Gluskin Sheff & Assoc Inc. grew its holdings in shares of Algonquin Power & Utilities Corp (NYSE:AQN) by 1,179.3% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 338,154 shares of the utilities provider’s stock after acquiring an additional 311,721 shares during the quarter. Gluskin Sheff & Assoc Inc. owned 0.07% of Algonquin Power & Utilities worth $3,498,000 at the end of the most recent quarter.
Other hedge funds have also bought and sold shares of the company. Comerica Bank bought a new position in shares of Algonquin Power & Utilities in the third quarter worth approximately $101,000. Signition LP bought a new position in shares of Algonquin Power & Utilities in the third quarter worth approximately $235,000. Paloma Partners Management Co bought a new position in shares of Algonquin Power & Utilities in the second quarter worth approximately $226,000. Dean Capital Investments Management LLC bought a new position in shares of Algonquin Power & Utilities in the second quarter worth approximately $354,000. Finally, Dimensional Fund Advisors LP bought a new position in shares of Algonquin Power & Utilities in the second quarter worth approximately $439,000. 44.58% of the stock is currently owned by hedge funds and other institutional investors.
NYSE:AQN opened at $10.52 on Tuesday. The firm has a market capitalization of $4.98 billion, a P/E ratio of 15.29, a P/E/G ratio of 1.61 and a beta of 0.74. Algonquin Power & Utilities Corp has a twelve month low of $9.45 and a twelve month high of $11.34. The company has a current ratio of 1.17, a quick ratio of 0.94 and a debt-to-equity ratio of 1.04.
Algonquin Power & Utilities (NYSE:AQN) last released its quarterly earnings results on Thursday, November 8th. The utilities provider reported $0.10 earnings per share for the quarter, meeting the consensus estimate of $0.10. The business had revenue of $366.50 million for the quarter, compared to analysts’ expectations of $480.48 million. Algonquin Power & Utilities had a net margin of 11.48% and a return on equity of 9.59%. The company’s revenue for the quarter was up 3.6% on a year-over-year basis. As a group, analysts predict that Algonquin Power & Utilities Corp will post 0.66 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 15th. Investors of record on Monday, December 31st will be issued a $0.256 dividend. The ex-dividend date is Friday, December 28th. This represents a $1.02 annualized dividend and a yield of 9.73%. This is a boost from Algonquin Power & Utilities’s previous quarterly dividend of $0.13. Algonquin Power & Utilities’s payout ratio is 87.93%.
AQN has been the topic of several recent analyst reports. National Bank Financial cut shares of Algonquin Power & Utilities from an “outperform” rating to a “sector perform” rating and cut their price target for the company from $11.00 to $10.50 in a report on Friday, October 5th. Wells Fargo & Co cut their price target on shares of Algonquin Power & Utilities from $14.00 to $12.00 and set a “market perform” rating on the stock in a report on Monday, August 20th. Finally, Zacks Investment Research cut shares of Algonquin Power & Utilities from a “buy” rating to a “hold” rating in a report on Monday, October 15th. Four research analysts have rated the stock with a hold rating and one has given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $11.33.
Algonquin Power & Utilities Company Profile
Algonquin Power & Utilities Corp., through its subsidiaries, owns and operates a portfolio of regulated and non-regulated generation, distribution, and transmission utility assets in Canada and the United States. The company generates and sells electrical energy through a portfolio of non-regulated renewable and clean energy power generation facilities.
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