Russell Investments Group Ltd. Has $1.24 Million Stock Position in Algonquin Power & Utilities Corp. (NYSE:AQN)

Russell Investments Group Ltd. trimmed its stake in shares of Algonquin Power & Utilities Corp. (NYSE:AQN – Get Rating) by 28.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 189,389 shares of the utilities provider’s stock after selling 74,883 shares during the quarter. Russell Investments Group Ltd.’s holdings in Algonquin Power & Utilities were worth $1,235,000 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. Ten Capital Wealth Advisors LLC bought a new position in Algonquin Power & Utilities in the 3rd quarter worth approximately $28,000. US Bancorp DE raised its position in Algonquin Power & Utilities by 83.7% in the 3rd quarter. US Bancorp DE now owns 2,485 shares of the utilities provider’s stock worth $28,000 after purchasing an additional 1,132 shares during the last quarter. Power Corp of Canada bought a new position in Algonquin Power & Utilities in the 1st quarter worth approximately $31,000. Captrust Financial Advisors raised its position in Algonquin Power & Utilities by 66.4% in the 2nd quarter. Captrust Financial Advisors now owns 3,526 shares of the utilities provider’s stock worth $47,000 after purchasing an additional 1,407 shares during the last quarter. Finally, Baskin Financial Services Inc. bought a new position in Algonquin Power & Utilities in the 4th quarter worth approximately $69,000. Institutional investors own 41.26% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on AQN. TD Securities boosted their price objective on shares of Algonquin Power & Utilities from $8.00 to $9.00 and gave the stock a “hold” rating in a research report on Monday, April 17th. Wells Fargo & Company lifted their target price on shares of Algonquin Power & Utilities from $9.50 to $10.00 in a report on Friday, May 12th. CIBC lowered shares of Algonquin Power & Utilities from a “sector outperform” rating to a “neutral” rating and lowered their target price for the stock from $17.00 to $10.00 in a report on Monday, April 17th. Royal Bank of Canada lifted their target price on shares of Algonquin Power & Utilities from $8.00 to $9.00 and gave the stock a “sector perform” rating in a report on Wednesday, April 12th. Finally, StockNews.com started coverage on shares of Algonquin Power & Utilities in a report on Thursday, May 18th. They set a “sell” rating for the company. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $10.13.

Algonquin Power & Utilities Stock Down 0.6 %

Shares of AQN stock opened at $8.53 on Thursday. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.61 and a current ratio of 0.75. The firm’s 50-day moving average is $8.42 and its 200-day moving average is $7.82. The stock has a market cap of $5.87 billion, a price-to-earnings ratio of -142.17, a PEG ratio of 4.90 and a beta of 0.51. Algonquin Power & Utilities Corp. has a 52-week low of $6.41 and a 52-week high of $14.85.

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

Algonquin Power & Utilities Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 14th. Shareholders of record on Friday, June 30th will be issued a $0.216 dividend. This is a boost from Algonquin Power & Utilities’s previous quarterly dividend of $0.11. This represents a $0.86 annualized dividend and a yield of 10.13%. The ex-dividend date of this dividend is Thursday, June 29th. Algonquin Power & Utilities’s dividend payout ratio is currently -716.67%.

Algonquin Power & Utilities Company Profile

(Get Rating)

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.