Cibc World Market Inc. Has $31.71 Million Holdings in Algonquin Power & Utilities Corp. (NYSE:AQN)

Cibc World Market Inc. decreased its position in shares of Algonquin Power & Utilities Corp. (NYSE:AQN) by 15.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 7,147,699 shares of the utilities provider’s stock after selling 1,319,267 shares during the period. Cibc World Market Inc.’s holdings in Algonquin Power & Utilities were worth $31,712,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of the company. Bank of Montreal Can grew its position in Algonquin Power & Utilities by 6.0% during the 3rd quarter. Bank of Montreal Can now owns 20,882,966 shares of the utilities provider’s stock worth $115,175,000 after acquiring an additional 1,190,236 shares during the last quarter. EdgePoint Investment Group Inc. grew its holdings in shares of Algonquin Power & Utilities by 5.1% during the third quarter. EdgePoint Investment Group Inc. now owns 17,190,084 shares of the utilities provider’s stock worth $93,918,000 after purchasing an additional 832,739 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its stake in shares of Algonquin Power & Utilities by 45.5% in the third quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 12,959,770 shares of the utilities provider’s stock valued at $70,806,000 after buying an additional 4,054,711 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of Algonquin Power & Utilities by 6.1% in the third quarter. The Manufacturers Life Insurance Company now owns 7,720,474 shares of the utilities provider’s stock valued at $42,105,000 after buying an additional 447,246 shares during the last quarter. Finally, State Street Corp lifted its position in Algonquin Power & Utilities by 11.7% during the 3rd quarter. State Street Corp now owns 2,536,900 shares of the utilities provider’s stock worth $13,991,000 after buying an additional 266,500 shares in the last quarter. Institutional investors own 62.28% of the company’s stock.

Algonquin Power & Utilities Stock Up 2.4 %

Algonquin Power & Utilities stock opened at $4.45 on Friday. Algonquin Power & Utilities Corp. has a fifty-two week low of $4.19 and a fifty-two week high of $6.79. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.92 and a quick ratio of 0.73. The firm has a market capitalization of $3.41 billion, a price-to-earnings ratio of -3.45 and a beta of 0.69. The company’s 50 day simple moving average is $4.52 and its 200 day simple moving average is $5.06.

Algonquin Power & Utilities (NYSE:AQN) last announced its quarterly earnings results on Thursday, November 7th. The utilities provider reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.01). The company had revenue of $573.20 million during the quarter, compared to the consensus estimate of $620.46 million. Algonquin Power & Utilities had a negative net margin of 39.12% and a positive return on equity of 5.22%. The business’s quarterly revenue was up 1.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.11 EPS. As a group, sell-side analysts anticipate that Algonquin Power & Utilities Corp. will post 0.38 EPS for the current year.

Algonquin Power & Utilities Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were given a dividend of $0.065 per share. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $0.26 annualized dividend and a yield of 5.85%. Algonquin Power & Utilities’s dividend payout ratio (DPR) is presently -20.15%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. CIBC dropped their target price on shares of Algonquin Power & Utilities from $5.75 to $5.50 and set a “neutral” rating for the company in a research note on Tuesday, October 22nd. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $6.00 price objective on shares of Algonquin Power & Utilities in a report on Friday, October 11th. Wells Fargo & Company lowered their target price on Algonquin Power & Utilities from $6.00 to $5.50 and set an “equal weight” rating for the company in a research note on Wednesday, October 16th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $7.00 price target on shares of Algonquin Power & Utilities in a research note on Thursday, December 12th. Finally, Scotiabank lowered their price objective on Algonquin Power & Utilities from $5.75 to $5.25 and set a “sector perform” rating for the company in a research report on Friday, November 8th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Algonquin Power & Utilities presently has an average rating of “Hold” and an average target price of $6.13.

Algonquin Power & Utilities Company Profile

Algonquin Power & Utilities Corp. is an investment holding company, which engages in energy generation and water distribution facilities. It operates through the Regulated Services Group and Renewable Energy Group segments. The Regulated Services Group segment owns and operates a portfolio of electric, natural gas, water distribution, and wastewater collection utility systems and transmission.