Russell Investments Group Ltd. Cuts Holdings in Algonquin Power & Utilities Corp. (NYSE:AQN)

Russell Investments Group Ltd. reduced its position in Algonquin Power & Utilities Corp. (NYSE:AQN) by 41.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 110,660 shares of the utilities provider’s stock after selling 78,729 shares during the quarter. Russell Investments Group Ltd.’s holdings in Algonquin Power & Utilities were worth $932,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in AQN. Norges Bank purchased a new position in shares of Algonquin Power & Utilities in the 4th quarter worth $107,390,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp purchased a new position in shares of Algonquin Power & Utilities in the 4th quarter worth $24,637,000. Marshall Wace LLP purchased a new position in shares of Algonquin Power & Utilities in the 4th quarter worth $22,963,000. Millennium Management LLC raised its position in shares of Algonquin Power & Utilities by 20,142.2% in the 4th quarter. Millennium Management LLC now owns 2,545,857 shares of the utilities provider’s stock worth $16,599,000 after buying an additional 2,533,280 shares during the period. Finally, Gluskin Sheff & Assoc Inc. raised its position in shares of Algonquin Power & Utilities by 115.5% in the 4th quarter. Gluskin Sheff & Assoc Inc. now owns 3,984,818 shares of the utilities provider’s stock worth $25,959,000 after buying an additional 2,135,924 shares during the period. 52.12% of the stock is owned by hedge funds and other institutional investors.

Algonquin Power & Utilities Stock Performance

Shares of AQN stock opened at $7.56 on Friday. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.56 and a current ratio of 0.71. Algonquin Power & Utilities Corp. has a one year low of $6.41 and a one year high of $14.25. The company’s 50-day simple moving average is $7.87 and its 200-day simple moving average is $8.12. The stock has a market capitalization of $5.21 billion, a price-to-earnings ratio of -19.89, a PEG ratio of 4.44 and a beta of 0.50.

Algonquin Power & Utilities (NYSE:AQN) last issued its quarterly earnings results on Thursday, August 10th. The utilities provider reported $0.08 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.02). Algonquin Power & Utilities had a positive return on equity of 5.99% and a negative net margin of 8.96%. The company had revenue of $627.30 million for the quarter, compared to the consensus estimate of $611.83 million. During the same period in the previous year, the business posted $0.16 EPS. The business’s revenue for the quarter was up .5% on a year-over-year basis. Equities analysts anticipate that Algonquin Power & Utilities Corp. will post 0.55 earnings per share for the current fiscal year.

Algonquin Power & Utilities Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 13th. Stockholders of record on Thursday, September 28th will be given a dividend of $0.108 per share. The ex-dividend date is Wednesday, September 27th. This represents a $0.43 annualized dividend and a dividend yield of 5.71%. Algonquin Power & Utilities’s payout ratio is -113.16%.

Analysts Set New Price Targets

Several brokerages recently issued reports on AQN. BMO Capital Markets lowered their price target on Algonquin Power & Utilities from $9.00 to $8.50 and set a “market perform” rating for the company in a report on Friday, August 11th. CSFB lowered their price target on Algonquin Power & Utilities from $10.50 to $10.00 and set an “outperform” rating for the company in a report on Monday, July 24th. Scotiabank lowered their price target on Algonquin Power & Utilities from $9.25 to $9.00 in a report on Monday, August 14th. Wells Fargo & Company increased their price target on Algonquin Power & Utilities from $9.50 to $10.00 in a report on Friday, May 12th. Finally, StockNews.com began coverage on Algonquin Power & Utilities in a report on Thursday, August 17th. They issued a “sell” rating for the company. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $10.10.

Algonquin Power & Utilities Profile

Algonquin Power & Utilities Corp., a renewable energy and utility company, that provides energy and water solutions and services in North America and internationally. The company operates through two segments, Regulated Services Group and Renewable Energy Group. The Regulated Services Group segment provides a portfolio of rate-regulated water, electricity, and gas utility services.