Advisors Asset Management Inc. Has $890,000 Stock Holdings in Algonquin Power & Utilities Corp. (NYSE:AQN)

Advisors Asset Management Inc. grew its stake in shares of Algonquin Power & Utilities Corp. (NYSE:AQN) by 14.5% in the 3rd quarter, HoldingsChannel reports. The fund owned 163,335 shares of the utilities provider’s stock after purchasing an additional 20,731 shares during the quarter. Advisors Asset Management Inc.’s holdings in Algonquin Power & Utilities were worth $890,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently made changes to their positions in AQN. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its holdings in Algonquin Power & Utilities by 156.0% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 8,905,059 shares of the utilities provider’s stock worth $52,341,000 after purchasing an additional 5,426,523 shares during the last quarter. Troluce Capital Advisors LLC lifted its holdings in shares of Algonquin Power & Utilities by 33.3% during the second quarter. Troluce Capital Advisors LLC now owns 2,575,000 shares of the utilities provider’s stock worth $15,090,000 after buying an additional 643,352 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Algonquin Power & Utilities by 1.0% during the first quarter. Vanguard Group Inc. now owns 26,248,892 shares of the utilities provider’s stock worth $165,893,000 after buying an additional 262,333 shares in the last quarter. Swiss National Bank boosted its position in shares of Algonquin Power & Utilities by 10.4% in the third quarter. Swiss National Bank now owns 1,433,000 shares of the utilities provider’s stock valued at $7,843,000 after acquiring an additional 135,400 shares during the period. Finally, Triasima Portfolio Management inc. bought a new position in Algonquin Power & Utilities during the second quarter worth about $3,164,000. Institutional investors own 62.28% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the stock. Janney Montgomery Scott assumed coverage on shares of Algonquin Power & Utilities in a report on Thursday, September 5th. They issued a “neutral” rating and a $6.00 price objective for the company. Royal Bank of Canada reissued a “sector perform” rating and set a $6.00 price target on shares of Algonquin Power & Utilities in a research report on Friday, October 11th. Scotiabank dropped their price objective on Algonquin Power & Utilities from $5.75 to $5.25 and set a “sector perform” rating for the company in a report on Friday, November 8th. Wells Fargo & Company reduced their target price on Algonquin Power & Utilities from $6.00 to $5.50 and set an “equal weight” rating on the stock in a report on Wednesday, October 16th. Finally, National Bank Financial upgraded Algonquin Power & Utilities from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 12th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Algonquin Power & Utilities currently has a consensus rating of “Hold” and a consensus price target of $6.18.

Algonquin Power & Utilities Stock Performance

Algonquin Power & Utilities stock opened at $4.76 on Wednesday. The stock has a market cap of $3.65 billion, a PE ratio of -3.69 and a beta of 0.68. The company has a quick ratio of 0.73, a current ratio of 0.92 and a debt-to-equity ratio of 1.17. Algonquin Power & Utilities Corp. has a 12-month low of $4.67 and a 12-month high of $6.79. The business’s 50-day moving average price is $5.07 and its two-hundred day moving average price is $5.61.

Algonquin Power & Utilities (NYSE:AQN) last posted its earnings results on Thursday, November 7th. The utilities provider reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.01). Algonquin Power & Utilities had a positive return on equity of 5.22% and a negative net margin of 39.12%. The company had revenue of $573.20 million for the quarter, compared to the consensus estimate of $620.46 million. During the same period in the previous year, the firm posted $0.11 EPS. The business’s quarterly revenue was up 1.5% compared to the same quarter last year. As a group, analysts expect that Algonquin Power & Utilities Corp. will post 0.4 earnings per share for the current fiscal year.

Algonquin Power & Utilities Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a $0.065 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $0.26 annualized dividend and a yield of 5.46%. Algonquin Power & Utilities’s dividend payout ratio is presently -20.16%.

About Algonquin Power & Utilities

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.