Algonquin Power & Utilities Corp. (NYSE:AQN) Stake Decreased by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC trimmed its holdings in Algonquin Power & Utilities Corp. (NYSE:AQN) by 46.2% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,800 shares of the utilities provider’s stock after selling 8,400 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Algonquin Power & Utilities were worth $62,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Pacifica Partners Inc. increased its position in shares of 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 valued at $26,000 after purchasing an additional 3,950 shares during the period. Stonehage Fleming Financial Services Holdings Ltd purchased a new position in shares of Algonquin Power & Utilities in the third quarter worth approximately $28,000. SG Americas Securities LLC purchased a new stake in shares of Algonquin Power & Utilities in the 4th quarter valued at approximately $64,000. CTC Alternative Strategies Ltd. purchased a new stake in shares of Algonquin Power & Utilities in the 3rd quarter valued at approximately $62,000. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new position in Algonquin Power & Utilities in the 4th quarter worth approximately $70,000. 62.28% of the stock is currently owned by institutional investors and hedge funds.

Algonquin Power & Utilities Stock Up 1.6 %

NYSE AQN opened at $6.22 on Tuesday. The stock has a market capitalization of $4.29 billion, a P/E ratio of 207.17 and a beta of 0.66. Algonquin Power & Utilities Corp. has a 52 week low of $4.90 and a 52 week high of $9.14. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.50 and a current ratio of 0.63. The stock has a fifty day moving average of $6.05 and a 200-day moving average of $5.99.

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

Algonquin Power & Utilities Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were issued a $0.1085 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $0.43 annualized dividend and a yield of 6.98%. Algonquin Power & Utilities’s dividend payout ratio is currently 1,433.33%.

Analysts Set New Price Targets

AQN has been the topic of several recent analyst reports. 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 report on Tuesday, January 9th. Desjardins upgraded Algonquin Power & Utilities from a “sell” rating to a “hold” rating and upped their target price for the company from $4.75 to $5.75 in a report on Monday, March 11th. StockNews.com upgraded shares of Algonquin Power & Utilities to a “sell” rating in a report on Wednesday, April 17th. BMO Capital Markets upgraded shares of Algonquin Power & Utilities from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $7.00 to $7.50 in a research note on Monday, January 8th. Finally, Scotiabank decreased their target price 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. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, Algonquin Power & Utilities presently has an average rating of “Hold” and an average target price 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.