State Street Corp Raises Stake in Algonquin Power & Utilities Corp. (NYSE:AQN)

State Street Corp boosted its position in Algonquin Power & Utilities Corp. (NYSE:AQN) by 11.7% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,536,900 shares of the utilities provider’s stock after buying an additional 266,500 shares during the quarter. State Street Corp owned approximately 0.33% of Algonquin Power & Utilities worth $13,991,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently added to or reduced their stakes in the company. Central Pacific Bank Trust Division purchased a new stake in shares of Algonquin Power & Utilities during the 3rd quarter valued at $54,000. Capstone Investment Advisors LLC purchased a new position in shares of Algonquin Power & Utilities during the third quarter valued at approximately $58,000. Walleye Capital LLC purchased a new stake in shares of Algonquin Power & Utilities during the third quarter valued at approximately $59,000. Claro Advisors LLC bought a new stake in Algonquin Power & Utilities in the 2nd quarter worth about $61,000. Finally, Verdence Capital Advisors LLC bought a new stake in shares of Algonquin Power & Utilities in the third quarter worth approximately $61,000. Hedge funds and other institutional investors own 62.28% of the company’s stock.

Algonquin Power & Utilities Stock Performance

NYSE:AQN opened at $4.49 on Wednesday. The company has a market cap of $3.44 billion, a P/E ratio of -3.48 and a beta of 0.68. Algonquin Power & Utilities Corp. has a fifty-two week low of $4.25 and a fifty-two week high of $6.79. The company has a quick ratio of 0.73, a current ratio of 0.92 and a debt-to-equity ratio of 1.17. The firm’s 50 day moving average is $4.78 and its two-hundred day moving average is $5.34.

Algonquin Power & Utilities (NYSE:AQN) last issued its earnings results on Thursday, November 7th. The utilities provider reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.01). The company had revenue of $573.20 million during the quarter, compared to analyst estimates of $620.46 million. Algonquin Power & Utilities had a negative net margin of 39.12% and a positive return on equity of 5.22%. The business’s revenue for the quarter was up 1.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.11 EPS. Analysts expect that Algonquin Power & Utilities Corp. will post 0.39 EPS for the current year.

Algonquin Power & Utilities Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a $0.065 dividend. This represents a $0.26 dividend on an annualized basis and a dividend yield of 5.79%. The ex-dividend date of this dividend is Tuesday, December 31st. Algonquin Power & Utilities’s dividend payout ratio is currently -20.16%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on AQN. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $6.00 price objective on shares of Algonquin Power & Utilities in a research report on Friday, October 11th. CIBC decreased their target price on shares of Algonquin Power & Utilities from $5.75 to $5.50 and set a “neutral” rating for the company in a research report on Tuesday, October 22nd. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $7.00 price objective on shares of Algonquin Power & Utilities in a report on Thursday, December 12th. Wells Fargo & Company cut their price target on Algonquin Power & Utilities from $6.00 to $5.50 and set an “equal weight” rating for the company in a research note on Wednesday, October 16th. Finally, Janney Montgomery Scott started coverage on shares of Algonquin Power & Utilities in a research note on Thursday, September 5th. They issued a “neutral” rating and a $6.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $6.25.

Algonquin Power & Utilities Profile

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.