Sasco Capital Inc. CT Sells 522,150 Shares of Algonquin Power & Utilities Corp. (NYSE:AQN)

Sasco Capital Inc. CT reduced its position in shares of Algonquin Power & Utilities Corp. (NYSE:AQN - Free Report) by 14.2% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,152,570 shares of the utilities provider's stock after selling 522,150 shares during the period. Algonquin Power & Utilities makes up 2.6% of Sasco Capital Inc. CT's portfolio, making the stock its 24th biggest holding. Sasco Capital Inc. CT owned about 0.41% of Algonquin Power & Utilities worth $17,182,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Krilogy Financial LLC boosted its position in shares of Algonquin Power & Utilities by 0.3% during the 2nd quarter. Krilogy Financial LLC now owns 707,000 shares of the utilities provider's stock valued at $4,143,000 after acquiring an additional 1,800 shares during the last quarter. Private Advisor Group LLC lifted its position in Algonquin Power & Utilities by 14.1% during the third quarter. Private Advisor Group LLC now owns 17,769 shares of the utilities provider's stock valued at $97,000 after purchasing an additional 2,201 shares during the last quarter. Hennessy Advisors Inc. grew its stake in Algonquin Power & Utilities by 4.1% in the 2nd quarter. Hennessy Advisors Inc. now owns 108,564 shares of the utilities provider's stock worth $636,000 after buying an additional 4,300 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in shares of Algonquin Power & Utilities by 25.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 28,704 shares of the utilities provider's stock worth $179,000 after buying an additional 5,863 shares during the last quarter. Finally, Advisors Asset Management Inc. raised its position in shares of Algonquin Power & Utilities by 5.0% during the 1st quarter. Advisors Asset Management Inc. now owns 139,213 shares of the utilities provider's stock valued at $880,000 after buying an additional 6,642 shares in the last quarter. Institutional investors own 62.28% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on AQN. Janney Montgomery Scott initiated coverage on Algonquin Power & Utilities in a research note on Thursday, September 5th. They issued a "neutral" rating and a $6.00 target price on the stock. Wells Fargo & Company decreased their price objective on Algonquin Power & Utilities from $6.00 to $5.50 and set an "equal weight" rating on the stock in a report on Wednesday, October 16th. Desjardins cut their target price on Algonquin Power & Utilities from $5.50 to $5.25 and set a "hold" rating for the company in a research note on Monday, August 12th. Raymond James cut shares of Algonquin Power & Utilities from an "outperform" rating to a "market perform" rating and reduced their price target for the company from $7.75 to $7.00 in a research report on Monday, August 12th. Finally, Scotiabank lowered their price objective on shares of 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 research analyst has rated the stock with a sell rating, nine have given a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $6.18.

Algonquin Power & Utilities Stock Down 0.9 %

Shares of NYSE:AQN traded down $0.04 during trading on Tuesday, reaching $4.78. 4,315,260 shares of the stock traded hands, compared to its average volume of 5,618,555. The stock has a market cap of $3.66 billion, a P/E ratio of -3.70 and a beta of 0.68. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.73 and a current ratio of 0.92. The stock has a 50-day moving average of $5.12 and a two-hundred day moving average of $5.66. Algonquin Power & Utilities Corp. has a 52-week low of $4.67 and a 52-week high of $6.79.

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 business had revenue of $573.20 million for the quarter, compared to the consensus estimate 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 for the quarter was up 1.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.11 earnings per share. As a group, sell-side analysts expect that Algonquin Power & Utilities Corp. will post 0.4 earnings per share for the current fiscal year.

Algonquin Power & Utilities Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a dividend of $0.065 per share. The ex-dividend date is Tuesday, December 31st. This represents a $0.26 annualized dividend and a yield of 5.45%. Algonquin Power & Utilities's dividend payout ratio (DPR) is presently -20.15%.

Algonquin Power & Utilities Company Profile

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.