Algonquin Power & Utilities Corp. $AQN Shares Bought by Private Management Group Inc.

Private Management Group Inc. grew its position in Algonquin Power & Utilities Corp. (NYSE:AQN) by 8.1% in the third quarter, HoldingsChannel reports. The institutional investor owned 6,786,610 shares of the utilities provider’s stock after purchasing an additional 510,797 shares during the period. Private Management Group Inc.’s holdings in Algonquin Power & Utilities were worth $34,137,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in AQN. Bank of Nova Scotia purchased a new stake in shares of Algonquin Power & Utilities in the 2nd quarter worth about $46,703,000. Legal & General Group Plc purchased a new position in Algonquin Power & Utilities during the 2nd quarter valued at about $37,553,000. The Manufacturers Life Insurance Company acquired a new position in Algonquin Power & Utilities during the second quarter worth about $26,260,000. Bank of America Corp DE acquired a new position in Algonquin Power & Utilities during the second quarter worth about $21,608,000. Finally, Man Group plc acquired a new position in Algonquin Power & Utilities during the second quarter worth about $20,690,000. Institutional investors and hedge funds own 62.28% of the company’s stock.

Algonquin Power & Utilities Trading Up 2.4%

Algonquin Power & Utilities stock opened at $5.66 on Tuesday. The stock has a market cap of $4.35 billion, a PE ratio of 17.62 and a beta of 0.73. The stock has a 50-day moving average price of $5.32 and a 200 day moving average price of $5.93. Algonquin Power & Utilities Corp. has a 52 week low of $4.91 and a 52 week high of $7.11. The company has a current ratio of 0.88, a quick ratio of 0.69 and a debt-to-equity ratio of 1.28.

Algonquin Power & Utilities (NYSE:AQN) last announced its earnings results on Friday, November 6th. The utilities provider reported $0.11 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.01. The firm had revenue of $642.50 million during the quarter, compared to the consensus estimate of $647.20 million. Algonquin Power & Utilities had a net margin of 5.77% and a return on equity of 5.16%. Algonquin Power & Utilities has set its FY 2027 guidance at 0.380-0.420 EPS and its FY 2026 guidance at 0.350-0.370 EPS. Equities research analysts predict that Algonquin Power & Utilities Corp. will post 0.35 earnings per share for the current fiscal year.

Algonquin Power & Utilities Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 15th. Stockholders of record on Thursday, December 31st will be issued a dividend of $0.0650 per share. The ex-dividend date is Thursday, December 31st. This represents a $0.26 dividend on an annualized basis and a dividend yield of 4.6%. Algonquin Power & Utilities’s payout ratio is 123.81%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on AQN shares. BMO Capital Markets reduced their price target on shares of Algonquin Power & Utilities from $6.50 to $6.00 and set a “market perform” rating on the stock in a report on Monday. Raymond James Financial cut their price objective on Algonquin Power & Utilities from $7.25 to $7.00 and set an “outperform” rating for the company in a research report on Monday. TD set a $6.00 price objective on Algonquin Power & Utilities and gave the stock a “hold” rating in a research report on Monday, August 31st. Barclays reduced their target price on Algonquin Power & Utilities from $7.00 to $6.00 and set an “overweight” rating on the stock in a research note on Thursday, October 1st. Finally, National Bank Financial lowered their target price on Algonquin Power & Utilities from $7.00 to $6.50 and set an “outperform” rating on the stock in a report on Monday. Six analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $6.43.

Algonquin Power & Utilities Company Profile