TransAlta (NYSE:TAC) Downgraded to Neutral Rating by CIBC

CIBC downgraded shares of TransAlta (NYSE:TAC) (TSE:TA) from a sector outperform rating to a neutral rating in a research report released on Wednesday, MarketBeat.com reports.

Several other research firms have also recently issued reports on TAC. StockNews.com cut shares of TransAlta from a “buy” rating to a “hold” rating in a research report on Saturday, January 4th. Desjardins restated a “hold” rating on shares of TransAlta in a research note on Wednesday, November 6th. Finally, Scotiabank upgraded shares of TransAlta to a “strong-buy” rating in a research report on Thursday, December 5th.

TransAlta Stock Performance

NYSE TAC opened at $13.25 on Wednesday. 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 stock has a market cap of $3.95 billion, a PE ratio of 35.81 and a beta of 0.84. The stock has a fifty day simple moving average of $12.35 and a 200-day simple moving average of $10.01. TransAlta has a twelve month low of $5.94 and a twelve month high of $14.64.

TransAlta Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Saturday, March 1st will be issued a dividend of $0.0423 per share. This represents a $0.17 annualized dividend and a dividend yield of 1.28%. The ex-dividend date is Friday, February 28th. TransAlta’s dividend payout ratio is presently 45.95%.

Institutional Investors Weigh In On TransAlta

A number of hedge funds have recently added to or reduced their stakes in the company. Financial Management Professionals Inc. acquired a new position in TransAlta in the 3rd quarter valued at about $42,000. Quantbot Technologies LP bought a new stake in shares of TransAlta in the third quarter worth $61,000. Evergreen Capital Management LLC bought a new stake in shares of TransAlta in the 2nd quarter valued at approximately $72,000. Entropy Technologies LP bought a new position in shares of TransAlta during the third quarter valued at approximately $130,000. Finally, Blue Trust Inc. grew its position in TransAlta by 326.3% in the 3rd quarter. Blue Trust Inc. now owns 18,064 shares of the utilities provider’s stock worth $187,000 after purchasing an additional 13,827 shares during the last quarter. Institutional investors and hedge funds own 59.00% of the company’s stock.

About TransAlta

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.