FIL Ltd Increases Stake in Algonquin Power & Utilities Corp. (NYSE:AQN)

FIL Ltd lifted its position in Algonquin Power & Utilities Corp. (NYSE:AQN - Free Report) by 85.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 40,886,793 shares of the utilities provider's stock after purchasing an additional 18,857,515 shares during the quarter. FIL Ltd owned about 5.33% of Algonquin Power & Utilities worth $181,473,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Walleye Capital LLC bought a new position in Algonquin Power & Utilities during the third quarter valued at $59,000. SVB Wealth LLC bought a new position in shares of Algonquin Power & Utilities in the 4th quarter valued at about $49,000. Avantax Advisory Services Inc. purchased a new position in Algonquin Power & Utilities in the fourth quarter worth about $58,000. Ballentine Partners LLC bought a new stake in Algonquin Power & Utilities during the fourth quarter worth approximately $63,000. Finally, Spire Wealth Management raised its position in Algonquin Power & Utilities by 149.6% during the fourth quarter. Spire Wealth Management now owns 17,000 shares of the utilities provider's stock valued at $76,000 after purchasing an additional 10,190 shares during the period. 62.28% of the stock is currently owned by hedge funds and other institutional investors.

Algonquin Power & Utilities Price Performance

Shares of AQN traded up $0.14 during mid-day trading on Monday, hitting $5.18. 4,668,418 shares of the company were exchanged, compared to its average volume of 7,234,168. 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 Corp. has a 1-year low of $4.19 and a 1-year high of $6.79. The stock has a market cap of $3.98 billion, a price-to-earnings ratio of -4.02 and a beta of 0.65. The company has a 50 day moving average of $4.90 and a 200-day moving average of $4.79.

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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 (EPS) for the quarter, missing analysts' consensus estimates of $0.10 by ($0.04). The business had revenue of $584.80 million for the quarter, compared to analysts' expectations of $644.73 million. Algonquin Power & Utilities had a positive return on equity of 5.22% and a negative net margin of 39.12%. Analysts expect that Algonquin Power & Utilities Corp. will post 0.38 EPS for the current fiscal year.

Algonquin Power & Utilities Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be given a $0.065 dividend. The ex-dividend date is Monday, March 31st. This represents a $0.26 dividend on an annualized basis and a yield of 5.02%. Algonquin Power & Utilities's payout ratio is currently -14.44%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on AQN shares. Royal Bank of Canada lowered their price target 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. Scotiabank lifted their price target on shares of Algonquin Power & Utilities from $5.25 to $5.50 and gave the stock a "sector perform" rating in a research note on Thursday, February 13th. Finally, National Bankshares reduced their price objective on shares of 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. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $5.94.

Algonquin Power & Utilities Company Profile

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.