TransAlta (NYSE:TAC) Cut to Hold at Cibc World Mkts

Cibc World Mkts downgraded shares of TransAlta (NYSE:TAC) (TSE:TA) from a strong-buy rating to a hold rating in a research note released on Wednesday,Zacks.com reports.

Several other equities research analysts have also recently weighed in on TAC. StockNews.com cut TransAlta from a “buy” rating to a “hold” rating in a research note on Saturday, January 4th. Desjardins reissued a “hold” rating on shares of TransAlta in a research report on Wednesday, November 6th. CIBC lowered shares of TransAlta from a “sector outperform” rating to a “neutral” rating in a report on Wednesday. Finally, Scotiabank upgraded shares of TransAlta to a “strong-buy” rating in a research report on Thursday, December 5th. Four research analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold”.

TransAlta Stock Down 0.1 %

Shares of TAC opened at $13.25 on Wednesday. The company has a debt-to-equity ratio of 2.94, a quick ratio of 0.67 and a current ratio of 0.74. TransAlta has a 52 week low of $5.94 and a 52 week high of $14.64. The stock has a market capitalization of $3.95 billion, a price-to-earnings ratio of 35.81 and a beta of 0.84. The stock has a fifty day moving average of $12.35 and a 200-day moving average of $10.01.

TransAlta Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Saturday, March 1st will be paid a $0.0423 dividend. This represents a $0.17 annualized dividend and a yield of 1.28%. The ex-dividend date is Friday, February 28th. TransAlta’s dividend payout ratio (DPR) is currently 45.95%.

Institutional Investors Weigh In On TransAlta

Several hedge funds and other institutional investors have recently modified their holdings of TAC. Financial Management Professionals Inc. bought a new position in shares of TransAlta in the third quarter valued at approximately $42,000. Quantbot Technologies LP bought a new position in TransAlta during the 3rd quarter valued at $61,000. Evergreen Capital Management LLC purchased a new position in TransAlta during the 2nd quarter worth $72,000. Entropy Technologies LP bought a new stake in shares of TransAlta in the 3rd quarter worth $130,000. Finally, Blue Trust Inc. lifted its position in shares of TransAlta by 326.3% during the third quarter. Blue Trust Inc. now owns 18,064 shares of the utilities provider’s stock valued at $187,000 after purchasing an additional 13,827 shares in the last quarter. Institutional investors own 59.00% of the company’s stock.

TransAlta Company Profile

TransAlta Corporation engages in the development, production, and sale of electric energy. It operates through Hydro, Wind and Solar, Gas, Energy Transition, and Energy Marketing segments. The Hydro segment holds interest of approximately 922 megawatts (MW) of owned hydroelectric generating capacity located in Alberta, British Columbia, and Ontario.