Charles Schwab Investment Management Inc. Buys 206,490 Shares of Algonquin Power & Utilities Corp. (NYSE:AQN)

Charles Schwab Investment Management Inc. raised its holdings in shares of Algonquin Power & Utilities Corp. (NYSE:AQN) by 10.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,211,241 shares of the utilities provider’s stock after buying an additional 206,490 shares during the period. Charles Schwab Investment Management Inc. owned about 0.29% of Algonquin Power & Utilities worth $12,095,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Krilogy Financial LLC grew its stake in shares of Algonquin Power & Utilities by 0.3% during the 2nd quarter. Krilogy Financial LLC now owns 707,000 shares of the utilities provider’s stock valued at $4,143,000 after acquiring an additional 1,800 shares during the period. Private Advisor Group LLC boosted its position in shares of Algonquin Power & Utilities by 14.1% in the third quarter. Private Advisor Group LLC now owns 17,769 shares of the utilities provider’s stock worth $97,000 after purchasing an additional 2,201 shares during the period. Hennessy Advisors Inc. increased its stake in shares of Algonquin Power & Utilities by 4.1% in the second quarter. Hennessy Advisors Inc. now owns 108,564 shares of the utilities provider’s stock worth $636,000 after purchasing an additional 4,300 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in shares of Algonquin Power & Utilities by 25.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 28,704 shares of the utilities provider’s stock valued at $179,000 after purchasing an additional 5,863 shares during the period. Finally, XTX Topco Ltd lifted its stake in shares of Algonquin Power & Utilities by 18.1% during the 2nd quarter. XTX Topco Ltd now owns 50,195 shares of the utilities provider’s stock valued at $294,000 after buying an additional 7,697 shares in the last quarter. 62.28% of the stock is currently owned by institutional investors.

Algonquin Power & Utilities Stock Down 1.1 %

NYSE:AQN opened at $4.68 on Monday. The stock has a fifty day simple moving average of $4.95 and a 200-day simple moving average of $5.50. 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 company has a market cap of $3.59 billion, a price-to-earnings ratio of -3.63 and a beta of 0.68. Algonquin Power & Utilities Corp. has a twelve month low of $4.64 and a twelve month high of $6.79.

Algonquin Power & Utilities (NYSE:AQN) last posted its earnings results 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 revenue for the quarter was up 1.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.11 EPS. Analysts anticipate that Algonquin Power & Utilities Corp. will post 0.39 EPS for the current year.

Algonquin Power & Utilities Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a $0.065 dividend. This represents a $0.26 annualized dividend and a dividend yield of 5.56%. The ex-dividend date is Tuesday, December 31st. Algonquin Power & Utilities’s payout ratio is currently -20.16%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. National Bank Financial raised shares of Algonquin Power & Utilities from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. 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. Scotiabank decreased their price target on shares of Algonquin Power & Utilities from $5.75 to $5.25 and set a “sector perform” rating on the stock in a research note on Friday, November 8th. Desjardins cut their price objective on Algonquin Power & Utilities from $5.50 to $5.25 and set a “hold” rating for the company in a research report on Monday, August 12th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $6.00 target price on shares of Algonquin Power & Utilities in a report on Friday, October 11th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Algonquin Power & Utilities presently has an average rating of “Hold” and a consensus price target of $6.18.

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.