StockNews.com Initiates Coverage on Atlantica Sustainable Infrastructure (NASDAQ:AY)

StockNews.com assumed coverage on shares of Atlantica Sustainable Infrastructure (NASDAQ:AY) in a research note released on Friday morning. The brokerage issued a sell rating on the utilities provider’s stock.

Atlantica Sustainable Infrastructure Price Performance

Shares of AY opened at $22.14 on Friday. Atlantica Sustainable Infrastructure has a 12 month low of $16.82 and a 12 month high of $23.47. The company has a debt-to-equity ratio of 3.36, a current ratio of 1.25 and a quick ratio of 1.20. The stock has a fifty day moving average price of $22.02 and a 200 day moving average price of $22.10. The company has a market cap of $2.57 billion, a P/E ratio of 76.35, a PEG ratio of 2.15 and a beta of 1.03.

Atlantica Sustainable Infrastructure Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Friday, November 29th will be issued a $0.2225 dividend. The ex-dividend date is Friday, November 29th. This represents a $0.89 dividend on an annualized basis and a dividend yield of 4.02%. Atlantica Sustainable Infrastructure’s dividend payout ratio (DPR) is presently 613.81%.

Institutional Investors Weigh In On Atlantica Sustainable Infrastructure

Several large investors have recently made changes to their positions in the company. Manning & Napier Advisors LLC acquired a new position in shares of Atlantica Sustainable Infrastructure during the second quarter valued at $2,195,000. Swedbank AB acquired a new position in Atlantica Sustainable Infrastructure during the 1st quarter valued at about $4,103,000. Quadrature Capital Ltd raised its position in shares of Atlantica Sustainable Infrastructure by 71.6% during the 1st quarter. Quadrature Capital Ltd now owns 56,640 shares of the utilities provider’s stock worth $1,046,000 after buying an additional 23,627 shares in the last quarter. Water Island Capital LLC acquired a new stake in shares of Atlantica Sustainable Infrastructure in the 2nd quarter worth approximately $13,438,000. Finally, Trium Capital LLP bought a new position in shares of Atlantica Sustainable Infrastructure in the second quarter valued at approximately $2,010,000. Institutional investors and hedge funds own 40.53% of the company’s stock.

Atlantica Sustainable Infrastructure Company Profile

Atlantica Sustainable Infrastructure plc owns, manages, and invests in renewable energy, storage, natural gas and heat, electric transmission lines, and water assets in North America, South America, Europe, the Middle East, and Africa. The company was formerly known as Atlantica Yield plc and changed its name to Atlantica Sustainable Infrastructure plc in May 2020.