TransAlta (NYSE:TAC) Sets New 52-Week High – Still a Buy?

Shares of TransAlta Co. (NYSE:TAC) (TSE:TA) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $14.11 and last traded at $13.99, with a volume of 131028 shares. The stock had previously closed at $13.91.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on TAC. Scotiabank raised TransAlta to a “strong-buy” rating in a report on Thursday, December 5th. StockNews.com cut shares of TransAlta from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, November 6th. Finally, Desjardins reiterated a “hold” rating on shares of TransAlta in a research report on Wednesday, November 6th.

TransAlta Stock Down 0.8 %

The company has a market capitalization of $4.11 billion, a P/E ratio of 37.14 and a beta of 0.91. The company has a quick ratio of 0.67, a current ratio of 0.74 and a debt-to-equity ratio of 2.94. The firm has a fifty day simple moving average of $10.95 and a 200-day simple moving average of $9.14.

TransAlta Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Saturday, March 1st will be issued a dividend of $0.0423 per share. The ex-dividend date is Friday, February 28th. This represents a $0.17 annualized dividend and a yield of 1.23%. TransAlta’s dividend payout ratio (DPR) is currently 45.95%.

Institutional Trading of TransAlta

Several hedge funds and other institutional investors have recently modified their holdings of the company. Blue Trust Inc. boosted its stake in shares of TransAlta by 1,381.5% during the 2nd quarter. Blue Trust Inc. now owns 4,237 shares of the utilities provider’s stock worth $30,000 after buying an additional 3,951 shares during the last quarter. Financial Management Professionals Inc. bought a new position in shares of TransAlta during the 3rd quarter worth approximately $42,000. Quantbot Technologies LP bought a new position in shares of TransAlta in the third quarter valued at about $61,000. Evergreen Capital Management LLC acquired a new stake in shares of TransAlta during the 2nd quarter worth about $72,000. Finally, Sage Rhino Capital LLC acquired a new stake in TransAlta during the second quarter worth approximately $79,000. Institutional investors and hedge funds 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.