Atlantica Sustainable Infrastructure (NASDAQ:AY) Downgraded to “Sector Perform” at National Bank Financial

National Bank Financial cut shares of Atlantica Sustainable Infrastructure (NASDAQ:AYFree Report) from an outperform rating to a sector perform rating in a research note issued to investors on Wednesday, Marketbeat reports.

A number of other brokerages have also issued reports on AY. BMO Capital Markets reduced their price target on Atlantica Sustainable Infrastructure from $24.00 to $20.00 and set a market perform rating for the company in a research report on Tuesday, March 5th. Bank of America decreased their target price on shares of Atlantica Sustainable Infrastructure from $22.00 to $20.00 and set a buy rating for the company in a research report on Tuesday, March 26th. UBS Group raised shares of Atlantica Sustainable Infrastructure from a neutral rating to a buy rating and raised their target price for the company from $19.00 to $25.00 in a research note on Friday, March 22nd. Finally, Royal Bank of Canada decreased their price objective on shares of Atlantica Sustainable Infrastructure from $26.00 to $24.00 and set an outperform rating for the company in a report on Monday, March 4th. Six investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of Hold and a consensus price target of $23.67.

View Our Latest Report on Atlantica Sustainable Infrastructure

Atlantica Sustainable Infrastructure Price Performance

Shares of AY opened at $18.05 on Wednesday. The company has a debt-to-equity ratio of 3.14, a current ratio of 1.62 and a quick ratio of 1.57. The company has a market cap of $2.09 billion, a P/E ratio of 42.98 and a beta of 0.97. Atlantica Sustainable Infrastructure has a 12 month low of $16.35 and a 12 month high of $28.73. The stock has a fifty day moving average price of $18.37 and a 200 day moving average price of $19.09.

Atlantica Sustainable Infrastructure (NASDAQ:AYGet Free Report) last released its quarterly earnings results on Friday, March 1st. The utilities provider reported $0.02 EPS for the quarter, topping the consensus estimate of ($0.23) by $0.25. The business had revenue of $241.31 million during the quarter, compared to analyst estimates of $243.81 million. Atlantica Sustainable Infrastructure had a net margin of 4.43% and a return on equity of 2.91%. During the same quarter in the prior year, the firm earned $0.03 earnings per share. On average, research analysts forecast that Atlantica Sustainable Infrastructure will post 0.49 earnings per share for the current year.

Atlantica Sustainable Infrastructure Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 22nd. Stockholders of record on Tuesday, March 12th were given a dividend of $0.445 per share. The ex-dividend date of this dividend was Monday, March 11th. This represents a $1.78 annualized dividend and a dividend yield of 9.86%. Atlantica Sustainable Infrastructure’s dividend payout ratio (DPR) is 423.82%.

Hedge Funds Weigh In On Atlantica Sustainable Infrastructure

Several large investors have recently made changes to their positions in AY. Lazard Asset Management LLC bought a new position in shares of Atlantica Sustainable Infrastructure during the 3rd quarter valued at about $24,218,000. Norges Bank bought a new position in shares of Atlantica Sustainable Infrastructure during the 4th quarter valued at about $15,487,000. Invesco Ltd. boosted its holdings in shares of Atlantica Sustainable Infrastructure by 23.9% in the first quarter. Invesco Ltd. now owns 3,124,558 shares of the utilities provider’s stock worth $109,577,000 after buying an additional 601,826 shares during the period. Millennium Management LLC boosted its holdings in shares of Atlantica Sustainable Infrastructure by 200.4% in the fourth quarter. Millennium Management LLC now owns 744,018 shares of the utilities provider’s stock worth $19,270,000 after buying an additional 496,383 shares during the period. Finally, Point72 Asset Management L.P. acquired a new position in shares of Atlantica Sustainable Infrastructure in the fourth quarter worth about $7,637,000. Institutional investors own 40.53% of the company’s stock.

About Atlantica Sustainable Infrastructure

(Get Free Report)

Atlantica Sustainable Infrastructure plc owns, manages, and invests in renewable energy, storage, natural gas and heat, electric transmission lines, and water assets in North America, South America, Europe, the Middle East, and Africa. The company was formerly known as Atlantica Yield plc and changed its name to Atlantica Sustainable Infrastructure plc in May 2020.

Further Reading

Analyst Recommendations for Atlantica Sustainable Infrastructure (NASDAQ:AY)

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