11,100 Shares in Algonquin Power & Utilities Corp. (NYSE:AQN) Purchased by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. bought a new stake in Algonquin Power & Utilities Corp. (NYSE:AQN) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 11,100 shares of the utilities provider’s stock, valued at approximately $70,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Pacifica Partners Inc. grew its stake in Algonquin Power & Utilities by 1,975.0% during the fourth quarter. Pacifica Partners Inc. now owns 4,150 shares of the utilities provider’s stock valued at $26,000 after acquiring an additional 3,950 shares in the last quarter. Stonehage Fleming Financial Services Holdings Ltd bought a new position in shares of Algonquin Power & Utilities in the 3rd quarter worth $28,000. CTC Alternative Strategies Ltd. bought a new stake in shares of Algonquin Power & Utilities during the 3rd quarter worth $62,000. SG Americas Securities LLC purchased a new position in Algonquin Power & Utilities in the fourth quarter worth $64,000. Finally, Kingswood Wealth Advisors LLC bought a new position in Algonquin Power & Utilities in the third quarter valued at $70,000. 62.28% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on AQN. Scotiabank cut their target price on Algonquin Power & Utilities from $7.50 to $6.50 and set a “sector perform” rating for the company in a research note on Monday, April 22nd. CIBC upped their price target on shares of Algonquin Power & Utilities from $7.00 to $7.50 and gave the company a “neutral” rating in a research report on Tuesday, January 9th. TD Securities lifted their price objective on Algonquin Power & Utilities from $6.00 to $6.50 and gave the stock a “hold” rating in a report on Monday, March 11th. BMO Capital Markets upgraded Algonquin Power & Utilities from a “market perform” rating to an “outperform” rating and increased their target price for the company from $7.00 to $7.50 in a report on Monday, January 8th. Finally, StockNews.com upgraded Algonquin Power & Utilities to a “sell” rating in a research report on Wednesday, April 17th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $7.67.

Algonquin Power & Utilities Stock Down 0.8 %

AQN stock opened at $6.12 on Monday. The company has a market capitalization of $4.22 billion, a price-to-earnings ratio of 204.00 and a beta of 0.66. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.50 and a current ratio of 0.63. The business’s 50 day moving average price is $6.05 and its two-hundred day moving average price is $5.99. Algonquin Power & Utilities Corp. has a fifty-two week low of $4.90 and a fifty-two week high of $9.14.

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

Algonquin Power & Utilities Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were paid a $0.1085 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $0.43 annualized dividend and a dividend yield of 7.09%. Algonquin Power & Utilities’s payout ratio is currently 1,433.33%.

About Algonquin Power & Utilities

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.