CIBC Asset Management Inc Grows Stock Holdings in Algonquin Power & Utilities Corp. (NYSE:AQN)

CIBC Asset Management Inc lifted its position in shares of Algonquin Power & Utilities Corp. (NYSE:AQN) by 8.6% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 931,474 shares of the utilities provider’s stock after buying an additional 73,587 shares during the quarter. CIBC Asset Management Inc owned approximately 0.12% of Algonquin Power & Utilities worth $5,092,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its stake in shares of 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 valued at $52,341,000 after buying an additional 5,426,523 shares in the last quarter. Troluce Capital Advisors LLC lifted its stake in shares of Algonquin Power & Utilities by 33.3% during the 2nd quarter. Troluce Capital Advisors LLC now owns 2,575,000 shares of the utilities provider’s stock valued at $15,090,000 after buying an additional 643,352 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of Algonquin Power & Utilities by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 26,248,892 shares of the utilities provider’s stock valued at $165,893,000 after buying an additional 262,333 shares in the last quarter. Triasima Portfolio Management inc. purchased a new position in shares of Algonquin Power & Utilities during the 2nd quarter valued at $3,164,000. Finally, Private Management Group Inc. purchased a new position in shares of Algonquin Power & Utilities during the 3rd quarter valued at $12,361,000. Hedge funds and other institutional investors own 62.28% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on AQN. Royal Bank of Canada reiterated a “sector perform” rating and issued a $6.00 price target on shares of Algonquin Power & Utilities in a report on Friday, October 11th. Raymond James downgraded shares of Algonquin Power & Utilities from an “outperform” rating to a “market perform” rating and reduced their price target for the company from $7.75 to $7.00 in a report on Monday, August 12th. National Bank Financial upgraded shares of Algonquin Power & Utilities from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. Janney Montgomery Scott began coverage on shares of Algonquin Power & Utilities in a report on Thursday, September 5th. They issued a “neutral” rating and a $6.00 target price on the stock. Finally, CIBC reduced their target price on shares of Algonquin Power & Utilities from $5.75 to $5.50 and set a “neutral” rating on the stock in a report on Tuesday, October 22nd. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $6.18.

Algonquin Power & Utilities Price Performance

Algonquin Power & Utilities stock opened at $4.82 on Monday. The stock has a market cap of $3.70 billion, a price-to-earnings ratio of -3.74 and a beta of 0.68. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.92 and a quick ratio of 0.73. Algonquin Power & Utilities Corp. has a 1 year low of $4.67 and a 1 year high of $6.79. The firm has a 50-day moving average of $5.14 and a two-hundred day moving average of $5.69.

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). The company had revenue of $573.20 million during the quarter, compared to analysts’ expectations of $620.46 million. Algonquin Power & Utilities had a negative net margin of 39.12% and a positive return on equity of 5.22%. Algonquin Power & Utilities’s quarterly revenue was up 1.5% on a year-over-year basis. During the same period last year, the firm earned $0.11 earnings per share. On average, research analysts forecast that Algonquin Power & Utilities Corp. will post 0.4 earnings per share for the current year.

Algonquin Power & Utilities Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders 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 annualized dividend and a dividend yield of 5.39%. Algonquin Power & Utilities’s 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.