Algonquin Power & Utilities Corp. (NYSE:AQN) Shares Acquired by Goldman Sachs Group Inc.

Goldman Sachs Group Inc. lifted its position in Algonquin Power & Utilities Corp. (NYSE:AQNFree Report) by 754.0% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 15,552,484 shares of the utilities provider’s stock after acquiring an additional 13,731,305 shares during the period. Goldman Sachs Group Inc. owned 2.26% of Algonquin Power & Utilities worth $98,292,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in AQN. CIBC Asset Management Inc raised its position in Algonquin Power & Utilities by 2.7% during the 4th quarter. CIBC Asset Management Inc now owns 677,459 shares of the utilities provider’s stock worth $4,288,000 after buying an additional 17,940 shares during the last quarter. Alberta Investment Management Corp lifted its position in Algonquin Power & Utilities by 22.7% during the fourth quarter. Alberta Investment Management Corp now owns 3,382,326 shares of the utilities provider’s stock valued at $21,394,000 after purchasing an additional 625,026 shares during the period. Crestline Management LP boosted its holdings in Algonquin Power & Utilities by 62.5% in the fourth quarter. Crestline Management LP now owns 2,274,642 shares of the utilities provider’s stock valued at $14,376,000 after purchasing an additional 874,642 shares during the last quarter. Bank of Nova Scotia grew its position in Algonquin Power & Utilities by 5.6% during the 4th quarter. Bank of Nova Scotia now owns 10,226,131 shares of the utilities provider’s stock worth $64,521,000 after purchasing an additional 542,696 shares during the period. Finally, Allianz Asset Management GmbH raised its stake in shares of Algonquin Power & Utilities by 12.6% during the 4th quarter. Allianz Asset Management GmbH now owns 1,682,201 shares of the utilities provider’s stock valued at $10,665,000 after buying an additional 187,687 shares during the last quarter. Hedge funds and other institutional investors own 62.28% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on AQN shares. StockNews.com upgraded Algonquin Power & Utilities to a “sell” rating in a research note on Friday, May 10th. TD Securities lifted their target price on shares of Algonquin Power & Utilities from $6.00 to $6.50 and gave the company a “hold” rating in a report on Monday, March 11th. National Bankshares increased their price target on shares of Algonquin Power & Utilities from $6.75 to $7.25 and gave the stock a “sector perform” rating in a report on Tuesday, May 28th. Desjardins lifted their price objective on shares of Algonquin Power & Utilities from $5.25 to $5.50 and gave the company a “hold” rating in a report on Thursday, June 6th. Finally, Scotiabank lowered their target price on shares of Algonquin Power & Utilities from $7.50 to $6.50 and set a “sector perform” rating on the stock in a research note on Monday, April 22nd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, Algonquin Power & Utilities presently has a consensus rating of “Hold” and an average price target of $7.47.

View Our Latest Analysis on Algonquin Power & Utilities

Algonquin Power & Utilities Price Performance

NYSE:AQN opened at $5.92 on Tuesday. The firm has a market cap of $4.08 billion, a P/E ratio of -12.08 and a beta of 0.68. The stock has a 50 day moving average of $6.29 and a two-hundred day moving average of $6.19. Algonquin Power & Utilities Corp. has a 12 month low of $4.90 and a 12 month high of $8.64. The company has a current ratio of 0.98, a quick ratio of 0.79 and a debt-to-equity ratio of 1.42.

Algonquin Power & Utilities (NYSE:AQNGet Free Report) last posted its quarterly earnings data on Friday, May 10th. The utilities provider reported $0.14 EPS for the quarter, missing the consensus estimate of $0.15 by ($0.01). Algonquin Power & Utilities had a negative net margin of 12.44% and a positive return on equity of 5.39%. The firm had revenue of $737.10 million during the quarter, compared to analyst estimates of $813.38 million. During the same period in the prior year, the company posted $0.17 earnings per share. The firm’s revenue for the quarter was down 5.3% compared to the same quarter last year. On average, analysts expect that Algonquin Power & Utilities Corp. will post 0.46 earnings per share for the current fiscal year.

Algonquin Power & Utilities Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be issued a $0.108 dividend. The ex-dividend date is Friday, June 28th. This represents a $0.43 dividend on an annualized basis and a yield of 7.30%. Algonquin Power & Utilities’s payout ratio is -87.76%.

About Algonquin Power & Utilities

(Free Report)

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.

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Institutional Ownership by Quarter for Algonquin Power & Utilities (NYSE:AQN)

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