Tokio Marine Asset Management Co. Ltd. Sells 2,400 Shares of Algonquin Power & Utilities Corp. (NYSE:AQN)

Tokio Marine Asset Management Co. Ltd. lowered its position in Algonquin Power & Utilities Corp. (NYSE:AQN) by 16.0% during the 3rd quarter, HoldingsChannel reports. The firm owned 12,600 shares of the utilities provider’s stock after selling 2,400 shares during the period. Tokio Marine Asset Management Co. Ltd.’s holdings in Algonquin Power & Utilities were worth $69,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in Algonquin Power & Utilities by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 26,248,892 shares of the utilities provider’s stock worth $165,893,000 after acquiring an additional 262,333 shares during the last quarter. National Bank of Canada FI increased its position in shares of Algonquin Power & Utilities by 3.4% in the second quarter. National Bank of Canada FI now owns 10,565,940 shares of the utilities provider’s stock worth $61,759,000 after purchasing an additional 342,528 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its stake in Algonquin Power & Utilities by 156.0% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 8,905,059 shares of the utilities provider’s stock valued at $52,341,000 after purchasing an additional 5,426,523 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in Algonquin Power & Utilities by 320.6% during the second quarter. The Manufacturers Life Insurance Company now owns 7,273,228 shares of the utilities provider’s stock valued at $42,633,000 after purchasing an additional 5,544,063 shares during the last quarter. Finally, Point72 Asset Management L.P. grew its stake in Algonquin Power & Utilities by 31.2% in the 2nd quarter. Point72 Asset Management L.P. now owns 5,956,389 shares of the utilities provider’s stock worth $34,989,000 after buying an additional 1,415,889 shares in the last quarter. Hedge funds and other institutional investors own 62.28% of the company’s stock.

Algonquin Power & Utilities Stock Up 0.2 %

Shares of Algonquin Power & Utilities stock opened at $4.82 on Friday. The company’s 50 day moving average price is $5.14 and its 200-day moving average price is $5.69. Algonquin Power & Utilities Corp. has a 52-week low of $4.67 and a 52-week high of $6.79. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.73 and a current ratio of 0.92. The stock has a market capitalization of $3.70 billion, a price-to-earnings ratio of -3.74 and a beta of 0.68.

Algonquin Power & Utilities (NYSE:AQN) last released its quarterly earnings data on Thursday, November 7th. The utilities provider reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.01). The firm had revenue of $573.20 million during the quarter, compared to analysts’ expectations of $620.46 million. Algonquin Power & Utilities had a negative net margin of 39.12% and a positive return on equity of 5.22%. Algonquin Power & Utilities’s revenue was up 1.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.11 EPS. Equities research analysts forecast that Algonquin Power & Utilities Corp. will post 0.4 EPS for the current year.

Algonquin Power & Utilities Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a $0.065 dividend. This represents a $0.26 annualized dividend and a yield of 5.39%. The ex-dividend date is Tuesday, December 31st. Algonquin Power & Utilities’s dividend payout ratio (DPR) is currently -20.15%.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on AQN. Wells Fargo & Company dropped their price objective on shares of Algonquin Power & Utilities from $6.00 to $5.50 and set an “equal weight” rating for the company in a report on Wednesday, October 16th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $6.00 price objective on shares of Algonquin Power & Utilities in a report on Friday, October 11th. Desjardins reduced their price objective on Algonquin Power & Utilities from $5.50 to $5.25 and set a “hold” rating on the stock in a research report on Monday, August 12th. CIBC dropped their target price on Algonquin Power & Utilities from $5.75 to $5.50 and set a “neutral” rating for the company in a research report on Tuesday, October 22nd. Finally, Raymond James cut shares of Algonquin Power & Utilities from an “outperform” rating to a “market perform” rating and reduced their price target for the company from $7.75 to $7.00 in a research report on Monday, August 12th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $6.18.

Algonquin Power & Utilities Profile

Algonquin Power & Utilities Corp. operates in the power and utility industries in the United States, Canada, and other regions. The company operates in two segments, Regulated Services Group and Renewable Energy Group. The company primarily owns and operates a regulated electric, water distribution and wastewater collection, and natural gas utility systems and transmission operations.