Algonquin Power & Utilities Corp. $AQN Stake Boosted by TD Asset Management Inc

TD Asset Management Inc grew its stake in shares of Algonquin Power & Utilities Corp. (NYSE:AQN) by 4.6% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,433,309 shares of the utilities provider’s stock after acquiring an additional 106,124 shares during the period. TD Asset Management Inc’s holdings in Algonquin Power & Utilities were worth $14,982,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the stock. EdgePoint Investment Group Inc. increased its position in Algonquin Power & Utilities by 8.6% during the third quarter. EdgePoint Investment Group Inc. now owns 61,652,676 shares of the utilities provider’s stock worth $331,292,000 after buying an additional 4,888,235 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Algonquin Power & Utilities by 2.1% in the fourth quarter. Vanguard Group Inc. now owns 34,456,155 shares of the utilities provider’s stock worth $211,871,000 after buying an additional 711,569 shares during the last quarter. Bank of Montreal Can lifted its position in shares of Algonquin Power & Utilities by 12.5% in the third quarter. Bank of Montreal Can now owns 16,830,890 shares of the utilities provider’s stock worth $90,441,000 after buying an additional 1,863,459 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Algonquin Power & Utilities by 65.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 12,205,756 shares of the utilities provider’s stock worth $62,738,000 after acquiring an additional 4,808,539 shares in the last quarter. Finally, Principal Financial Group Inc. bought a new stake in shares of Algonquin Power & Utilities during the 4th quarter worth about $74,263,000. 62.28% of the stock is currently owned by hedge funds and other institutional investors.

Algonquin Power & Utilities Stock Down 1.7%

AQN stock opened at $5.91 on Tuesday. The company has a debt-to-equity ratio of 1.26, a current ratio of 1.05 and a quick ratio of 0.87. Algonquin Power & Utilities Corp. has a 52-week low of $5.32 and a 52-week high of $7.11. The company has a 50-day moving average of $6.11 and a two-hundred day moving average of $6.27. The stock has a market capitalization of $4.54 billion, a price-to-earnings ratio of 26.84 and a beta of 0.71.

Algonquin Power & Utilities (NYSE:AQN) last released its quarterly earnings results on Friday, May 8th. The utilities provider reported $0.13 earnings per share (EPS) for the quarter, beating 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 analysts’ expectations of $713.69 million. During the same period in the prior year, the company earned $0.14 earnings per share. As a group, equities research analysts anticipate that Algonquin Power & Utilities Corp. will post 0.36 EPS for the current year.

Algonquin Power & Utilities Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 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 4.4%. The ex-dividend date is Tuesday, June 30th. Algonquin Power & Utilities’s dividend payout ratio is 118.18%.

Analyst Ratings Changes

A number of research analysts recently weighed in on AQN shares. Wall Street Zen downgraded Algonquin Power & Utilities from a “buy” rating to a “hold” rating in a research note on Sunday, March 15th. TD Cowen cut their price objective on Algonquin Power & Utilities from $6.50 to $6.00 and set a “hold” rating on the stock in a research note on Monday, March 9th. Weiss Ratings raised Algonquin Power & Utilities from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, April 21st. Desjardins cut their price objective on Algonquin Power & Utilities from $7.25 to $7.00 and set a “buy” rating on the stock in a research note on Monday, March 9th. Finally, Barclays initiated coverage on Algonquin Power & Utilities in a research note on Wednesday, April 1st. They issued an “overweight” rating and a $7.00 price objective on the stock. Six equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price 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.