Zurcher Kantonalbank Zurich Cantonalbank Purchases 42,801 Shares of Algonquin Power & Utilities Corp. (NYSE:AQN)

Zurcher Kantonalbank Zurich Cantonalbank increased its position in Algonquin Power & Utilities Corp. (NYSE:AQN) by 40.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 147,983 shares of the utilities provider’s stock after acquiring an additional 42,801 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Algonquin Power & Utilities were worth $810,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of AQN. The Manufacturers Life Insurance Company grew its position in shares of Algonquin Power & Utilities by 320.6% in the second quarter. The Manufacturers Life Insurance Company now owns 7,273,228 shares of the utilities provider’s stock valued at $42,633,000 after purchasing an additional 5,544,063 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in Algonquin Power & Utilities by 156.0% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 8,905,059 shares of the utilities provider’s stock valued at $52,341,000 after buying an additional 5,426,523 shares during the last quarter. Private Management Group Inc. bought a new position in Algonquin Power & Utilities in the 3rd quarter worth approximately $12,361,000. Davidson Kempner Capital Management LP lifted its holdings in shares of Algonquin Power & Utilities by 79.8% during the second quarter. Davidson Kempner Capital Management LP now owns 4,634,250 shares of the utilities provider’s stock worth $27,157,000 after buying an additional 2,056,534 shares during the last quarter. Finally, Point72 Asset Management L.P. boosted its position in shares of Algonquin Power & Utilities by 31.2% in the second quarter. Point72 Asset Management L.P. now owns 5,956,389 shares of the utilities provider’s stock valued at $34,989,000 after acquiring an additional 1,415,889 shares during the period. Institutional investors and hedge funds own 62.28% of the company’s stock.

Wall Street Analysts Forecast Growth

AQN has been the topic of a number of research reports. Wells Fargo & Company dropped their target price on shares of Algonquin Power & Utilities from $6.00 to $5.50 and set an “equal weight” rating on the stock in a research report on Wednesday, October 16th. Raymond James lowered shares of Algonquin Power & Utilities from an “outperform” rating to a “market perform” rating and cut their price objective for the company from $7.75 to $7.00 in a research report on Monday, August 12th. Janney Montgomery Scott initiated coverage on Algonquin Power & Utilities in a research report on Thursday, September 5th. They set a “neutral” rating and a $6.00 target price on the stock. CIBC cut their price target on Algonquin Power & Utilities from $5.75 to $5.50 and set a “neutral” rating for the company in a report on Tuesday, October 22nd. Finally, Desjardins decreased their price objective on Algonquin Power & Utilities from $5.50 to $5.25 and set a “hold” rating on the stock in a report on Monday, August 12th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Algonquin Power & Utilities presently has an average rating of “Hold” and an average target price of $6.18.

Algonquin Power & Utilities Trading Down 1.0 %

Shares of AQN opened at $4.69 on Friday. The company has a current ratio of 0.92, a quick ratio of 0.73 and a debt-to-equity ratio of 1.17. The stock has a market cap of $3.59 billion, a PE ratio of -3.63 and a beta of 0.68. Algonquin Power & Utilities Corp. has a 1 year low of $4.64 and a 1 year high of $6.79. The stock has a 50 day simple moving average of $4.95 and a 200-day simple moving average of $5.51.

Algonquin Power & Utilities (NYSE:AQN) last released its quarterly earnings data on Thursday, November 7th. The utilities provider reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate 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 analyst estimates of $620.46 million. During the same quarter in the prior year, the company earned $0.11 earnings per share. The business’s revenue was up 1.5% compared to the same quarter last year. On average, sell-side analysts predict that Algonquin Power & Utilities Corp. will post 0.39 EPS for the current fiscal year.

Algonquin Power & Utilities Announces Dividend

The company also recently declared 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 is Tuesday, December 31st. This represents a $0.26 dividend on an annualized basis and a yield of 5.55%. Algonquin Power & Utilities’s dividend payout ratio (DPR) is presently -20.15%.

Algonquin Power & Utilities Profile

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.