11,100 Shares in Algonquin Power & Utilities Corp. (NYSE:AQN) Purchased by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. acquired a new position in Algonquin Power & Utilities Corp. (NYSE:AQN) during the fourth quarter, Holdings Channel.com reports. The institutional investor acquired 11,100 shares of the utilities provider’s stock, valued at approximately $70,000.

Several other institutional investors have also added to or reduced their stakes in AQN. Invesco Ltd. increased its stake in Algonquin Power & Utilities by 6.6% in the 3rd quarter. Invesco Ltd. now owns 9,881,130 shares of the utilities provider’s stock worth $58,496,000 after buying an additional 616,049 shares during the period. Vanguard Group Inc. increased its position in shares of Algonquin Power & Utilities by 1.6% during the third quarter. Vanguard Group Inc. now owns 25,717,759 shares of the utilities provider’s stock worth $152,249,000 after acquiring an additional 413,104 shares during the period. Capital Investment Advisory Services LLC bought a new stake in shares of Algonquin Power & Utilities during the third quarter valued at approximately $1,408,000. Krilogy Financial LLC purchased a new stake in shares of Algonquin Power & Utilities in the third quarter valued at approximately $3,007,000. Finally, Aigen Investment Management LP bought a new position in Algonquin Power & Utilities in the third quarter worth approximately $200,000. Institutional investors own 62.28% of the company’s stock.

Algonquin Power & Utilities Trading Down 0.8 %

Shares of NYSE:AQN opened at $6.12 on Monday. The company has a quick ratio of 0.50, a current ratio of 0.63 and a debt-to-equity ratio of 1.23. Algonquin Power & Utilities Corp. has a 52-week low of $4.90 and a 52-week high of $9.14. The stock has a market cap of $4.22 billion, a price-to-earnings ratio of 204.00 and a beta of 0.66. The business has a 50-day moving average price of $6.05 and a 200-day moving average price of $5.99.

Algonquin Power & Utilities (NYSE:AQN) last posted its quarterly earnings results on Friday, March 8th. The utilities provider reported $0.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.14 by $0.02. The company had revenue of $666.90 million during the quarter, compared to analyst estimates of $661.73 million. Algonquin Power & Utilities had a net margin of 1.06% and a return on equity of 5.64%. Algonquin Power & Utilities’s revenue for the quarter was down 10.8% compared to the same quarter last year. During the same period last year, the firm posted $0.22 EPS. Equities analysts predict that Algonquin Power & Utilities Corp. will post 0.49 EPS for the current year.

Algonquin Power & Utilities Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were issued a $0.1085 dividend. This represents a $0.43 dividend on an annualized basis and a yield of 7.09%. The ex-dividend date was Wednesday, March 27th. Algonquin Power & Utilities’s payout ratio is presently 1,433.33%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. TD Securities lifted their target price on Algonquin Power & Utilities from $6.00 to $6.50 and gave the company a “hold” rating in a research report on Monday, March 11th. Scotiabank lowered their price objective on shares of Algonquin Power & Utilities from $7.50 to $6.50 and set a “sector perform” rating for the company in a research note on Monday, April 22nd. StockNews.com raised shares of Algonquin Power & Utilities to a “sell” rating in a research report on Wednesday, April 17th. Desjardins upgraded shares of Algonquin Power & Utilities from a “sell” rating to a “hold” rating and boosted their price target for the company from $4.75 to $5.75 in a report on Monday, March 11th. Finally, National Bankshares reduced their price objective on shares of Algonquin Power & Utilities from $7.50 to $7.25 and set a “sector perform” rating for the company in a research note on Tuesday, January 9th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $7.67.

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.