TransAlta (NYSE:TAC) Cut to “Sector Perform” at Scotiabank

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

Other equities research analysts have also issued reports about the company. Cibc World Mkts lowered TransAlta from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 8th. Desjardins reaffirmed a “hold” rating on shares of TransAlta in a research note on Wednesday, November 6th. StockNews.com lowered TransAlta from a “buy” rating to a “hold” rating in a research note on Saturday, January 4th. Finally, CIBC downgraded TransAlta from a “sector outperform” rating to a “neutral” rating in a research report on Wednesday, January 8th. Five investment analysts have rated the stock with a hold rating, According to MarketBeat.com, the company currently has an average rating of “Hold”.

TransAlta Price Performance

TransAlta stock opened at $13.48 on Thursday. TransAlta has a 52-week low of $5.94 and a 52-week high of $14.64. The company has a market cap of $4.01 billion, a price-to-earnings ratio of 36.44 and a beta of 0.84. The firm’s fifty day moving average is $13.01 and its 200 day moving average is $10.50. The company has a quick ratio of 0.67, a current ratio of 0.74 and a debt-to-equity ratio of 2.94.

TransAlta Cuts Dividend

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

Institutional Investors Weigh In On TransAlta

Several hedge funds have recently made changes to their positions in TAC. Rubric Capital Management LP raised its holdings in shares of TransAlta by 20.0% in the 3rd quarter. Rubric Capital Management LP now owns 5,622,961 shares of the utilities provider’s stock valued at $58,254,000 after purchasing an additional 935,803 shares in the last quarter. FMR LLC lifted its holdings in TransAlta by 9.8% during the third quarter. FMR LLC now owns 4,593,023 shares of the utilities provider’s stock worth $47,613,000 after buying an additional 408,184 shares during the period. Yaupon Capital Management LP boosted its position in TransAlta by 69.9% during the 3rd quarter. Yaupon Capital Management LP now owns 2,685,955 shares of the utilities provider’s stock valued at $27,840,000 after acquiring an additional 1,105,191 shares in the last quarter. Point72 Asset Management L.P. boosted its position in TransAlta by 37.8% during the 3rd quarter. Point72 Asset Management L.P. now owns 1,286,800 shares of the utilities provider’s stock valued at $13,343,000 after acquiring an additional 352,860 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its holdings in shares of TransAlta by 22.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 929,631 shares of the utilities provider’s stock valued at $6,582,000 after acquiring an additional 169,219 shares during the period. 59.00% of the stock is currently owned by hedge funds and other institutional investors.

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.