Algonquin Power & Utilities Corp. (NYSE:AQN) Stake Increased by Bank of Montreal Can

Bank of Montreal Can increased its stake in Algonquin Power & Utilities Corp. (NYSE:AQN - Free Report) by 6.0% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 20,882,966 shares of the utilities provider's stock after purchasing an additional 1,190,236 shares during the quarter. Bank of Montreal Can owned approximately 2.72% of Algonquin Power & Utilities worth $115,175,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the business. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its holdings in Algonquin Power & Utilities by 156.0% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 8,905,059 shares of the utilities provider's stock valued at $52,341,000 after acquiring an additional 5,426,523 shares during the last quarter. Swiss National Bank grew its holdings in shares of Algonquin Power & Utilities by 10.4% during the third quarter. Swiss National Bank now owns 1,433,000 shares of the utilities provider's stock worth $7,843,000 after buying an additional 135,400 shares in the last quarter. Troluce Capital Advisors LLC grew its stake in Algonquin Power & Utilities by 33.3% in the second quarter. Troluce Capital Advisors LLC now owns 2,575,000 shares of the utilities provider's stock valued at $15,090,000 after purchasing an additional 643,352 shares in the last quarter. Foundry Partners LLC bought a new position in Algonquin Power & Utilities in the third quarter valued at approximately $7,173,000. Finally, Vanguard Group Inc. lifted its holdings in Algonquin Power & Utilities by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 26,248,892 shares of the utilities provider's stock worth $165,893,000 after purchasing an additional 262,333 shares during the last quarter. 62.28% of the stock is currently owned by institutional investors and hedge funds.

Algonquin Power & Utilities Stock Up 2.5 %

NYSE AQN traded up $0.12 during trading on Wednesday, hitting $4.88. The company's stock had a trading volume of 4,212,656 shares, compared to its average volume of 5,593,146. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.92 and a quick ratio of 0.73. Algonquin Power & Utilities Corp. has a fifty-two week low of $4.67 and a fifty-two week high of $6.79. The company has a market cap of $3.74 billion, a PE ratio of -3.69 and a beta of 0.68. The business's 50 day simple moving average is $5.05 and its 200-day simple moving average is $5.60.

Algonquin Power & Utilities (NYSE:AQN - Get Free Report) last announced its quarterly earnings results on Thursday, November 7th. The utilities provider reported $0.08 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.09 by ($0.01). The company had revenue of $573.20 million during the quarter, compared to analyst estimates of $620.46 million. Algonquin Power & Utilities had a negative net margin of 39.12% and a positive return on equity of 5.22%. The company's revenue was up 1.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.11 earnings per share. On average, equities analysts anticipate that Algonquin Power & Utilities Corp. will post 0.4 EPS for the current fiscal year.

Algonquin Power & Utilities Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a $0.065 dividend. This represents a $0.26 annualized dividend and a dividend yield of 5.33%. The ex-dividend date is Tuesday, December 31st. Algonquin Power & Utilities's dividend payout ratio (DPR) is presently -20.15%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Janney Montgomery Scott began coverage on Algonquin Power & Utilities in a report on Thursday, September 5th. They issued a "neutral" rating and a $6.00 price objective for the company. Royal Bank of Canada reissued a "sector perform" rating and issued a $6.00 price objective on shares of Algonquin Power & Utilities in a research note on Friday, October 11th. Raymond James downgraded Algonquin Power & Utilities from an "outperform" rating to a "market perform" rating and lowered their price objective for the stock from $7.75 to $7.00 in a research note on Monday, August 12th. Desjardins reduced their target price on Algonquin Power & Utilities from $5.50 to $5.25 and set a "hold" rating for the company in a report on Monday, August 12th. Finally, Scotiabank reduced their price objective on Algonquin Power & Utilities from $5.75 to $5.25 and set a "sector perform" rating for the company in a report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Algonquin Power & Utilities has a consensus rating of "Hold" and an average target price of $6.18.

About Algonquin Power & Utilities

Algonquin Power & Utilities Corp. operates in the power and utility industries in the United States, Canada, and other regions. The company operates in two segments, Regulated Services Group and Renewable Energy Group. The company primarily owns and operates a regulated electric, water distribution and wastewater collection, and natural gas utility systems and transmission operations.