Massachusetts Financial Services Co. MA Has $12.40 Million Stake in Algonquin Power & Utilities Corp. (NYSE:AQN)

Massachusetts Financial Services Co. MA decreased its stake in shares of Algonquin Power & Utilities Corp. (NYSE:AQNGet Rating) by 59.1% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 857,767 shares of the utilities provider’s stock after selling 1,237,541 shares during the period. Massachusetts Financial Services Co. MA owned 0.13% of Algonquin Power & Utilities worth $12,395,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of AQN. National Bank of Canada FI acquired a new position in shares of Algonquin Power & Utilities during the 4th quarter valued at about $62,654,000. Connor Clark & Lunn Investment Management Ltd. boosted its stake in Algonquin Power & Utilities by 5,212.7% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,381,300 shares of the utilities provider’s stock valued at $20,227,000 after purchasing an additional 1,355,300 shares during the period. Royal Bank of Canada boosted its stake in Algonquin Power & Utilities by 4.4% during the 3rd quarter. Royal Bank of Canada now owns 31,210,845 shares of the utilities provider’s stock valued at $457,551,000 after purchasing an additional 1,325,014 shares during the period. Invesco Ltd. boosted its stake in Algonquin Power & Utilities by 25.9% during the 3rd quarter. Invesco Ltd. now owns 4,539,417 shares of the utilities provider’s stock valued at $66,549,000 after purchasing an additional 932,857 shares during the period. Finally, Credit Suisse AG boosted its stake in Algonquin Power & Utilities by 43.2% during the 3rd quarter. Credit Suisse AG now owns 1,576,580 shares of the utilities provider’s stock valued at $23,112,000 after purchasing an additional 475,260 shares during the period. 45.25% of the stock is currently owned by institutional investors and hedge funds.

Shares of AQN stock opened at $14.38 on Wednesday. Algonquin Power & Utilities Corp. has a 12 month low of $13.26 and a 12 month high of $16.25. The company has a current ratio of 0.69, a quick ratio of 0.56 and a debt-to-equity ratio of 0.81. The stock has a 50 day moving average of $15.00 and a two-hundred day moving average of $14.42. The company has a market capitalization of $9.69 billion, a P/E ratio of 28.20, a P/E/G ratio of 2.36 and a beta of 0.43.

Algonquin Power & Utilities (NYSE:AQNGet Rating) last issued its earnings results on Thursday, May 12th. The utilities provider reported $0.21 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.21. Algonquin Power & Utilities had a return on equity of 6.99% and a net margin of 14.33%. The business had revenue of $735.70 million during the quarter, compared to analysts’ expectations of $709.61 million. During the same period in the prior year, the firm posted $0.20 EPS. Algonquin Power & Utilities’s quarterly revenue was up 15.9% compared to the same quarter last year. Sell-side analysts predict that Algonquin Power & Utilities Corp. will post 0.74 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, July 15th. Stockholders of record on Thursday, June 30th will be issued a $0.363 dividend. The ex-dividend date is Wednesday, June 29th. This is a boost from Algonquin Power & Utilities’s previous quarterly dividend of $0.17. This represents a $1.45 dividend on an annualized basis and a dividend yield of 10.10%. Algonquin Power & Utilities’s dividend payout ratio is presently 133.34%.

Several analysts recently weighed in on the company. Zacks Investment Research downgraded Algonquin Power & Utilities from a “buy” rating to a “hold” rating in a research note on Thursday, May 5th. StockNews.com assumed coverage on Algonquin Power & Utilities in a research note on Thursday, March 31st. They set a “sell” rating for the company. Raymond James decreased their target price on Algonquin Power & Utilities from $20.00 to $18.00 and set an “outperform” rating for the company in a research note on Friday, May 13th. TD Securities decreased their target price on Algonquin Power & Utilities from $17.00 to $16.50 and set a “buy” rating for the company in a research note on Monday. Finally, National Bankshares downgraded Algonquin Power & Utilities from an “outperform” rating to a “sector perform” rating and set a $16.00 target price for the company. in a research note on Wednesday, May 4th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, Algonquin Power & Utilities currently has an average rating of “Hold” and a consensus target price of $16.50.

About Algonquin Power & Utilities (Get Rating)

Algonquin Power & Utilities Corp., through its subsidiaries, owns and operates a portfolio of regulated and non-regulated generation, distribution, and transmission utility assets in Canada, the United States, Chile, and Bermuda. It generates and sells electrical energy through renewable and clean energy power generation facilities.

See Also

Institutional Ownership by Quarter for Algonquin Power & Utilities (NYSE:AQN)

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