Sumitomo Mitsui Trust Holdings Inc. Has $8.74 Million Stock Holdings in Algonquin Power & Utilities Corp. (NYSE:AQN)

Sumitomo Mitsui Trust Holdings Inc. lessened its position in Algonquin Power & Utilities Corp. (NYSE:AQN) by 1.1% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,380,219 shares of the utilities provider’s stock after selling 15,650 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned approximately 0.20% of Algonquin Power & Utilities worth $8,737,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Pacifica Partners Inc. increased its position in shares of Algonquin Power & Utilities by 1,975.0% during the 4th quarter. Pacifica Partners Inc. now owns 4,150 shares of the utilities provider’s stock worth $26,000 after purchasing an additional 3,950 shares during the last quarter. Stonehage Fleming Financial Services Holdings Ltd acquired a new position in shares of Algonquin Power & Utilities during the 3rd quarter worth approximately $28,000. SG Americas Securities LLC acquired a new position in shares of Algonquin Power & Utilities during the 4th quarter worth approximately $64,000. CTC Alternative Strategies Ltd. acquired a new position in shares of Algonquin Power & Utilities during the 3rd quarter worth approximately $62,000. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Algonquin Power & Utilities during the 4th quarter worth approximately $70,000. Institutional investors and hedge funds own 62.28% of the company’s stock.

Wall Street Analysts Forecast Growth

AQN has been the topic of several recent analyst reports. BMO Capital Markets raised Algonquin Power & Utilities from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $7.00 to $7.50 in a research report on Monday, January 8th. National Bankshares decreased their target price on Algonquin Power & Utilities from $7.50 to $7.25 and set a “sector perform” rating on the stock in a report on Tuesday, January 9th. Desjardins raised Algonquin Power & Utilities from a “sell” rating to a “hold” rating and boosted their target price for the stock from $4.75 to $5.75 in a report on Monday, March 11th. Scotiabank decreased their target price on Algonquin Power & Utilities from $7.50 to $6.50 and set a “sector perform” rating on the stock in a report on Monday. Finally, StockNews.com raised Algonquin Power & Utilities to a “sell” rating in a report on Wednesday, April 17th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $7.67.

Algonquin Power & Utilities Stock Performance

AQN opened at $6.16 on Wednesday. The business has a fifty day simple moving average of $6.03 and a 200 day simple moving average of $5.98. The company has a market capitalization of $4.24 billion, a PE ratio of 205.17 and a beta of 0.66. Algonquin Power & Utilities Corp. has a 1 year low of $4.90 and a 1 year high of $9.14. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.63 and a quick ratio of 0.50.

Algonquin Power & Utilities (NYSE:AQN) last released its quarterly earnings results on Friday, March 8th. The utilities provider reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.02. The business had revenue of $666.90 million during the quarter, compared to the consensus estimate of $661.73 million. Algonquin Power & Utilities had a return on equity of 5.64% and a net margin of 1.06%. The firm’s quarterly revenue was down 10.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.22 EPS. Research analysts expect that Algonquin Power & Utilities Corp. will post 0.49 EPS for the current year.

Algonquin Power & Utilities Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were given a dividend of $0.1085 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $0.43 dividend on an annualized basis and a dividend yield of 7.05%. Algonquin Power & Utilities’s payout ratio is 1,433.33%.

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.