State Street Corp Raises Stake in Algonquin Power & Utilities Corp. (NYSE:AQN)

State Street Corp boosted its holdings in Algonquin Power & Utilities Corp. (NYSE:AQN - Free Report) by 11.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,536,900 shares of the utilities provider's stock after purchasing an additional 266,500 shares during the period. State Street Corp owned approximately 0.33% of Algonquin Power & Utilities worth $13,991,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Private Advisor Group LLC increased its stake in Algonquin Power & Utilities by 14.1% in the 3rd quarter. Private Advisor Group LLC now owns 17,769 shares of the utilities provider's stock worth $97,000 after purchasing an additional 2,201 shares during the period. Raymond James Trust N.A. boosted its holdings in shares of Algonquin Power & Utilities by 33.4% during the third 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 during the period. Northwest & Ethical Investments L.P. increased its holdings in Algonquin Power & Utilities by 12.3% during the 3rd quarter. Northwest & Ethical Investments L.P. now owns 47,155 shares of the utilities provider's stock valued at $258,000 after purchasing an additional 5,158 shares during the period. EverSource Wealth Advisors LLC raised its position in Algonquin Power & Utilities by 25.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 28,704 shares of the utilities provider's stock valued at $179,000 after purchasing an additional 5,863 shares during the last quarter. Finally, Redwood Investment Management LLC raised its position in shares of Algonquin Power & Utilities by 1.2% in the 3rd quarter. Redwood Investment Management LLC now owns 505,299 shares of the utilities provider's stock worth $2,794,000 after acquiring an additional 6,176 shares in the last quarter. 62.28% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on AQN. JPMorgan Chase & Co. reiterated a "neutral" rating and issued a $7.00 price target on shares of Algonquin Power & Utilities in a research note on Thursday, December 12th. Royal Bank of Canada restated 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. CIBC dropped their price objective on Algonquin Power & Utilities from $5.75 to $5.50 and set a "neutral" rating on the stock in a research report on Tuesday, October 22nd. Wells Fargo & Company reduced their price target on shares of Algonquin Power & Utilities from $6.00 to $5.50 and set an "equal weight" rating for the company in a research note on Wednesday, October 16th. Finally, Scotiabank dropped their target price on shares of Algonquin Power & Utilities from $5.75 to $5.25 and set a "sector perform" rating on the stock in a report on Friday, November 8th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Algonquin Power & Utilities has an average rating of "Hold" and a consensus price target of $6.25.

Algonquin Power & Utilities Trading Up 0.2 %

Shares of Algonquin Power & Utilities stock traded up $0.01 on Wednesday, hitting $4.49. 2,435,870 shares of the company traded hands, compared to its average volume of 5,577,578. The company has a current ratio of 0.92, a quick ratio of 0.73 and a debt-to-equity ratio of 1.17. The company has a market cap of $3.44 billion, a PE ratio of -3.48 and a beta of 0.68. The stock's 50 day moving average price is $4.78 and its 200-day moving average price is $5.34. Algonquin Power & Utilities Corp. has a 52 week low of $4.25 and a 52 week high of $6.79.

Algonquin Power & Utilities (NYSE:AQN - Get Free Report) last posted its earnings results on Thursday, November 7th. The utilities provider reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.01). The company had revenue of $573.20 million during the quarter, compared to analysts' expectations of $620.46 million. Algonquin Power & Utilities had a negative net margin of 39.12% and a positive return on equity of 5.22%. Algonquin Power & Utilities's revenue for the quarter was up 1.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.11 EPS. Equities research analysts predict that Algonquin Power & Utilities Corp. will post 0.39 EPS for the current year.

Algonquin Power & Utilities Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be paid a $0.065 dividend. This represents a $0.26 dividend on an annualized basis and a yield of 5.79%. The ex-dividend date of this dividend is Tuesday, December 31st. Algonquin Power & Utilities's dividend payout ratio (DPR) is presently -20.16%.

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.