TransAlta (NYSE:TAC) Hits New 1-Year High – Here’s Why

TransAlta Co. (NYSE:TAC) (TSE:TA)’s stock price hit a new 52-week high on Tuesday . The company traded as high as $10.78 and last traded at $10.67, with a volume of 462699 shares traded. The stock had previously closed at $10.29.

Wall Street Analysts Forecast Growth

TAC has been the topic of several research reports. StockNews.com lowered shares of TransAlta from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, September 25th. Desjardins started coverage on TransAlta in a report on Wednesday, October 30th. They issued a “buy” rating for the company.

TransAlta Stock Performance

The stock has a market capitalization of $3.24 billion, a P/E ratio of 6.81 and a beta of 0.92. The company has a quick ratio of 0.75, a current ratio of 0.84 and a debt-to-equity ratio of 3.43. The company has a 50-day moving average price of $9.86 and a two-hundred day moving average price of $8.20.

TransAlta Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 1st. Shareholders of record on Sunday, December 1st will be paid a $0.044 dividend. This represents a $0.18 annualized dividend and a yield of 1.62%. The ex-dividend date is Friday, November 29th. TransAlta’s dividend payout ratio is presently 11.26%.

Institutional Investors Weigh In On TransAlta

Several large investors have recently added to or reduced their stakes in TAC. Blue Trust Inc. increased its stake in TransAlta by 1,381.5% in the second quarter. Blue Trust Inc. now owns 4,237 shares of the utilities provider’s stock valued at $30,000 after acquiring an additional 3,951 shares during the last quarter. PNC Financial Services Group Inc. bought a new position in shares of TransAlta during the 4th quarter valued at about $33,000. Financial Management Professionals Inc. purchased a new position in shares of TransAlta during the 3rd quarter valued at about $42,000. Mather Group LLC. bought a new stake in TransAlta in the 2nd quarter worth approximately $64,000. Finally, Janney Montgomery Scott LLC purchased a new stake in TransAlta in the first quarter worth approximately $66,000. Institutional investors own 59.00% of the company’s stock.

TransAlta Company Profile

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.