Bank of Nova Scotia lessened its holdings in Algonquin Power & Utilities Corp. (NYSE:AQN - Free Report) by 22.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 9,621,828 shares of the utilities provider's stock after selling 2,756,612 shares during the quarter. Bank of Nova Scotia owned approximately 1.25% of Algonquin Power & Utilities worth $42,698,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. Krilogy Financial LLC raised its position in shares of Algonquin Power & Utilities by 116.7% during the 4th quarter. Krilogy Financial LLC now owns 1,621,045 shares of the utilities provider's stock valued at $7,214,000 after acquiring an additional 873,045 shares during the last quarter. CWA Asset Management Group LLC bought a new stake in Algonquin Power & Utilities in the fourth quarter valued at about $905,000. Vanguard Group Inc. increased its holdings in Algonquin Power & Utilities by 1.8% in the fourth quarter. Vanguard Group Inc. now owns 31,510,928 shares of the utilities provider's stock valued at $139,845,000 after purchasing an additional 544,198 shares during the last quarter. Manning & Napier Advisors LLC lifted its stake in Algonquin Power & Utilities by 25.0% in the fourth quarter. Manning & Napier Advisors LLC now owns 1,250,000 shares of the utilities provider's stock valued at $5,562,000 after buying an additional 250,000 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in Algonquin Power & Utilities by 12.3% during the third quarter. Geode Capital Management LLC now owns 1,179,465 shares of the utilities provider's stock worth $7,808,000 after buying an additional 128,806 shares during the last quarter. Institutional investors and hedge funds own 62.28% of the company's stock.
Analyst Upgrades and Downgrades
A number of brokerages recently issued reports on AQN. Scotiabank boosted their price objective on shares of Algonquin Power & Utilities from $5.25 to $5.50 and gave the company a "sector perform" rating in a report on Thursday, February 13th. National Bankshares dropped their price target on Algonquin Power & Utilities from $6.75 to $6.25 and set an "outperform" rating on the stock in a research report on Tuesday, February 11th. Finally, Royal Bank of Canada decreased their price objective on Algonquin Power & Utilities from $6.00 to $5.50 and set a "sector perform" rating for the company in a research report on Tuesday, February 18th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Algonquin Power & Utilities currently has an average rating of "Hold" and a consensus price target of $5.94.
Check Out Our Latest Stock Analysis on AQN
Algonquin Power & Utilities Stock Up 3.0 %
Shares of AQN traded up $0.15 during mid-day trading on Monday, hitting $5.19. 5,725,976 shares of the company's stock were exchanged, compared to its average volume of 10,769,475. 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 52 week low of $4.19 and a 52 week high of $6.79. The company has a market cap of $3.98 billion, a PE ratio of -4.02 and a beta of 0.65. The company has a 50-day simple moving average of $4.90 and a 200 day simple moving average of $4.79.
Algonquin Power & Utilities (NYSE:AQN - Get Free Report) last released its earnings results on Friday, March 7th. The utilities provider reported $0.06 earnings per share for the quarter, missing analysts' consensus estimates of $0.10 by ($0.04). Algonquin Power & Utilities had a negative net margin of 39.12% and a positive return on equity of 5.22%. The business had revenue of $584.80 million during the quarter, compared to the consensus estimate of $644.73 million. On average, research analysts forecast that Algonquin Power & Utilities Corp. will post 0.38 earnings per share for the current fiscal year.
Algonquin Power & Utilities Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a $0.065 dividend. The ex-dividend date is Monday, March 31st. This represents a $0.26 annualized dividend and a dividend yield of 5.01%. Algonquin Power & Utilities's dividend payout ratio is presently -14.44%.
About Algonquin Power & Utilities
(
Free Report)
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.
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