Maven Securities LTD Reduces Position in Algonquin Power & Utilities Corp. (NYSE:AQN)

Maven Securities LTD trimmed its holdings in shares of Algonquin Power & Utilities Corp. (NYSE:AQN) by 50.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 250,000 shares of the utilities provider’s stock after selling 250,000 shares during the period. Maven Securities LTD’s holdings in Algonquin Power & Utilities were worth $1,465,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in shares of Algonquin Power & Utilities by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 26,248,892 shares of the utilities provider’s stock valued at $165,893,000 after buying an additional 262,333 shares in the last quarter. Goldman Sachs Group Inc. grew its stake 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 valued at $98,292,000 after buying an additional 13,731,305 shares during the period. National Bank of Canada FI increased its stake in Algonquin Power & Utilities by 3.4% during the second quarter. National Bank of Canada FI now owns 10,565,940 shares of the utilities provider’s stock worth $61,759,000 after acquiring an additional 342,528 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its holdings in Algonquin Power & Utilities by 156.0% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 8,905,059 shares of the utilities provider’s stock valued at $52,341,000 after buying an additional 5,426,523 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of Algonquin Power & Utilities by 320.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 7,273,228 shares of the utilities provider’s stock worth $42,633,000 after acquiring an additional 5,544,063 shares during the last quarter. 62.28% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently issued reports on AQN shares. Scotiabank decreased their target price 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. CIBC decreased their target price on Algonquin Power & Utilities from $7.00 to $6.00 and set a “neutral” rating for the company in a research report on Monday, August 12th. National Bank Financial upgraded shares of Algonquin Power & Utilities from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 12th. Janney Montgomery Scott initiated coverage on shares of Algonquin Power & Utilities in a research report on Thursday, September 5th. They issued a “neutral” rating and a $6.00 price objective on the stock. Finally, Royal Bank of Canada reduced their price target on Algonquin Power & Utilities from $7.00 to $6.00 and set a “sector perform” rating for the company in a report on Tuesday, August 13th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, one has given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Algonquin Power & Utilities has an average rating of “Hold” and an average price target of $6.33.

Algonquin Power & Utilities Stock Performance

Shares of AQN stock opened at $5.52 on Wednesday. Algonquin Power & Utilities Corp. has a 52 week low of $4.90 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. The business has a 50 day moving average of $5.56 and a two-hundred day moving average of $5.95. The company has a market cap of $4.23 billion, a P/E ratio of -11.24 and a beta of 0.67.

Algonquin Power & Utilities (NYSE:AQN) last posted its quarterly earnings data on Friday, August 9th. The utilities provider reported $0.09 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.01. The company had revenue of $598.60 million during the quarter, compared to analyst estimates of $635.95 million. Algonquin Power & Utilities had a net margin of 4.70% and a return on equity of 5.36%. The business’s revenue for the quarter was down 4.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.08 EPS. As a group, analysts anticipate that Algonquin Power & Utilities Corp. will post 0.43 EPS for the current year.

Algonquin Power & Utilities Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be issued a dividend of $0.065 per share. The ex-dividend date is Monday, September 30th. This represents a $0.26 dividend on an annualized basis and a dividend yield of 4.71%. Algonquin Power & Utilities’s dividend payout ratio is currently -53.06%.

Algonquin Power & Utilities 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.