Redwood Investment Management LLC Acquires 6,176 Shares of Algonquin Power & Utilities Corp. (NYSE:AQN)

Redwood Investment Management LLC increased its holdings in shares of Algonquin Power & Utilities Corp. (NYSE:AQN) by 1.2% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 505,299 shares of the utilities provider’s stock after acquiring an additional 6,176 shares during the quarter. Redwood Investment Management LLC’s holdings in Algonquin Power & Utilities were worth $2,794,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of AQN. Central Pacific Bank Trust Division purchased a new stake in shares of Algonquin Power & Utilities during the 3rd quarter valued at $54,000. Claro Advisors LLC purchased a new position in Algonquin Power & Utilities in the second quarter valued at approximately $61,000. Capstone Investment Advisors LLC bought a new position in Algonquin Power & Utilities during the third quarter valued at $58,000. Walleye Capital LLC bought a new position in Algonquin Power & Utilities during the third quarter valued at $59,000. Finally, SeaCrest Wealth Management LLC purchased a new stake in Algonquin Power & Utilities in the second quarter worth $66,000. Hedge funds and other institutional investors own 62.28% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. Royal Bank of Canada reiterated a “sector perform” rating and set a $6.00 price target on shares of Algonquin Power & Utilities in a research note on Friday, October 11th. Janney Montgomery Scott started coverage on shares of Algonquin Power & Utilities in a research report on Thursday, September 5th. They set a “neutral” rating and a $6.00 target price for the company. National Bank Financial raised shares of Algonquin Power & Utilities from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 12th. Scotiabank cut their price objective on shares of Algonquin Power & Utilities from $5.75 to $5.25 and set a “sector perform” rating for the company in a report on Friday, November 8th. Finally, Wells Fargo & Company reduced their price objective on shares of Algonquin Power & Utilities from $6.00 to $5.50 and set an “equal weight” rating for the company in a research note on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $6.18.

Algonquin Power & Utilities Stock Down 2.1 %

AQN opened at $4.74 on Thursday. The firm has a market capitalization of $3.64 billion, a P/E ratio of -3.67 and a beta of 0.68. Algonquin Power & Utilities Corp. has a one year low of $4.67 and a one year high of $6.79. The company has a fifty day moving average price of $4.98 and a 200-day moving average price of $5.53. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.92 and a quick ratio of 0.73.

Algonquin Power & Utilities (NYSE:AQN) last posted its earnings results on Thursday, November 7th. The utilities provider reported $0.08 EPS for the quarter, missing the consensus estimate of $0.09 by ($0.01). The business had revenue of $573.20 million for the quarter, compared to analysts’ expectations of $620.46 million. Algonquin Power & Utilities had a positive return on equity of 5.22% and a negative net margin of 39.12%. During the same quarter in the previous year, the firm earned $0.11 earnings per share. Algonquin Power & Utilities’s quarterly revenue was up 1.5% compared to the same quarter last year. Equities research analysts expect that Algonquin Power & Utilities Corp. will post 0.39 earnings per share for the current fiscal year.

Algonquin Power & Utilities Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a $0.065 dividend. This represents a $0.26 annualized dividend and a dividend yield of 5.49%. The ex-dividend date of this dividend is Tuesday, December 31st. Algonquin Power & Utilities’s dividend payout ratio (DPR) is -20.16%.

Algonquin Power & Utilities Profile

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.