Cibc World Mkts Downgrades TransAlta (NYSE:TAC) to Hold

TransAlta (NYSE:TAC) (TSE:TA) was downgraded by research analysts at Cibc World Mkts from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Wednesday,Zacks.com reports.

Several other brokerages have also weighed in on TAC. Desjardins reaffirmed a “hold” rating on shares of TransAlta in a research note on Wednesday, November 6th. StockNews.com lowered shares of TransAlta from a “buy” rating to a “hold” rating in a report on Saturday, January 4th. Scotiabank upgraded shares of TransAlta to a “strong-buy” rating in a report on Thursday, December 5th. Finally, CIBC cut TransAlta from a “sector outperform” rating to a “neutral” rating in a research note on Wednesday. Four research analysts have rated the stock with a hold rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold”.

TransAlta Stock Performance

Shares of TransAlta stock opened at $13.25 on Wednesday. The business’s fifty day simple moving average is $12.35 and its 200-day simple moving average is $10.01. The company has a quick ratio of 0.67, a current ratio of 0.74 and a debt-to-equity ratio of 2.94. The firm has a market cap of $3.95 billion, a PE ratio of 35.81 and a beta of 0.84. TransAlta has a 52 week low of $5.94 and a 52 week high of $14.64.

Institutional Trading of TransAlta

Large investors have recently modified their holdings of the stock. Geode Capital Management LLC raised its holdings in shares of TransAlta by 2.1% in the 3rd quarter. Geode Capital Management LLC now owns 122,621 shares of the utilities provider’s stock valued at $1,277,000 after purchasing an additional 2,524 shares in the last quarter. Creative Planning raised its stake in TransAlta by 6.9% in the third quarter. Creative Planning now owns 53,803 shares of the utilities provider’s stock valued at $557,000 after buying an additional 3,492 shares in the last quarter. Financial Management Professionals Inc. purchased a new stake in TransAlta during the 3rd quarter worth about $42,000. Signaturefd LLC lifted its holdings in TransAlta by 23.6% during the 3rd quarter. Signaturefd LLC now owns 26,207 shares of the utilities provider’s stock worth $272,000 after buying an additional 5,008 shares during the last quarter. Finally, Quantbot Technologies LP acquired a new position in shares of TransAlta during the 3rd quarter worth about $61,000. Hedge funds and other institutional investors own 59.00% of the company’s stock.

About TransAlta

TransAlta Corporation engages in the development, production, and sale of electric energy. It operates through Hydro, Wind and Solar, Gas, Energy Transition, and Energy Marketing segments. The Hydro segment holds interest of approximately 922 megawatts (MW) of owned hydroelectric generating capacity located in Alberta, British Columbia, and Ontario.