Advisors Asset Management Inc. Cuts Stock Position in Atlantica Sustainable Infrastructure plc (NASDAQ:AY)

Advisors Asset Management Inc. cut its position in Atlantica Sustainable Infrastructure plc (NASDAQ:AY) by 35.0% in the third quarter, HoldingsChannel.com reports. The firm owned 9,399 shares of the utilities provider’s stock after selling 5,070 shares during the period. Advisors Asset Management Inc.’s holdings in Atlantica Sustainable Infrastructure were worth $207,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of AY. Alpine Associates Management Inc. boosted its position in shares of Atlantica Sustainable Infrastructure by 54.0% in the 3rd quarter. Alpine Associates Management Inc. now owns 1,662,509 shares of the utilities provider’s stock worth $36,542,000 after purchasing an additional 582,821 shares in the last quarter. Picton Mahoney Asset Management purchased a new stake in shares of Atlantica Sustainable Infrastructure during the second quarter worth about $13,719,000. Glazer Capital LLC acquired a new position in shares of Atlantica Sustainable Infrastructure during the second quarter valued at about $13,629,000. Water Island Capital LLC purchased a new position in shares of Atlantica Sustainable Infrastructure in the 2nd quarter valued at approximately $13,438,000. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT acquired a new stake in Atlantica Sustainable Infrastructure in the 3rd quarter worth approximately $5,385,000. 40.53% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, StockNews.com assumed coverage on shares of Atlantica Sustainable Infrastructure in a report on Friday, November 22nd. They issued a “sell” rating for the company. One analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $22.20.

Atlantica Sustainable Infrastructure Price Performance

Shares of NASDAQ:AY opened at $22.16 on Friday. Atlantica Sustainable Infrastructure plc has a twelve month low of $16.82 and a twelve month high of $23.47. The company has a current ratio of 1.25, a quick ratio of 1.20 and a debt-to-equity ratio of 3.36. The company has a market cap of $2.57 billion, a PE ratio of 76.42, a price-to-earnings-growth ratio of 2.15 and a beta of 1.03. The company’s 50 day moving average is $22.03 and its 200 day moving average is $22.09.

Atlantica Sustainable Infrastructure Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Friday, November 29th will be issued a dividend of $0.2225 per share. The ex-dividend date is Friday, November 29th. This represents a $0.89 annualized dividend and a dividend yield of 4.02%. Atlantica Sustainable Infrastructure’s dividend payout ratio (DPR) is presently 613.81%.

About Atlantica Sustainable Infrastructure

Atlantica Sustainable Infrastructure plc owns, manages, and invests in renewable energy, storage, natural gas and heat, electric transmission lines, and water assets in North America, South America, Europe, the Middle East, and Africa. The company was formerly known as Atlantica Yield plc and changed its name to Atlantica Sustainable Infrastructure plc in May 2020.