LM Asset IM Inc. Invests $8.46 Million in Algonquin Power & Utilities Corp. (NYSE:AQN)

LM Asset IM Inc. purchased a new position in Algonquin Power & Utilities Corp. (NYSE:AQN) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 1,900,000 shares of the utilities provider’s stock, valued at approximately $8,455,000. Algonquin Power & Utilities makes up 7.7% of LM Asset IM Inc.’s investment portfolio, making the stock its 4th largest holding. LM Asset IM Inc. owned approximately 0.25% of Algonquin Power & Utilities at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. SVB Wealth LLC purchased a new stake in Algonquin Power & Utilities during the 4th quarter valued at $49,000. Avantax Advisory Services Inc. bought a new position in shares of Algonquin Power & Utilities during the fourth quarter valued at $58,000. Ballentine Partners LLC bought a new position in shares of Algonquin Power & Utilities during the fourth quarter valued at $63,000. Spire Wealth Management boosted its position in shares of Algonquin Power & Utilities by 149.6% during the fourth quarter. Spire Wealth Management now owns 17,000 shares of the utilities provider’s stock valued at $76,000 after buying an additional 10,190 shares during the last quarter. Finally, Capstone Investment Advisors LLC increased its holdings in Algonquin Power & Utilities by 59.6% in the 4th quarter. Capstone Investment Advisors LLC now owns 17,060 shares of the utilities provider’s stock worth $76,000 after buying an additional 6,370 shares in the last quarter. 62.28% of the stock is owned by hedge funds and other institutional investors.

Algonquin Power & Utilities Stock Up 1.4%

Shares of AQN stock opened at $5.57 on Friday. The company has a current ratio of 0.92, a quick ratio of 0.73 and a debt-to-equity ratio of 1.17. Algonquin Power & Utilities Corp. has a 12 month low of $4.19 and a 12 month high of $6.59. The stock has a market cap of $4.27 billion, a P/E ratio of -4.31 and a beta of 0.67. The company has a 50 day simple moving average of $5.27 and a two-hundred day simple moving average of $4.86.

Algonquin Power & Utilities (NYSE:AQN) last issued its quarterly earnings data on Friday, May 9th. The utilities provider reported $0.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.09 by $0.05. The firm had revenue of $692.40 million during the quarter, compared to the consensus estimate of $699.08 million. Algonquin Power & Utilities had a negative net margin of 39.12% and a positive return on equity of 5.22%. During the same quarter in the previous year, the firm posted $0.14 EPS. On average, research analysts expect that Algonquin Power & Utilities Corp. will post 0.38 earnings per share for the current year.

Algonquin Power & Utilities Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be given a $0.065 dividend. This represents a $0.26 dividend on an annualized basis and a yield of 4.67%. The ex-dividend date is Monday, June 30th. Algonquin Power & Utilities’s payout ratio is -15.48%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on AQN. CIBC decreased their target price on Algonquin Power & Utilities from $5.50 to $5.25 and set a “neutral” rating for the company in a research report on Thursday, April 24th. Royal Bank of Canada boosted their price objective on shares of Algonquin Power & Utilities from $5.50 to $6.00 and gave the company a “sector perform” rating in a report on Monday, May 12th. Wall Street Zen downgraded shares of Algonquin Power & Utilities from a “hold” rating to a “sell” rating in a research report on Wednesday. BMO Capital Markets restated a “market perform” rating and issued a $6.00 target price (up previously from $5.00) on shares of Algonquin Power & Utilities in a report on Monday, May 12th. Finally, Scotiabank boosted their target price on shares of Algonquin Power & Utilities from $5.50 to $6.00 and gave the company a “sector perform” rating in a research note on Monday, May 12th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $6.03.

About Algonquin Power & Utilities

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.