Algonquin Power & Utilities Corp. (NYSE:AQN) Holdings Lowered by Cibc World Market Inc.

Cibc World Market Inc. reduced its holdings in shares of Algonquin Power & Utilities Corp. (NYSE:AQN - Free Report) by 15.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,147,699 shares of the utilities provider's stock after selling 1,319,267 shares during the quarter. Cibc World Market Inc. owned approximately 0.93% of Algonquin Power & Utilities worth $31,712,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the business. Squarepoint Ops LLC raised its stake in Algonquin Power & Utilities by 100.3% in the 2nd quarter. Squarepoint Ops LLC now owns 56,573 shares of the utilities provider's stock valued at $332,000 after purchasing an additional 28,332 shares during the last quarter. Susquehanna Fundamental Investments LLC acquired a new position in Algonquin Power & Utilities in the 2nd quarter valued at $298,000. B. Riley Wealth Advisors Inc. purchased a new position in shares of Algonquin Power & Utilities during the 2nd quarter worth $144,000. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in shares of Algonquin Power & Utilities by 15.7% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,551,736 shares of the utilities provider's stock worth $9,121,000 after purchasing an additional 209,991 shares during the last quarter. Finally, Central Pacific Bank Trust Division purchased a new stake in shares of Algonquin Power & Utilities in the third quarter valued at $54,000. 62.28% of the stock is currently owned by institutional investors and hedge funds.

Algonquin Power & Utilities Stock Performance

Shares of NYSE AQN traded up $0.05 during midday trading on Tuesday, hitting $4.53. The company's stock had a trading volume of 6,882,224 shares, compared to its average volume of 8,357,615. The firm has a market cap of $3.47 billion, a P/E ratio of -3.51 and a beta of 0.69. The firm's fifty day moving average price is $4.51 and its 200-day moving average price is $5.03. Algonquin Power & Utilities Corp. has a 1-year low of $4.19 and a 1-year high of $6.79. 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 - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $573.20 million during the quarter, compared to the consensus estimate of $620.46 million. Algonquin Power & Utilities had a positive return on equity of 5.22% and a negative net margin of 39.12%. The business's quarterly revenue was up 1.5% compared to the same quarter last year. During the same period last year, the company earned $0.11 earnings per share. On average, sell-side analysts forecast that Algonquin Power & Utilities Corp. will post 0.38 EPS for the current fiscal year.

Algonquin Power & Utilities Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were issued a $0.065 dividend. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $0.26 annualized dividend and a dividend yield of 5.75%. Algonquin Power & Utilities's dividend payout ratio (DPR) is -20.15%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on AQN. Royal Bank of Canada reiterated a "sector perform" rating and set a $6.00 price objective on shares of Algonquin Power & Utilities in a report on Friday, October 11th. Scotiabank cut their price objective on Algonquin Power & Utilities from $5.75 to $5.25 and set a "sector perform" rating on the stock in a report on Friday, November 8th. CIBC decreased their target price on Algonquin Power & Utilities from $5.75 to $5.50 and set a "neutral" rating for the company in a report on Tuesday, October 22nd. Wells Fargo & Company reduced their price target on shares of Algonquin Power & Utilities from $6.00 to $5.50 and set an "equal weight" rating on the stock in a research report on Wednesday, October 16th. Finally, JPMorgan Chase & Co. reissued a "neutral" rating and issued a $7.00 price objective on shares of Algonquin Power & Utilities in a research report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $6.13.

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.