Foundry Partners LLC Purchases Shares of 1,316,066 Algonquin Power & Utilities Corp. (NYSE:AQN)

Foundry Partners LLC acquired a new stake in shares of Algonquin Power & Utilities Corp. (NYSE:AQN - Free Report) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 1,316,066 shares of the utilities provider's stock, valued at approximately $7,173,000. Foundry Partners LLC owned 0.17% of Algonquin Power & Utilities at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Central Pacific Bank Trust Division purchased a new stake in Algonquin Power & Utilities in the third quarter worth about $54,000. Claro Advisors LLC purchased a new position in Algonquin Power & Utilities during the second quarter valued at approximately $61,000. Verdence Capital Advisors LLC bought a new position in shares of Algonquin Power & Utilities in the third quarter worth approximately $61,000. SeaCrest Wealth Management LLC purchased a new stake in shares of Algonquin Power & Utilities in the second quarter worth $66,000. Finally, SVB Wealth LLC bought a new stake in shares of Algonquin Power & Utilities during the 1st quarter valued at $82,000. 62.28% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

AQN has been the subject of a number of analyst reports. Royal Bank of Canada reiterated a "sector perform" rating and issued a $6.00 price target on shares of Algonquin Power & Utilities in a research note on Friday, October 11th. Desjardins reduced their price objective on shares of Algonquin Power & Utilities from $5.50 to $5.25 and set a "hold" rating on the stock in a research report on Monday, August 12th. Raymond James downgraded 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 report on Monday, August 12th. Wells Fargo & Company cut their price objective on Algonquin Power & Utilities from $6.00 to $5.50 and set an "equal weight" rating for the company in a research report on Wednesday, October 16th. Finally, Janney Montgomery Scott began coverage on Algonquin Power & Utilities in a research report on Thursday, September 5th. They issued a "neutral" rating and a $6.00 target price on the stock. One analyst has rated the stock with a sell rating, nine have issued a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $6.18.

Algonquin Power & Utilities Stock Down 1.6 %

NYSE AQN opened at $4.72 on Thursday. Algonquin Power & Utilities Corp. has a 52 week low of $4.67 and a 52 week high of $6.79. The firm has a market capitalization of $3.62 billion, a price-to-earnings ratio of -3.66 and a beta of 0.68. The company has a quick ratio of 0.73, a current ratio of 0.92 and a debt-to-equity ratio of 1.17. The company has a fifty day moving average of $5.11 and a two-hundred day moving average of $5.66.

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

Algonquin Power & Utilities Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a $0.065 dividend. This represents a $0.26 annualized dividend and a yield of 5.51%. The ex-dividend date of this dividend is Tuesday, December 31st. Algonquin Power & Utilities's dividend payout ratio (DPR) is presently -20.15%.

Algonquin Power & Utilities 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.

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