Magnetar Financial LLC Sells 77,755 Shares of Algonquin Power & Utilities Corp. (NYSE:AQN)

Magnetar Financial LLC lowered its position in Algonquin Power & Utilities Corp. (NYSE:AQN) by 67.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 36,925 shares of the utilities provider’s stock after selling 77,755 shares during the quarter. Magnetar Financial LLC’s holdings in Algonquin Power & Utilities were worth $233,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Parallel Advisors LLC lifted its position in shares of Algonquin Power & Utilities by 76.3% in the 4th quarter. Parallel Advisors LLC now owns 4,347 shares of the utilities provider’s stock worth $27,000 after acquiring an additional 1,882 shares during the period. SG Americas Securities LLC acquired a new position in shares of Algonquin Power & Utilities in the 4th quarter worth approximately $64,000. Seven Mile Advisory acquired a new position in shares of Algonquin Power & Utilities in the 4th quarter worth approximately $67,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Algonquin Power & Utilities in the 4th quarter worth approximately $70,000. Finally, International Assets Investment Management LLC acquired a new position in shares of Algonquin Power & Utilities in the 4th quarter worth approximately $710,000. Institutional investors own 62.28% of the company’s stock.

Algonquin Power & Utilities Stock Up 0.2 %

Shares of AQN stock traded up $0.01 on Monday, reaching $6.21. 176,892 shares of the stock were exchanged, compared to its average volume of 5,315,647. The company has a current ratio of 0.98, a quick ratio of 0.79 and a debt-to-equity ratio of 1.42. Algonquin Power & Utilities Corp. has a one year low of $4.90 and a one year high of $8.28. The stock has a 50 day moving average price of $6.10 and a 200 day moving average price of $6.11.

Algonquin Power & Utilities (NYSE:AQN) last announced its quarterly earnings data on Friday, May 10th. The utilities provider reported $0.14 EPS for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.01). Algonquin Power & Utilities had a positive return on equity of 5.39% and a negative net margin of 12.44%. The company had revenue of $737.10 million for the quarter, compared to analyst estimates of $813.38 million. During the same period last year, the firm earned $0.17 earnings per share. The firm’s revenue for the quarter was down 5.3% on a year-over-year basis. On average, sell-side analysts anticipate that Algonquin Power & Utilities Corp. will post 0.46 earnings per share for the current fiscal year.

Algonquin Power & Utilities Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were paid a dividend of $0.108 per share. The ex-dividend date of this dividend was Friday, June 28th. This represents a $0.43 dividend on an annualized basis and a dividend yield of 6.96%. Algonquin Power & Utilities’s dividend payout ratio (DPR) is presently -87.76%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Wells Fargo & Company increased their target price on Algonquin Power & Utilities from $8.00 to $8.50 and gave the stock an “overweight” rating in a report on Monday, May 13th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $7.00 price target on shares of Algonquin Power & Utilities in a report on Wednesday, July 10th. CIBC raised their price target on Algonquin Power & Utilities from $7.50 to $7.70 and gave the company a “neutral” rating in a report on Tuesday, July 2nd. StockNews.com raised Algonquin Power & Utilities to a “sell” rating in a report on Friday, May 10th. Finally, Scotiabank decreased their price objective on Algonquin Power & Utilities from $7.50 to $6.50 and set a “sector perform” rating on the stock in a research report on Monday, April 22nd. One analyst has rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $7.06.

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.