Algonquin Power & Utilities Corp. (NYSE:AQN) Shares Sold by Ingalls & Snyder LLC

Ingalls & Snyder LLC lessened its holdings in shares of Algonquin Power & Utilities Corp. (NYSE:AQN) by 26.8% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 30,650 shares of the utilities provider’s stock after selling 11,250 shares during the quarter. Ingalls & Snyder LLC’s holdings in Algonquin Power & Utilities were worth $193,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in AQN. Pacifica Partners Inc. boosted its position in Algonquin Power & Utilities by 1,975.0% during the 4th quarter. Pacifica Partners Inc. now owns 4,150 shares of the utilities provider’s stock worth $26,000 after acquiring an additional 3,950 shares during the period. Stonehage Fleming Financial Services Holdings Ltd acquired a new stake in shares of Algonquin Power & Utilities in the third quarter valued at $28,000. Power Corp of Canada acquired a new position in Algonquin Power & Utilities during the first quarter worth about $31,000. Tower Research Capital LLC TRC raised its position in Algonquin Power & Utilities by 970.3% in the third quarter. Tower Research Capital LLC TRC now owns 7,535 shares of the utilities provider’s stock worth $45,000 after acquiring an additional 6,831 shares in the last quarter. Finally, Captrust Financial Advisors boosted its position in shares of Algonquin Power & Utilities by 66.4% during the 2nd quarter. Captrust Financial Advisors now owns 3,526 shares of the utilities provider’s stock valued at $47,000 after purchasing an additional 1,407 shares in the last quarter. Institutional investors and hedge funds own 62.28% of the company’s stock.

Analysts Set New Price Targets

AQN has been the topic of a number of research reports. TD Securities boosted their target price on shares of Algonquin Power & Utilities from $6.00 to $6.50 and gave the stock a “hold” rating in a report on Monday, March 11th. BMO Capital Markets raised Algonquin Power & Utilities from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $7.00 to $7.50 in a research note on Monday, January 8th. Scotiabank upped their target price on Algonquin Power & Utilities from $7.00 to $7.50 and gave the company a “sector perform” rating in a report on Wednesday, January 24th. CIBC lifted their price target on Algonquin Power & Utilities from $7.00 to $7.50 and gave the stock a “neutral” rating in a research note on Tuesday, January 9th. Finally, National Bankshares dropped their price target on Algonquin Power & Utilities from $7.50 to $7.25 and set a “sector perform” rating on the stock in a research note on Tuesday, January 9th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $7.85.

Algonquin Power & Utilities Trading Down 3.1 %

NYSE:AQN opened at $5.93 on Monday. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.63 and a quick ratio of 0.50. Algonquin Power & Utilities Corp. has a fifty-two week low of $4.90 and a fifty-two week high of $9.14. The stock’s 50-day moving average is $6.02 and its two-hundred day moving average is $5.98. The stock has a market cap of $4.09 billion, a PE ratio of 197.67 and a beta of 0.66.

Algonquin Power & Utilities (NYSE:AQN) last released its earnings results on Friday, March 8th. The utilities provider reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.02. The company had revenue of $666.90 million for the quarter, compared to analysts’ expectations of $661.73 million. Algonquin Power & Utilities had a return on equity of 5.64% and a net margin of 1.06%. The business’s revenue for the quarter was down 10.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.22 EPS. As a group, equities research analysts forecast that Algonquin Power & Utilities Corp. will post 0.5 earnings per share for the current fiscal year.

Algonquin Power & Utilities Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, April 15th. Stockholders of record on Thursday, March 28th will be issued a dividend of $0.1085 per share. The ex-dividend date of this dividend is Wednesday, March 27th. This represents a $0.43 annualized dividend and a dividend yield of 7.32%. Algonquin Power & Utilities’s dividend payout ratio is 1,433.33%.

About Algonquin Power & Utilities

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.