Dimensional Fund Advisors LP Sells 96,504 Shares of Algonquin Power & Utilities Corp. (NYSE:AQN)

Dimensional Fund Advisors LP decreased its stake in shares of Algonquin Power & Utilities Corp. (NYSE:AQN) by 2.3% during the second quarter, according to its most recent filing with the SEC. 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 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in AQN. Hsbc Holdings PLC grew its holdings in shares of Algonquin Power & Utilities by 1.9% during the fourth quarter. Hsbc Holdings PLC now owns 356,479 shares of the utilities provider’s stock worth $2,249,000 after purchasing an additional 6,694 shares in the last quarter. Parallel Advisors LLC grew its position in Algonquin Power & Utilities by 76.3% during the fourth quarter. Parallel Advisors LLC now owns 4,347 shares of the utilities provider’s stock valued at $27,000 after acquiring an additional 1,882 shares during the last quarter. CIBC Asset Management Inc raised its stake in shares of Algonquin Power & Utilities by 2.7% during the fourth quarter. CIBC Asset Management Inc now owns 677,459 shares of the utilities provider’s stock worth $4,288,000 after acquiring an additional 17,940 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Algonquin Power & Utilities by 754.0% in the 4th quarter. Goldman Sachs Group Inc. now owns 15,552,484 shares of the utilities provider’s stock worth $98,292,000 after acquiring an additional 13,731,305 shares during the last quarter. Finally, Gabelli Funds LLC boosted its stake in shares of Algonquin Power & Utilities by 4.2% in the 4th quarter. Gabelli Funds LLC now owns 477,682 shares of the utilities provider’s stock valued at $3,028,000 after purchasing an additional 19,382 shares in the last quarter. Institutional investors own 62.28% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Scotiabank decreased their price objective on Algonquin Power & Utilities from $6.50 to $5.75 and set a “sector perform” rating for the company in a report on Tuesday, August 13th. Royal Bank of Canada lowered their target price on Algonquin Power & Utilities from $7.00 to $6.00 and set a “sector perform” rating for the company in a research report on Tuesday, August 13th. National Bank Financial upgraded Algonquin Power & Utilities from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 12th. Wells Fargo & Company lowered Algonquin Power & Utilities from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $8.50 to $6.00 in a research note on Monday, August 12th. Finally, Raymond James cut shares of Algonquin Power & Utilities from an “outperform” rating to a “market perform” rating and lowered their price target for the stock from $7.75 to $7.00 in a research report on Monday, August 12th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $6.33.

Algonquin Power & Utilities Trading Down 3.0 %

NYSE AQN opened at $5.34 on Friday. Algonquin Power & Utilities Corp. has a 1 year low of $4.90 and a 1 year high of $6.79. 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 company has a market capitalization of $4.09 billion, a PE ratio of -10.98 and a beta of 0.67. The company has a fifty day moving average of $5.54 and a 200 day moving average of $5.94.

Algonquin Power & Utilities (NYSE:AQN) last issued its quarterly earnings data on Friday, August 9th. The utilities provider reported $0.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.01. Algonquin Power & Utilities had a net margin of 4.70% and a return on equity of 5.36%. The business had revenue of $598.60 million during the quarter, compared to the consensus estimate of $635.95 million. During the same quarter in the prior year, the firm posted $0.08 earnings per share. The company’s revenue was down 4.7% compared to the same quarter last year. 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 firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be given a $0.065 dividend. The ex-dividend date is Monday, September 30th. This represents a $0.26 dividend on an annualized basis and a yield of 4.87%. Algonquin Power & Utilities’s dividend payout ratio is currently -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.