EdgePoint Investment Group Inc. Has $499.08 Million Stock Position in Algonquin Power & Utilities Corp. $AQN

EdgePoint Investment Group Inc. reduced its position in shares of Algonquin Power & Utilities Corp. (NYSE:AQN) by 0.3% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 81,472,394 shares of the utilities provider’s stock after selling 254,991 shares during the quarter. Algonquin Power & Utilities comprises 4.0% of EdgePoint Investment Group Inc.’s holdings, making the stock its 12th biggest position. EdgePoint Investment Group Inc. owned 0.11% of Algonquin Power & Utilities worth $499,085,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of AQN. Vanguard Group Inc. grew its position in shares of Algonquin Power & Utilities by 2.1% during the 4th 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 period. Bank of Montreal Can lifted its holdings in Algonquin Power & Utilities by 23.1% in the fourth quarter. Bank of Montreal Can now owns 20,717,144 shares of the utilities provider’s stock valued at $127,395,000 after buying an additional 3,886,254 shares during the period. Principal Financial Group Inc. lifted its holdings in Algonquin Power & Utilities by 13.0% in the first quarter. Principal Financial Group Inc. now owns 13,633,904 shares of the utilities provider’s stock valued at $83,497,000 after buying an additional 1,563,924 shares during the period. Goldman Sachs Group Inc. boosted its stake in Algonquin Power & Utilities by 65.0% in the first quarter. Goldman Sachs Group Inc. now owns 12,205,756 shares of the utilities provider’s stock valued at $62,738,000 after acquiring an additional 4,808,539 shares during the last quarter. Finally, Norges Bank bought a new position in Algonquin Power & Utilities in the fourth quarter valued at approximately $67,065,000. Institutional investors own 62.28% of the company’s stock.

Wall Street Analysts Forecast Growth

AQN has been the topic of a number of analyst reports. Wells Fargo & Company assumed coverage on Algonquin Power & Utilities in a research note on Tuesday, May 12th. They issued an “equal weight” rating and a $7.00 price target on the stock. Barclays started coverage on Algonquin Power & Utilities in a report on Wednesday, April 1st. They set an “overweight” rating and a $7.00 target price on the stock. 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. Weiss Ratings reissued a “hold (c)” rating on shares of Algonquin Power & Utilities in a report on Friday, July 17th. Finally, National Bank Financial dropped their price objective on Algonquin Power & Utilities from $7.25 to $7.00 and set an “outperform” rating on the stock in a research note on Friday, July 3rd. Six research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $6.81.

Algonquin Power & Utilities Trading Down 1.2%

Shares of NYSE:AQN opened at $6.03 on Tuesday. The firm has a market cap of $4.64 billion, a price-to-earnings ratio of 27.39 and a beta of 0.71. Algonquin Power & Utilities Corp. has a 12 month low of $5.32 and a 12 month high of $7.11. The company’s fifty day simple moving average is $5.86 and its 200 day simple moving average is $6.21. The company has a quick ratio of 0.87, a current ratio of 1.05 and a debt-to-equity ratio of 1.26.

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

Algonquin Power & Utilities Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were given a dividend of $0.065 per share. This represents a $0.26 annualized dividend and a dividend yield of 4.3%. The ex-dividend date of this dividend was Tuesday, June 30th. Algonquin Power & Utilities’s dividend payout ratio is currently 118.18%.

About Algonquin Power & Utilities

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.