Gabelli Funds LLC Sells 111,750 Shares of Algonquin Power & Utilities Corp. $AQN

Gabelli Funds LLC lessened its holdings in Algonquin Power & Utilities Corp. (NYSE:AQN) by 7.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,405,500 shares of the utilities provider’s stock after selling 111,750 shares during the quarter. Gabelli Funds LLC’s holdings in Algonquin Power & Utilities were worth $7,224,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the business. Bank of New York Mellon Corp boosted its stake in shares of Algonquin Power & Utilities by 16.3% in the 1st quarter. Bank of New York Mellon Corp now owns 14,809 shares of the utilities provider’s stock valued at $76,000 after purchasing an additional 2,073 shares during the last quarter. US Bancorp DE boosted its stake in shares of Algonquin Power & Utilities by 85.7% in the 1st quarter. US Bancorp DE now owns 4,887 shares of the utilities provider’s stock valued at $25,000 after purchasing an additional 2,256 shares during the last quarter. DekaBank Deutsche Girozentrale lifted its stake in Algonquin Power & Utilities by 5.2% in the first quarter. DekaBank Deutsche Girozentrale now owns 114,834 shares of the utilities provider’s stock valued at $583,000 after buying an additional 5,693 shares during the period. Caitong International Asset Management Co. Ltd acquired a new position in Algonquin Power & Utilities in the first quarter valued at about $31,000. Finally, Signaturefd LLC lifted its stake in Algonquin Power & Utilities by 14.6% in the first quarter. Signaturefd LLC now owns 48,586 shares of the utilities provider’s stock valued at $250,000 after buying an additional 6,203 shares during the period. Institutional investors own 62.28% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently commented on AQN. Wall Street Zen cut Algonquin Power & Utilities from a “hold” rating to a “sell” rating in a research note on Saturday, August 16th. National Bankshares cut Algonquin Power & Utilities from an “outperform” rating to a “sector perform” rating and set a $6.75 price target for the company. in a research note on Wednesday, June 4th. CIBC upped their price target on Algonquin Power & Utilities from $5.75 to $6.25 and gave the company a “neutral” rating in a research note on Wednesday, June 4th. BMO Capital Markets reaffirmed a “market perform” rating and issued a $6.00 price target (up from $5.00) on shares of Algonquin Power & Utilities in a research note on Monday, May 12th. Finally, National Bank Financial raised Algonquin Power & Utilities to a “hold” rating in a research note on Sunday, June 8th. Twelve analysts have rated the stock with a Hold rating, According to MarketBeat, Algonquin Power & Utilities presently has an average rating of “Hold” and an average price target of $6.31.

Algonquin Power & Utilities Price Performance

NYSE AQN opened at $5.81 on Friday. The business has a 50 day simple moving average of $5.84 and a 200 day simple moving average of $5.46. Algonquin Power & Utilities Corp. has a 52-week low of $4.19 and a 52-week high of $6.24. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.86 and a current ratio of 1.09. The stock has a market cap of $4.46 billion, a price-to-earnings ratio of -3.22 and a beta of 0.67.

Algonquin Power & Utilities (NYSE:AQN) last posted its earnings results on Friday, August 8th. The utilities provider reported $0.04 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.04. Algonquin Power & Utilities had a positive return on equity of 4.76% and a negative net margin of 57.66%.The business had revenue of $535.59 million during the quarter, compared to analysts’ expectations of $535.64 million. During the same period in the prior year, the business earned $0.09 EPS. Analysts anticipate that Algonquin Power & Utilities Corp. will post 0.38 earnings per share for the current fiscal year.

Algonquin Power & Utilities Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be issued a dividend of $0.065 per share. This represents a $0.26 dividend on an annualized basis and a yield of 4.5%. The ex-dividend date is Monday, September 29th. Algonquin Power & Utilities’s payout ratio is presently -14.44%.

Algonquin Power & Utilities Profile

Algonquin Power & Utilities Corp. is an investment holding company, which engages in energy generation and water distribution facilities. It operates through the Regulated Services Group and Renewable Energy Group segments. The Regulated Services Group segment owns and operates a portfolio of electric, natural gas, water distribution, and wastewater collection utility systems and transmission.