Bank of New York Mellon Corp Buys 2,073 Shares of Algonquin Power & Utilities Corp. (NYSE:AQN)

Bank of New York Mellon Corp increased its stake in Algonquin Power & Utilities Corp. (NYSE:AQN) by 16.3% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 14,809 shares of the utilities provider’s stock after acquiring an additional 2,073 shares during the period. Bank of New York Mellon Corp’s holdings in Algonquin Power & Utilities were worth $76,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Quadrant Capital Group LLC lifted its holdings in shares of Algonquin Power & Utilities by 40.5% in the 4th quarter. Quadrant Capital Group LLC now owns 17,555 shares of the utilities provider’s stock worth $78,000 after acquiring an additional 5,060 shares during the last quarter. Capstone Investment Advisors LLC raised its position in Algonquin Power & Utilities by 59.6% in the 4th quarter. Capstone Investment Advisors LLC now owns 17,060 shares of the utilities provider’s stock worth $76,000 after purchasing an additional 6,370 shares during the period. Sowell Financial Services LLC bought a new stake in Algonquin Power & Utilities in the first quarter worth $59,000. NBC Securities Inc. boosted its position in Algonquin Power & Utilities by 111,700.0% during the first quarter. NBC Securities Inc. now owns 12,298 shares of the utilities provider’s stock valued at $63,000 after buying an additional 12,287 shares during the period. Finally, Value Partners Investments Inc. boosted its position in Algonquin Power & Utilities by 89.1% during the first quarter. Value Partners Investments Inc. now owns 37,963 shares of the utilities provider’s stock valued at $195,000 after buying an additional 17,890 shares during the period. Institutional investors own 62.28% of the company’s stock.

Algonquin Power & Utilities Stock Down 0.4%

Shares of Algonquin Power & Utilities stock opened at $5.91 on Thursday. The company has a current ratio of 1.16, a quick ratio of 0.94 and a debt-to-equity ratio of 1.21. Algonquin Power & Utilities Corp. has a 12-month low of $4.19 and a 12-month high of $6.26. The company has a market cap of $4.53 billion, a P/E ratio of -3.81 and a beta of 0.68. The company’s fifty day simple moving average is $5.83 and its two-hundred day simple moving average is $5.31.

Algonquin Power & Utilities (NYSE:AQN) last announced its earnings results on Friday, May 9th. The utilities provider reported $0.14 earnings per share for the quarter, beating analysts’ consensus estimates of $0.09 by $0.05. Algonquin Power & Utilities had a negative net margin of 48.78% and a positive return on equity of 4.74%. The firm had revenue of $692.40 million for the quarter, compared to analyst estimates of $699.08 million. During the same quarter in the previous year, the firm posted $0.14 EPS. Research analysts anticipate that Algonquin Power & Utilities Corp. will post 0.38 EPS for the current year.

Algonquin Power & Utilities Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were paid a $0.065 dividend. This represents a $0.26 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date was Monday, June 30th. Algonquin Power & Utilities’s dividend payout ratio (DPR) is presently -16.77%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on AQN. Scotiabank lifted their price objective on Algonquin Power & Utilities from $6.00 to $6.50 and gave the stock a “sector perform” rating in a report on Wednesday, June 4th. Wall Street Zen cut Algonquin Power & Utilities from a “hold” rating to a “sell” rating in a research note on Wednesday, May 21st. National Bank Financial raised Algonquin Power & Utilities to a “hold” rating in a research note on Sunday, June 8th. BMO Capital Markets restated a “market perform” rating and issued a $6.00 target price (up previously from $5.00) on shares of Algonquin Power & Utilities in a report on Monday, May 12th. Finally, Royal Bank Of Canada upped their price target on shares of Algonquin Power & Utilities from $6.00 to $6.50 and gave the company a “sector perform” rating in a report on Wednesday, June 4th. One analyst has rated the stock with a sell rating and twelve have issued a hold rating to the stock. Based on data from MarketBeat, Algonquin Power & Utilities has a consensus rating of “Hold” and a consensus target price of $6.31.

About Algonquin Power & Utilities

Algonquin Power & Utilities Corp. is an investment holding company, which engages in energy generation and water distribution facilities. It operates through the Regulated Services Group and Renewable Energy Group segments. The Regulated Services Group segment owns and operates a portfolio of electric, natural gas, water distribution, and wastewater collection utility systems and transmission.