RWC Asset Management LLP Lowers Position in Algonquin Power & Utilities Corp. $AQN

RWC Asset Management LLP lessened its stake in Algonquin Power & Utilities Corp. (NYSE:AQN) by 23.5% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,331,095 shares of the utilities provider’s stock after selling 714,225 shares during the quarter. RWC Asset Management LLP’s holdings in Algonquin Power & Utilities were worth $14,336,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Quarry LP purchased a new stake in Algonquin Power & Utilities during the third quarter valued at $29,000. Fiera Capital Corp purchased a new stake in Algonquin Power & Utilities during the third quarter valued at $55,000. Vise Technologies Inc. purchased a new stake in Algonquin Power & Utilities during the third quarter valued at $56,000. R Squared Ltd bought a new position in Algonquin Power & Utilities during the fourth quarter valued at $68,000. Finally, Envestnet Asset Management Inc. bought a new position in Algonquin Power & Utilities during the second quarter valued at $85,000. Hedge funds and other institutional investors own 62.28% of the company’s stock.

Algonquin Power & Utilities Stock Performance

Shares of Algonquin Power & Utilities stock opened at $6.00 on Monday. The firm has a market capitalization of $4.61 billion, a P/E ratio of 27.25 and a beta of 0.71. The company has a quick ratio of 0.87, a current ratio of 1.05 and a debt-to-equity ratio of 1.26. The company has a 50 day moving average price of $6.12 and a 200 day moving average price of $6.27. Algonquin Power & Utilities Corp. has a 52 week low of $5.32 and a 52 week high of $7.11.

Algonquin Power & Utilities (NYSE:AQN) last posted its quarterly earnings results on Friday, May 8th. The utilities provider reported $0.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.11 by $0.02. Algonquin Power & Utilities had a net margin of 6.62% and a return on equity of 5.21%. The company had revenue of $713.69 million during the quarter, compared to analyst estimates of $713.69 million. During the same period last year, the firm posted $0.14 EPS. Sell-side analysts expect that Algonquin Power & Utilities Corp. will post 0.36 EPS for the current year.

Algonquin Power & Utilities Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be given a dividend of $0.065 per share. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $0.26 dividend on an annualized basis and a yield of 4.3%. Algonquin Power & Utilities’s dividend payout ratio (DPR) is currently 118.18%.

Analysts Set New Price Targets

AQN has been the topic of a number of research analyst reports. Raymond James Financial upgraded shares of Algonquin Power & Utilities from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $6.50 to $7.25 in a report on Monday, March 9th. Canadian Imperial Bank of Commerce increased their price target on shares of Algonquin Power & Utilities from $6.25 to $6.50 and gave the company a “neutral” rating in a research report on Monday, April 20th. Zacks Research lowered shares of Algonquin Power & Utilities from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 9th. Wells Fargo & Company started coverage on shares of Algonquin Power & Utilities in a research report on Tuesday, May 12th. They issued an “equal weight” rating and a $7.00 price objective for the company. Finally, Wall Street Zen lowered shares of Algonquin Power & Utilities from a “buy” rating to a “hold” rating in a research report on Sunday, March 15th. Six investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $6.83.

Algonquin Power & Utilities Profile

Algonquin Power & Utilities Corp (NYSE: AQN) is a diversified generation, transmission and distribution utility company headquartered in Oakville, Ontario. Established in 1988, the firm operates through two primary business segments: Regulated Utilities and Renewable Energy. Its Regulated Utilities segment comprises electric, natural gas and water distribution networks serving residential, commercial and industrial customers across North America, while its Renewable Energy portfolio includes hydroelectric, solar, wind and thermal generation facilities.

The company’s renewable energy assets span multiple jurisdictions in Canada and the United States, reflecting its strategy to expand clean power capacity in regions with supportive regulatory frameworks.