TransAlta (NYSE:TAC) Downgraded to “Sector Perform” Rating by Scotiabank

Scotiabank lowered shares of TransAlta (NYSE:TAC) (TSE:TA) from a sector outperform rating to a sector perform rating in a research report report published on Thursday, MarketBeat Ratings reports.

Several other brokerages also recently commented on TAC. Cibc World Mkts downgraded TransAlta from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 8th. StockNews.com cut TransAlta from a “buy” rating to a “hold” rating in a research note on Saturday, January 4th. Desjardins reaffirmed a “hold” rating on shares of TransAlta in a research report on Wednesday, November 6th. Finally, CIBC downgraded shares of TransAlta from a “sector outperform” rating to a “neutral” rating in a research report on Wednesday, January 8th. Five equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat, TransAlta has an average rating of “Hold”.

TransAlta Price Performance

Shares of TAC opened at $13.43 on Thursday. The firm has a market cap of $3.99 billion, a PE ratio of 36.28 and a beta of 0.84. TransAlta has a 52-week low of $5.94 and a 52-week high of $14.64. The business’s 50 day moving average price is $12.89 and its two-hundred day moving average price is $10.41. The company has a debt-to-equity ratio of 2.94, a quick ratio of 0.67 and a current ratio of 0.74.

TransAlta Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Saturday, March 1st will be issued a $0.0423 dividend. The ex-dividend date of this dividend is Friday, February 28th. This represents a $0.17 dividend on an annualized basis and a dividend yield of 1.26%. TransAlta’s dividend payout ratio is presently 48.65%.

Institutional Investors Weigh In On TransAlta

Several institutional investors have recently bought and sold shares of TAC. Blue Trust Inc. grew its stake in shares of TransAlta by 56.5% in the 4th quarter. Blue Trust Inc. now owns 28,275 shares of the utilities provider’s stock worth $400,000 after acquiring an additional 10,211 shares in the last quarter. Janney Montgomery Scott LLC boosted its holdings in TransAlta by 1,096.2% during the fourth quarter. Janney Montgomery Scott LLC now owns 259,257 shares of the utilities provider’s stock worth $3,668,000 after purchasing an additional 237,584 shares during the last quarter. Ballentine Partners LLC bought a new stake in TransAlta in the 4th quarter worth about $145,000. Artemis Investment Management LLP bought a new position in shares of TransAlta during the 4th quarter worth approximately $7,139,000. Finally, Franklin Resources Inc. lifted its position in shares of TransAlta by 190.6% during the 3rd quarter. Franklin Resources Inc. now owns 147,669 shares of the utilities provider’s stock worth $1,550,000 after buying an additional 96,856 shares in the last quarter. Institutional investors own 59.00% of the company’s stock.

About TransAlta

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.