Algonquin Power & Utilities Corp. (NYSE:AQN) Shares Sold by Dimensional Fund Advisors LP

Dimensional Fund Advisors LP decreased its stake in Algonquin Power & Utilities Corp. (NYSE:AQN - Free Report) by 2.3% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,041,653 shares of the utilities provider's stock after selling 96,504 shares during the period. Dimensional Fund Advisors LP owned 0.53% of Algonquin Power & Utilities worth $23,684,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the stock. Rock Point Advisors LLC lifted its stake in Algonquin Power & Utilities by 69.7% in the second quarter. Rock Point Advisors LLC now owns 797,539 shares of the utilities provider's stock valued at $4,674,000 after buying an additional 327,520 shares during the last quarter. American Century Companies Inc. grew its position in Algonquin Power & Utilities by 173.4% during the 2nd quarter. American Century Companies Inc. now owns 209,546 shares of the utilities provider's stock worth $1,231,000 after purchasing an additional 132,900 shares during the last quarter. Headlands Technologies LLC acquired a new position in Algonquin Power & Utilities in the second quarter valued at $141,000. Triasima Portfolio Management inc. purchased a new stake in shares of Algonquin Power & Utilities in the second quarter valued at about $3,164,000. Finally, National Bank of Canada FI boosted its stake in shares of Algonquin Power & Utilities by 3.4% during the second quarter. National Bank of Canada FI now owns 10,565,940 shares of the utilities provider's stock worth $61,759,000 after buying an additional 342,528 shares during the period. 62.28% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have commented on AQN. Scotiabank reduced their price objective on Algonquin Power & Utilities from $6.50 to $5.75 and set a "sector perform" rating for the company in a research note on Tuesday, August 13th. CIBC reduced their target price on Algonquin Power & Utilities from $7.00 to $6.00 and set a "neutral" rating for the company in a report on Monday, August 12th. Royal Bank of Canada lowered their price target on shares of Algonquin Power & Utilities from $7.00 to $6.00 and set a "sector perform" rating on the stock in a research note on Tuesday, August 13th. Desjardins reduced their price objective on shares of 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. Finally, Janney Montgomery Scott began coverage on shares of Algonquin Power & Utilities in a research report on Thursday, September 5th. They set a "neutral" rating and a $6.00 target price on the stock. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $6.33.

Algonquin Power & Utilities Trading Down 1.4 %

AQN stock traded down $0.08 on Friday, hitting $5.26. 4,629,371 shares of the company were exchanged, compared to its average volume of 5,657,704. The company has a debt-to-equity ratio of 1.08, a current ratio of 0.97 and a quick ratio of 0.78. The stock has a market capitalization of $4.03 billion, a price-to-earnings ratio of -10.67 and a beta of 0.67. Algonquin Power & Utilities Corp. has a twelve month low of $4.90 and a twelve month high of $6.79. The business's fifty day moving average is $5.52 and its two-hundred day moving average is $5.94.

Algonquin Power & Utilities (NYSE:AQN - Get Free Report) last posted its quarterly earnings results on Friday, August 9th. The utilities provider reported $0.09 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.08 by $0.01. The firm had revenue of $598.60 million during the quarter, compared to the consensus estimate of $635.95 million. Algonquin Power & Utilities had a return on equity of 5.36% and a net margin of 4.70%. The firm's quarterly revenue was down 4.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.08 earnings per share. As a group, research analysts forecast that Algonquin Power & Utilities Corp. will post 0.43 earnings per share for the current year.

Algonquin Power & Utilities Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be given a dividend of $0.065 per share. This represents a $0.26 annualized dividend and a yield of 4.95%. The ex-dividend date of this dividend is Monday, September 30th. Algonquin Power & Utilities's dividend payout ratio (DPR) is presently -53.06%.

About Algonquin Power & Utilities

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.