TransAlta (NYSE:TAC) Reaches New 12-Month High – What’s Next?

TransAlta Co. (NYSE:TAC) (TSE:TA) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $14.11 and last traded at $13.99, with a volume of 131028 shares traded. The stock had previously closed at $13.91.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on TAC shares. Scotiabank upgraded shares of TransAlta to a “strong-buy” rating in a research note on Thursday, December 5th. Desjardins reaffirmed a “hold” rating on shares of TransAlta in a research report on Wednesday, November 6th. Finally, StockNews.com lowered TransAlta from a “strong-buy” rating to a “buy” rating in a report on Wednesday, November 6th.

TransAlta Price Performance

The business’s 50 day simple moving average is $11.11 and its 200-day simple moving average is $9.22. The stock has a market capitalization of $4.16 billion, a price-to-earnings ratio of 37.73 and a beta of 0.91. 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 issued a dividend of $0.0423 per share. The ex-dividend date is Friday, February 28th. This represents a $0.17 annualized dividend and a dividend yield of 1.21%. TransAlta’s dividend payout ratio (DPR) is presently 45.95%.

Hedge Funds Weigh In On TransAlta

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Geode Capital Management LLC raised its holdings in TransAlta by 2.1% in the 3rd quarter. Geode Capital Management LLC now owns 122,621 shares of the utilities provider’s stock valued at $1,277,000 after buying an additional 2,524 shares during the last quarter. Creative Planning grew its stake in shares of TransAlta by 6.9% in the third quarter. Creative Planning now owns 53,803 shares of the utilities provider’s stock worth $557,000 after purchasing an additional 3,492 shares during the last quarter. Blue Trust Inc. increased its holdings in TransAlta by 1,381.5% in the second quarter. Blue Trust Inc. now owns 4,237 shares of the utilities provider’s stock valued at $30,000 after purchasing an additional 3,951 shares during the period. Financial Management Professionals Inc. bought a new position in TransAlta during the 3rd quarter worth $42,000. Finally, Signaturefd LLC lifted its holdings in TransAlta by 23.6% during the 3rd quarter. Signaturefd LLC now owns 26,207 shares of the utilities provider’s stock worth $272,000 after buying an additional 5,008 shares during the period. Institutional investors and hedge funds own 59.00% of the company’s stock.

TransAlta Company Profile

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.