JPMorgan Chase & Co. Sells 820,871 Shares of Algonquin Power & Utilities Corp. (NYSE:AQN)

JPMorgan Chase & Co. reduced its stake in Algonquin Power & Utilities Corp. (NYSE:AQN - Free Report) by 73.9% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 289,559 shares of the utilities provider's stock after selling 820,871 shares during the period. JPMorgan Chase & Co.'s holdings in Algonquin Power & Utilities were worth $1,578,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Central Pacific Bank Trust Division acquired a new stake in Algonquin Power & Utilities in the third quarter valued at approximately $54,000. Capstone Investment Advisors LLC bought a new position in shares of Algonquin Power & Utilities in the 3rd quarter valued at $58,000. Walleye Capital LLC acquired a new stake in shares of Algonquin Power & Utilities during the 3rd quarter valued at $59,000. Verdence Capital Advisors LLC bought a new stake in Algonquin Power & Utilities during the 3rd quarter worth $61,000. Finally, Raymond James Trust N.A. increased its holdings in Algonquin Power & Utilities by 33.4% in the 3rd quarter. Raymond James Trust N.A. now owns 13,343 shares of the utilities provider's stock worth $73,000 after purchasing an additional 3,343 shares in the last quarter. 62.28% of the stock is owned by institutional investors.

Algonquin Power & Utilities Stock Down 0.6 %

Shares of Algonquin Power & Utilities stock traded down $0.03 during trading on Friday, reaching $4.41. 7,296,076 shares of the company traded hands, compared to its average volume of 7,628,342. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.92 and a quick ratio of 0.73. The firm has a market capitalization of $3.38 billion, a PE ratio of -3.41 and a beta of 0.69. The company has a 50 day moving average price of $4.56 and a 200-day moving average price of $5.12. Algonquin Power & Utilities Corp. has a 1-year low of $4.19 and a 1-year high of $6.79.

Algonquin Power & Utilities (NYSE:AQN - Get Free Report) last released 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). Algonquin Power & Utilities had a positive return on equity of 5.22% and a negative net margin of 39.12%. The company had revenue of $573.20 million for the quarter, compared to the consensus estimate of $620.46 million. During the same period last year, the company earned $0.11 EPS. Algonquin Power & Utilities's revenue for the quarter was up 1.5% compared to the same quarter last year. As a group, equities research analysts expect 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 disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were issued a dividend of $0.065 per share. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $0.26 annualized dividend and a dividend yield of 5.90%. Algonquin Power & Utilities's dividend payout ratio is -20.15%.

Analyst Ratings Changes

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