TransAlta (NYSE:TAC) Lowered to Hold Rating by StockNews.com

StockNews.com lowered shares of TransAlta (NYSE:TAC) (TSE:TA) from a buy rating to a hold rating in a research report released on Saturday morning.

TAC has been the topic of a number of other research reports. Scotiabank raised TransAlta to a “strong-buy” rating in a report on Thursday, December 5th. Desjardins reiterated a “hold” rating on shares of TransAlta in a report on Wednesday, November 6th.

TransAlta Price Performance

TAC opened at $14.05 on Friday. The stock has a market cap of $4.19 billion, a price-to-earnings ratio of 37.97 and a beta of 0.84. The company has a current ratio of 0.74, a quick ratio of 0.67 and a debt-to-equity ratio of 2.94. TransAlta has a 1 year low of $5.94 and a 1 year high of $14.64. The stock has a fifty day moving average price of $12.10 and a 200 day moving average price of $9.88.

TransAlta Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Saturday, March 1st will be paid a dividend of $0.0423 per share. The ex-dividend date is Friday, February 28th. This represents a $0.17 annualized dividend and a yield of 1.21%. TransAlta’s dividend payout ratio is currently 45.95%.

Institutional Investors Weigh In On TransAlta

Hedge funds and other institutional investors have recently bought and sold shares of the business. Financial Management Professionals Inc. bought a new position in shares of TransAlta in the third quarter worth about $42,000. Quantbot Technologies LP bought a new stake in shares of TransAlta during the third quarter valued at approximately $61,000. Evergreen Capital Management LLC acquired a new stake in shares of TransAlta in the second quarter valued at approximately $72,000. Entropy Technologies LP bought a new position in TransAlta in the 3rd quarter worth approximately $130,000. Finally, Blue Trust Inc. lifted its holdings in TransAlta by 326.3% during the 3rd quarter. Blue Trust Inc. now owns 18,064 shares of the utilities provider’s stock worth $187,000 after buying an additional 13,827 shares in the last quarter. 59.00% of the stock is owned by institutional investors and hedge funds.

TransAlta Company Profile

TransAlta Corporation engages in the development, production, and sale of electric energy. It operates through Hydro, Wind and Solar, Gas, Energy Transition, and Energy Marketing segments. The Hydro segment holds interest of approximately 922 megawatts (MW) of owned hydroelectric generating capacity located in Alberta, British Columbia, and Ontario.