Pinebridge Investments L.P. Reduces Stake in Algonquin Power & Utilities Corp. (NYSE:AQN)

Pinebridge Investments L.P. lowered its holdings in Algonquin Power & Utilities Corp. (NYSE:AQN) by 83.1% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 126,178 shares of the utilities provider’s stock after selling 621,488 shares during the quarter. Pinebridge Investments L.P.’s holdings in Algonquin Power & Utilities were worth $561,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in AQN. SVB Wealth LLC purchased a new position in shares of Algonquin Power & Utilities in the 4th quarter valued at approximately $49,000. Avantax Advisory Services Inc. purchased a new position in shares of Algonquin Power & Utilities in the 4th quarter valued at approximately $58,000. Ballentine Partners LLC purchased a new position in shares of Algonquin Power & Utilities in the 4th quarter valued at approximately $63,000. Spire Wealth Management lifted its stake in shares of Algonquin Power & Utilities by 149.6% in the 4th quarter. Spire Wealth Management now owns 17,000 shares of the utilities provider’s stock valued at $76,000 after purchasing an additional 10,190 shares during the period. Finally, Quadrant Capital Group LLC increased its position in Algonquin Power & Utilities by 40.5% during the 4th quarter. Quadrant Capital Group LLC now owns 17,555 shares of the utilities provider’s stock valued at $78,000 after buying an additional 5,060 shares in the last quarter. Hedge funds and other institutional investors own 62.28% of the company’s stock.

Algonquin Power & Utilities Stock Performance

Shares of NYSE AQN opened at $5.36 on Tuesday. The firm has a 50 day moving average of $5.03 and a 200 day moving average of $4.79. The firm has a market capitalization of $4.12 billion, a price-to-earnings ratio of -4.16 and a beta of 0.65. The company has a current ratio of 0.92, a quick ratio of 0.73 and a debt-to-equity ratio of 1.17. Algonquin Power & Utilities Corp. has a 12-month low of $4.19 and a 12-month high of $6.79.

Algonquin Power & Utilities (NYSE:AQN) last posted its quarterly earnings results on Friday, March 7th. The utilities provider reported $0.06 earnings per share for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.04). Algonquin Power & Utilities had a positive return on equity of 5.22% and a negative net margin of 39.12%. The firm had revenue of $584.80 million during the quarter, compared to the consensus estimate of $644.73 million. On average, research analysts anticipate that Algonquin Power & Utilities Corp. will post 0.38 earnings per share for the current year.

Algonquin Power & Utilities Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were issued a $0.065 dividend. The ex-dividend date was Monday, March 31st. This represents a $0.26 dividend on an annualized basis and a yield of 4.85%. Algonquin Power & Utilities’s dividend payout ratio is presently -14.44%.

Analyst Ratings Changes

AQN has been the subject of several analyst reports. Scotiabank raised their price target on Algonquin Power & Utilities from $5.25 to $5.50 and gave the company a “sector perform” rating in a report on Thursday, February 13th. Royal Bank of Canada dropped their target price on shares of Algonquin Power & Utilities from $6.00 to $5.50 and set a “sector perform” rating on the stock in a research note on Tuesday, February 18th. CIBC reduced their price target on shares of Algonquin Power & Utilities from $5.50 to $5.25 and set a “neutral” rating for the company in a research report on Thursday, April 24th. Finally, National Bankshares lowered their price objective on Algonquin Power & Utilities from $6.75 to $6.25 and set an “outperform” rating on the stock in a research report on Tuesday, February 11th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Algonquin Power & Utilities has a consensus rating of “Hold” and a consensus price target of $5.92.

Algonquin Power & Utilities Company Profile

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.