Tower Research Capital LLC TRC Sells 23,623 Shares of Algonquin Power & Utilities Corp. (NYSE:AQN)

Tower Research Capital LLC TRC reduced its position in Algonquin Power & Utilities Corp. (NYSE:AQN) by 57.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,834 shares of the utilities provider’s stock after selling 23,623 shares during the quarter. Tower Research Capital LLC TRC’s holdings in Algonquin Power & Utilities were worth $79,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of AQN. SVB Wealth LLC bought a new position in Algonquin Power & Utilities in the 4th quarter worth approximately $49,000. Avantax Advisory Services Inc. bought a new position in shares of Algonquin Power & Utilities during the fourth quarter worth $58,000. Ballentine Partners LLC purchased a new position in Algonquin Power & Utilities during the fourth quarter valued at $63,000. Spire Wealth Management increased its holdings in Algonquin Power & Utilities by 149.6% in the 4th quarter. Spire Wealth Management now owns 17,000 shares of the utilities provider’s stock valued at $76,000 after acquiring an additional 10,190 shares during the last quarter. Finally, Quadrant Capital Group LLC lifted its stake in Algonquin Power & Utilities by 40.5% in the 4th quarter. Quadrant Capital Group LLC now owns 17,555 shares of the utilities provider’s stock worth $78,000 after purchasing an additional 5,060 shares in the last quarter. 62.28% of the stock is owned by hedge funds and other institutional investors.

Algonquin Power & Utilities Stock Performance

NYSE:AQN opened at $5.99 on Friday. The firm has a market capitalization of $4.60 billion, a PE ratio of -4.64 and a beta of 0.67. The stock’s fifty day moving average is $5.14 and its 200 day moving average is $4.82. Algonquin Power & Utilities Corp. has a fifty-two week low of $4.19 and a fifty-two week high of $6.75. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.73 and a current ratio of 0.92.

Algonquin Power & Utilities (NYSE:AQN) last announced its earnings results on Friday, May 9th. The utilities provider reported $0.14 earnings per share for the quarter, beating the consensus estimate of $0.09 by $0.05. Algonquin Power & Utilities had a negative net margin of 39.12% and a positive return on equity of 5.22%. The business had revenue of $692.40 million for the quarter, compared to the consensus estimate of $699.08 million. During the same quarter in the prior year, the firm posted $0.14 earnings per share. On average, sell-side analysts anticipate that Algonquin Power & Utilities Corp. will post 0.38 earnings per share for the current year.

Algonquin Power & Utilities Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be given a dividend of $0.065 per share. This represents a $0.26 annualized dividend and a dividend yield of 4.34%. Algonquin Power & Utilities’s dividend payout ratio (DPR) is presently -14.44%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on AQN. Scotiabank lifted their target price on Algonquin Power & Utilities from $5.25 to $5.50 and gave the stock a “sector perform” rating in a report on Thursday, February 13th. National Bankshares decreased their price objective on Algonquin Power & Utilities from $6.75 to $6.25 and set an “outperform” rating on the stock in a report on Tuesday, February 11th. Royal Bank of Canada lowered their target price on Algonquin Power & Utilities from $6.00 to $5.50 and set a “sector perform” rating for the company in a research report on Tuesday, February 18th. Finally, CIBC reduced their price target on shares of Algonquin Power & Utilities from $5.50 to $5.25 and set a “neutral” rating on the stock in a research report on Thursday, April 24th. Eight research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $5.92.

Algonquin Power & Utilities Company Profile

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