAlta during the fourth quarter valued at $37,000. EverSource Wealth Advisors LLC boosted its stake in shares of TransAlta by 37.1% during the 4th quarter. EverSource Wealth Advisors LLC now owns 3,000 shares of the utilities provider’s stock worth $38,000 after acquiring an additional 812 shares in the last quarter. FNY Investment Advisers LLC purchased a new stake in shares of TransAlta during the 4th quarter worth about $50,000. Warren Street Wealth Advisors LLC acquired a new stake in shares of TransAlta during the 4th quarter valued at about $129,000. Finally, Ritter Alpha LP acquired a new stake in shares of TransAlta during the 4th quarter valued at about $131,000. 59.00% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
Several equities analysts recently weighed in on the company. TD Securities restated a “buy” rating on shares of TransAlta in a research note on Thursday, May 7th. Weiss Ratings raised TransAlta from a “sell (d)” rating to a “sell (d+)” rating in a report on Tuesday, June 16th. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of TransAlta in a research note on Friday, July 17th. Zacks Research lowered TransAlta from a “hold” rating to a “strong sell” rating in a research report on Friday, July 17th. Finally, BMO Capital Markets began coverage on TransAlta in a research report on Wednesday, June 10th. They set an “outperform” rating on the stock. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $23.00.
TransAlta Stock Down 5.1%
TAC stock opened at $12.76 on Wednesday. The stock has a market capitalization of $4.03 billion, a P/E ratio of -23.64 and a beta of 0.69. The firm has a 50-day simple moving average of $13.65 and a 200-day simple moving average of $13.18. The company has a quick ratio of 0.70, a current ratio of 0.76 and a debt-to-equity ratio of 6.61. TransAlta Corporation has a 52 week low of $11.38 and a 52 week high of $17.88.
TransAlta (NYSE:TAC – Get Free Report) (TSE:TA) last released its quarterly earnings results on Wednesday, May 6th. The utilities provider reported $0.04 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.03. The firm had revenue of $406.19 million during the quarter, compared to the consensus estimate of $436.36 million. TransAlta had a negative net margin of 9.46% and a positive return on equity of 9.52%. Equities analysts forecast that TransAlta Corporation will post 0.17 earnings per share for the current fiscal year.
TransAlta Company 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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