CIBC Asset Management Inc Sells 1,802,385 Shares of TransAlta Co. (NYSE:TAC)

CIBC Asset Management Inc lessened its position in shares of TransAlta Co. (NYSE:TAC - Free Report) TSE: TA by 47.2% in the third quarter, according to its most recent filing with the SEC. The firm owned 2,016,775 shares of the utilities provider's stock after selling 1,802,385 shares during the quarter. CIBC Asset Management Inc owned approximately 0.68% of TransAlta worth $20,915,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. Creative Planning raised its stake in TransAlta by 6.9% during the third quarter. Creative Planning now owns 53,803 shares of the utilities provider's stock worth $557,000 after buying an additional 3,492 shares during the last quarter. Blue Trust Inc. lifted its stake in shares of TransAlta by 1,381.5% in the 2nd quarter. Blue Trust Inc. now owns 4,237 shares of the utilities provider's stock valued at $30,000 after purchasing an additional 3,951 shares during the period. Financial Management Professionals Inc. bought a new stake in shares of TransAlta during the 3rd quarter valued at about $42,000. Signaturefd LLC grew its stake in TransAlta by 23.6% during the third quarter. Signaturefd LLC now owns 26,207 shares of the utilities provider's stock worth $272,000 after purchasing an additional 5,008 shares during the period. Finally, Quantbot Technologies LP increased its holdings in TransAlta by 26.1% in the first quarter. Quantbot Technologies LP now owns 38,912 shares of the utilities provider's stock worth $250,000 after purchasing an additional 8,058 shares in the last quarter. Institutional investors own 59.00% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on TAC shares. StockNews.com lowered shares of TransAlta from a "strong-buy" rating to a "buy" rating in a research note on Wednesday, November 6th. Desjardins restated a "hold" rating on shares of TransAlta in a report on Wednesday, November 6th.

TransAlta Stock Performance

TAC stock traded down $0.11 during midday trading on Friday, reaching $10.26. 1,039,714 shares of the company's stock traded hands, compared to its average volume of 761,510. The firm has a market capitalization of $3.06 billion, a PE ratio of 27.73 and a beta of 0.92. The company has a 50-day moving average price of $10.12 and a two-hundred day moving average price of $8.41. TransAlta Co. has a 52 week low of $5.94 and a 52 week high of $11.10. The company has a debt-to-equity ratio of 2.94, a quick ratio of 0.67 and a current ratio of 0.74.

TransAlta Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Sunday, December 1st will be given a $0.044 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $0.18 dividend on an annualized basis and a dividend yield of 1.72%. TransAlta's dividend payout ratio (DPR) is presently 45.95%.

TransAlta Company Profile

TransAlta Corporation engages in the development, production, and sale of electric energy. It operates through Hydro, Wind and Solar, Gas, Energy Transition, and Energy Marketing segments. The Hydro segment holds interest of approximately 922 megawatts (MW) of owned hydroelectric generating capacity located in Alberta, British Columbia, and Ontario.