PFG Investments LLC Sells 9,943 Shares of Algonquin Power & Utilities Corp. (NYSE:AQN)

PFG Investments LLC trimmed its position in shares of Algonquin Power & Utilities Corp. (NYSE:AQN) by 42.9% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 13,226 shares of the utilities provider’s stock after selling 9,943 shares during the quarter. PFG Investments LLC’s holdings in Algonquin Power & Utilities were worth $72,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its stake in shares of Algonquin Power & Utilities by 156.0% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 8,905,059 shares of the utilities provider’s stock valued at $52,341,000 after purchasing an additional 5,426,523 shares during the period. Troluce Capital Advisors LLC boosted its position in Algonquin Power & Utilities by 33.3% during the second quarter. Troluce Capital Advisors LLC now owns 2,575,000 shares of the utilities provider’s stock valued at $15,090,000 after purchasing an additional 643,352 shares in the last quarter. Vanguard Group Inc. grew its stake in Algonquin Power & Utilities by 1.0% in the first quarter. Vanguard Group Inc. now owns 26,248,892 shares of the utilities provider’s stock valued at $165,893,000 after purchasing an additional 262,333 shares during the last quarter. Triasima Portfolio Management inc. bought a new position in Algonquin Power & Utilities in the second quarter worth about $3,164,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Algonquin Power & Utilities by 151.4% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 27,900 shares of the utilities provider’s stock valued at $176,000 after buying an additional 16,800 shares during the last quarter. 62.28% of the stock is owned by hedge funds and other institutional investors.

Algonquin Power & Utilities Trading Down 0.6 %

Algonquin Power & Utilities stock opened at $4.84 on Friday. The stock has a 50-day moving average price of $5.27 and a 200 day moving average price of $5.79. The company has a market capitalization of $3.71 billion, a price-to-earnings ratio of -9.88 and a beta of 0.66. Algonquin Power & Utilities Corp. has a 52 week low of $4.78 and a 52 week high of $6.79. The company has a quick ratio of 0.78, a current ratio of 0.97 and a debt-to-equity ratio of 1.08.

Algonquin Power & Utilities (NYSE:AQN) last released its quarterly earnings data on Friday, August 9th. The utilities provider reported $0.09 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to the consensus estimate of $635.95 million. During the same period in the prior year, the firm earned $0.08 EPS. The business’s revenue for the quarter was down 4.7% on a year-over-year basis. Sell-side analysts anticipate that Algonquin Power & Utilities Corp. will post 0.43 EPS for the current year.

Algonquin Power & Utilities Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a dividend of $0.065 per share. The ex-dividend date was Monday, September 30th. This represents a $0.26 dividend on an annualized basis and a dividend yield of 5.37%. Algonquin Power & Utilities’s payout ratio is currently -53.06%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on AQN shares. CIBC cut their price objective on shares of 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. National Bank Financial raised Algonquin Power & Utilities from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 12th. Raymond James lowered Algonquin Power & Utilities from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $7.75 to $7.00 in a report on Monday, August 12th. Desjardins reduced their target price on Algonquin Power & Utilities from $5.50 to $5.25 and set a “hold” rating on the stock in a research report on Monday, August 12th. Finally, Wells Fargo & Company lowered their price target on Algonquin Power & Utilities from $6.00 to $5.50 and set an “equal weight” rating for the company in a report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $6.23.

Algonquin Power & Utilities Company 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.