TransAlta (NYSE:TAC) Stock Rating Lowered by Cibc World Mkts

Cibc World Mkts lowered shares of TransAlta (NYSE:TAC - Free Report) TSE: TA from a strong-buy rating to a hold rating in a report released on Wednesday,Zacks.com reports.

Other analysts have also recently issued research reports about the stock. Desjardins restated a "hold" rating on shares of TransAlta in a research note on Wednesday, November 6th. StockNews.com cut TransAlta from a "buy" rating to a "hold" rating in a report on Saturday, January 4th. Scotiabank upgraded TransAlta to a "strong-buy" rating in a research note on Thursday, December 5th. Finally, CIBC downgraded TransAlta from a "sector outperform" rating to a "neutral" rating in a research note on Wednesday. Four analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold".

TransAlta Stock Performance

Shares of TransAlta stock traded down $0.01 during trading on Wednesday, hitting $13.25. 1,488,473 shares of the stock were exchanged, compared to its average volume of 1,930,227. The company has a current ratio of 0.74, a quick ratio of 0.67 and a debt-to-equity ratio of 2.94. The company has a fifty day moving average price of $12.35 and a 200-day moving average price of $10.03. The stock has a market capitalization of $3.94 billion, a price-to-earnings ratio of 35.81 and a beta of 0.84. TransAlta has a 1-year low of $5.94 and a 1-year high of $14.64.

TransAlta Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Saturday, March 1st will be given a dividend of $0.0423 per share. The ex-dividend date is Friday, February 28th. This represents a $0.17 dividend on an annualized basis and a dividend yield of 1.28%. TransAlta's payout ratio is presently 43.24%.

Institutional Investors Weigh In On TransAlta

A number of hedge funds and other institutional investors have recently made changes to their positions in TAC. Rubric Capital Management LP lifted its position in shares of TransAlta by 20.0% during the 3rd quarter. Rubric Capital Management LP now owns 5,622,961 shares of the utilities provider's stock valued at $58,254,000 after acquiring an additional 935,803 shares during the period. FMR LLC lifted its position in TransAlta by 9.8% during the third quarter. FMR LLC now owns 4,593,023 shares of the utilities provider's stock worth $47,613,000 after purchasing an additional 408,184 shares during the period. Yaupon Capital Management LP grew its stake in TransAlta by 69.9% during the third quarter. Yaupon Capital Management LP now owns 2,685,955 shares of the utilities provider's stock worth $27,840,000 after buying an additional 1,105,191 shares in the last quarter. Point72 Asset Management L.P. increased its holdings in TransAlta by 37.8% in the 3rd quarter. Point72 Asset Management L.P. now owns 1,286,800 shares of the utilities provider's stock valued at $13,343,000 after buying an additional 352,860 shares during the period. Finally, The Manufacturers Life Insurance Company increased its holdings in TransAlta by 22.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 929,631 shares of the utilities provider's stock valued at $6,582,000 after buying an additional 169,219 shares during the period. 59.00% of the stock is currently owned by institutional investors and hedge funds.

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.