Algonquin Power & Utilities Corp. (NYSE:AQN) Position Boosted by American Century Companies Inc.

American Century Companies Inc. lifted its stake in Algonquin Power & Utilities Corp. (NYSE:AQN) by 173.4% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 209,546 shares of the utilities provider’s stock after purchasing an additional 132,900 shares during the quarter. American Century Companies Inc.’s holdings in Algonquin Power & Utilities were worth $1,231,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in AQN. Headlands Technologies LLC bought a new stake in shares of Algonquin Power & Utilities in the 2nd quarter valued at approximately $141,000. Triasima Portfolio Management inc. acquired a new position in shares of Algonquin Power & Utilities during the 2nd quarter worth $3,164,000. National Bank of Canada FI raised its holdings in shares of Algonquin Power & Utilities by 3.4% during the 2nd quarter. National Bank of Canada FI now owns 10,565,940 shares of the utilities provider’s stock valued at $61,759,000 after purchasing an additional 342,528 shares in the last quarter. CIBC Asset Management Inc lifted its stake in shares of Algonquin Power & Utilities by 7.7% in the 2nd quarter. CIBC Asset Management Inc now owns 857,887 shares of the utilities provider’s stock valued at $5,039,000 after purchasing an additional 61,082 shares during the last quarter. Finally, Natixis Advisors LLC bought a new stake in Algonquin Power & Utilities in the second quarter worth $689,000. 62.28% of the stock is currently owned by institutional investors and hedge funds.

Algonquin Power & Utilities Stock Down 0.3 %

AQN stock opened at $5.45 on Tuesday. Algonquin Power & Utilities Corp. has a twelve month low of $4.90 and a twelve month 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. The company has a market cap of $4.18 billion, a PE ratio of -11.12 and a beta of 0.67. The business’s 50-day simple moving average is $5.56 and its 200 day simple moving average is $5.95.

Algonquin Power & Utilities (NYSE:AQN) last released its quarterly earnings data on Friday, August 9th. The utilities provider reported $0.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.01. The business had revenue of $598.60 million for the quarter, compared to analysts’ expectations of $635.95 million. Algonquin Power & Utilities had a return on equity of 5.36% and a net margin of 4.70%. Algonquin Power & Utilities’s quarterly revenue was down 4.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.08 earnings per share. On average, research analysts anticipate 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 disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be paid a $0.065 dividend. This represents a $0.26 dividend on an annualized basis and a dividend yield of 4.77%. The ex-dividend date of this dividend is Monday, September 30th. Algonquin Power & Utilities’s dividend payout ratio is -53.06%.

Analyst Ratings Changes

AQN has been the topic of several recent research reports. Royal Bank of Canada cut their target price on Algonquin Power & Utilities from $7.00 to $6.00 and set a “sector perform” rating on the stock in a report on Tuesday, August 13th. 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 report on Monday, August 12th. National Bank Financial upgraded Algonquin Power & Utilities from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. Desjardins reduced their price objective on shares of Algonquin Power & Utilities from $5.50 to $5.25 and set a “hold” rating for the company in a research note on Monday, August 12th. Finally, Raymond James downgraded shares of Algonquin Power & Utilities from an “outperform” rating to a “market perform” rating and decreased their price objective for the stock from $7.75 to $7.00 in a report on Monday, August 12th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $6.33.

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.