Pictet Asset Management SA Sells 42,654 Shares of Algonquin Power & Utilities Corp. (NYSE:AQN)

Pictet Asset Management SA lessened its holdings in Algonquin Power & Utilities Corp. (NYSE:AQNGet Rating) by 14.8% during the 2nd quarter, Holdings Channel.com reports. The firm owned 244,632 shares of the utilities provider’s stock after selling 42,654 shares during the period. Pictet Asset Management SA’s holdings in Algonquin Power & Utilities were worth $3,281,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Connor Clark & Lunn Investment Management Ltd. raised its stake in Algonquin Power & Utilities by 138.2% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 6,507,328 shares of the utilities provider’s stock worth $87,453,000 after acquiring an additional 3,775,700 shares during the period. Bank of Nova Scotia raised its stake in Algonquin Power & Utilities by 34.2% during the 2nd quarter. Bank of Nova Scotia now owns 13,548,918 shares of the utilities provider’s stock worth $182,094,000 after acquiring an additional 3,449,550 shares during the period. Goldman Sachs Group Inc. raised its stake in Algonquin Power & Utilities by 113.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,575,200 shares of the utilities provider’s stock worth $39,967,000 after acquiring an additional 1,369,075 shares during the period. Ceredex Value Advisors LLC bought a new stake in Algonquin Power & Utilities during the 2nd quarter worth approximately $11,741,000. Finally, Renaissance Technologies LLC raised its stake in Algonquin Power & Utilities by 275.2% during the 1st quarter. Renaissance Technologies LLC now owns 1,125,992 shares of the utilities provider’s stock worth $17,475,000 after acquiring an additional 825,890 shares during the period. Institutional investors own 39.99% of the company’s stock.

Algonquin Power & Utilities Trading Up 2.4 %

AQN stock opened at $7.67 on Monday. The firm has a fifty day moving average price of $11.01 and a 200 day moving average price of $12.89. Algonquin Power & Utilities Corp. has a fifty-two week low of $7.42 and a fifty-two week high of $16.01. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.61 and a current ratio of 0.72. The firm has a market cap of $5.20 billion, a PE ratio of 127.83, a price-to-earnings-growth ratio of 1.51 and a beta of 0.54.

Algonquin Power & Utilities Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 13th. Investors of record on Friday, December 30th will be issued a $0.181 dividend. The ex-dividend date of this dividend is Thursday, December 29th. This is a positive change from Algonquin Power & Utilities’s previous quarterly dividend of $0.18. This represents a $0.72 dividend on an annualized basis and a dividend yield of 9.44%. Algonquin Power & Utilities’s dividend payout ratio (DPR) is 1,200.00%.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. Raymond James decreased their target price on shares of Algonquin Power & Utilities from $18.00 to $11.50 and set an “outperform” rating on the stock in a research note on Monday, November 14th. Desjardins lowered shares of Algonquin Power & Utilities from a “buy” rating to a “hold” rating in a report on Monday, November 14th. National Bankshares cut their price objective on shares of Algonquin Power & Utilities from $13.50 to $12.50 and set a “sector perform” rating for the company in a report on Monday, November 14th. StockNews.com began coverage on shares of Algonquin Power & Utilities in a report on Wednesday, October 12th. They set a “sell” rating for the company. Finally, National Bank Financial lowered shares of Algonquin Power & Utilities from an “outperform” rating to a “sector perform” rating in a report on Monday, November 14th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $12.47.

Algonquin Power & Utilities Profile

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Algonquin Power & Utilities Corp., through its subsidiaries, owns and operates a portfolio of regulated and non-regulated generation, distribution, and transmission utility assets. The company operates through two segments, Regulated Services Group and Renewable Energy Group. The Regulated Services Group segment operates a portfolio of rate-regulated utilities located in the United States, Canada, Chile, and Bermuda.

See Also

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Institutional Ownership by Quarter for Algonquin Power & Utilities (NYSE:AQN)

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