Citigroup Inc. Grows Position in Algonquin Power & Utilities Corp. (NYSE:AQN)

Citigroup Inc. grew its stake in shares of Algonquin Power & Utilities Corp. (NYSE:AQNGet Rating) by 28.8% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 454,543 shares of the utilities provider’s stock after buying an additional 101,716 shares during the period. Citigroup Inc.’s holdings in Algonquin Power & Utilities were worth $2,959,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Toronto Dominion Bank grew its position in shares of Algonquin Power & Utilities by 132.2% in the fourth quarter. Toronto Dominion Bank now owns 28,449,656 shares of the utilities provider’s stock valued at $199,170,000 after purchasing an additional 16,200,050 shares during the period. Vanguard Group Inc. grew its position in shares of Algonquin Power & Utilities by 3.7% in the third quarter. Vanguard Group Inc. now owns 23,806,124 shares of the utilities provider’s stock valued at $259,726,000 after purchasing an additional 856,114 shares during the period. TD Asset Management Inc. grew its position in shares of Algonquin Power & Utilities by 0.4% in the third quarter. TD Asset Management Inc. now owns 16,266,941 shares of the utilities provider’s stock valued at $179,815,000 after purchasing an additional 69,607 shares during the period. National Bank of Canada FI grew its position in Algonquin Power & Utilities by 79.8% during the fourth quarter. National Bank of Canada FI now owns 8,617,068 shares of the utilities provider’s stock valued at $56,052,000 after acquiring an additional 3,823,681 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. grew its position in Algonquin Power & Utilities by 1.9% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 6,632,128 shares of the utilities provider’s stock valued at $72,356,000 after acquiring an additional 124,800 shares during the period. Hedge funds and other institutional investors own 41.26% of the company’s stock.

Algonquin Power & Utilities Trading Up 1.1 %

Shares of AQN opened at $8.55 on Tuesday. The stock’s 50-day moving average is $8.38 and its two-hundred day moving average is $7.84. The stock has a market cap of $5.89 billion, a PE ratio of -142.48, a P/E/G ratio of 4.85 and a beta of 0.51. Algonquin Power & Utilities Corp. has a 12 month low of $6.41 and a 12 month high of $14.85. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.75 and a quick ratio of 0.61.

Algonquin Power & Utilities (NYSE:AQNGet Rating) last released its quarterly earnings results on Thursday, May 11th. The utilities provider reported $0.17 EPS for the quarter, topping the consensus estimate of $0.16 by $0.01. Algonquin Power & Utilities had a positive return on equity of 6.74% and a negative net margin of 1.17%. The business had revenue of $778.60 million for the quarter, compared to analysts’ expectations of $770.77 million. Equities analysts forecast that Algonquin Power & Utilities Corp. will post 0.58 earnings per share for the current fiscal year.

Algonquin Power & Utilities Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 14th. Investors of record on Friday, June 30th will be paid a $0.216 dividend. This is a boost from Algonquin Power & Utilities’s previous quarterly dividend of $0.11. The ex-dividend date of this dividend is Thursday, June 29th. This represents a $0.86 annualized dividend and a dividend yield of 10.11%. Algonquin Power & Utilities’s payout ratio is -716.55%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. StockNews.com assumed coverage on Algonquin Power & Utilities in a research report on Thursday, May 18th. They set a “sell” rating for the company. Bank of America downgraded Algonquin Power & Utilities from a “buy” rating to a “neutral” rating and lowered their price target for the company from $9.00 to $8.50 in a research report on Tuesday, April 18th. CIBC downgraded Algonquin Power & Utilities from a “sector outperform” rating to a “neutral” rating and lowered their price target for the company from $17.00 to $10.00 in a research report on Monday, April 17th. TD Securities boosted their price target on Algonquin Power & Utilities from $8.00 to $9.00 and gave the company a “hold” rating in a research report on Monday, April 17th. Finally, Wells Fargo & Company boosted their price target on Algonquin Power & Utilities from $9.50 to $10.00 in a research report on Friday, May 12th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $10.13.

Algonquin Power & Utilities Company Profile

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

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

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