Connor Clark & Lunn Investment Management Ltd. purchased a new position in TransAlta Corporation (NYSE:TAC – Free Report) (TSE:TA) in the second quarter, Holdings Channel reports. The fund purchased 1,058,999 shares of the utilities provider’s stock, valued at approximately $14,635,000.
A number of other hedge funds also recently bought and sold shares of the business. Clear Harbor Asset Management LLC purchased a new position in TransAlta during the second quarter worth approximately $563,000. Bank of Nova Scotia acquired a new position in shares of TransAlta during the 2nd quarter worth approximately $28,349,000. Quantbot Technologies LP purchased a new position in shares of TransAlta during the 2nd quarter valued at approximately $1,515,000. Periscope Capital Inc. acquired a new stake in TransAlta in the 2nd quarter valued at $304,220,000. Finally, Tacita Capital Inc acquired a new stake in TransAlta in the 2nd quarter valued at $3,073,000. Hedge funds and other institutional investors own 59.00% of the company’s stock.
Analyst Ratings Changes
Several equities analysts have issued reports on the stock. TD Securities reaffirmed a “buy” rating on shares of TransAlta in a report on Thursday, May 7th. Scotiabank raised shares of TransAlta to a “strong-buy” rating in a research note on Wednesday, June 10th. BMO Capital Markets restated an “outperform” rating on shares of TransAlta in a research report on Monday, August 3rd. TD Cowen started coverage on shares of TransAlta in a research note on Wednesday, June 10th. They issued a “buy” rating on the stock. Finally, Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of TransAlta in a report on Friday, July 17th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $24.50.
TransAlta Stock Up 1.1%
NYSE TAC opened at $12.23 on Wednesday. The business has a fifty day moving average price of $13.25 and a 200 day moving average price of $13.15. TransAlta Corporation has a one year low of $11.38 and a one year high of $17.88. The company has a debt-to-equity ratio of 3.64, a quick ratio of 0.77 and a current ratio of 0.84. The company has a market cap of $3.87 billion, a P/E ratio of -67.97 and a beta of 0.70.
TransAlta (NYSE:TAC – Get Free Report) (TSE:TA) last announced its quarterly earnings data on Friday, July 31st. The utilities provider reported $0.13 earnings per share for the quarter, beating analysts’ consensus estimates of $0.11 by $0.02. TransAlta had a positive return on equity of 8.85% and a negative net margin of 2.76%.The company had revenue of $342.85 million for the quarter, compared to analyst estimates of $379.54 million. Research analysts anticipate that TransAlta Corporation will post 0.21 EPS for the current fiscal year.
TransAlta Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 1st will be paid a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend is Tuesday, September 1st. TransAlta’s dividend payout ratio (DPR) is currently -111.11%.
About TransAlta
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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