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

TransAlta (NYSE:TAC) (TSE:TA) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a research note issued on Thursday.

A number of other research firms have also recently issued reports on TAC. Scotiabank upgraded 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 Stock Down 0.4 %

TransAlta stock opened at $13.85 on Thursday. The company has a 50 day moving average of $11.25 and a 200-day moving average of $9.30. The company has a quick ratio of 0.67, a current ratio of 0.74 and a debt-to-equity ratio of 2.94. TransAlta has a twelve month low of $5.94 and a twelve month high of $14.64. The stock has a market capitalization of $4.13 billion, a PE ratio of 37.43 and a beta of 0.91.

Hedge Funds Weigh In On TransAlta

Several hedge funds have recently modified their holdings of the stock. Skandinaviska Enskilda Banken AB publ boosted its position in TransAlta by 122.7% during the second quarter. Skandinaviska Enskilda Banken AB publ now owns 143,400 shares of the utilities provider’s stock valued at $1,015,000 after purchasing an additional 79,000 shares during the last quarter. Clayton Partners LLC raised its position in TransAlta by 2,293.5% during the second quarter. Clayton Partners LLC now owns 458,155 shares of the utilities provider’s stock worth $3,244,000 after acquiring an additional 439,013 shares in the last quarter. Rubric Capital Management LP lifted its stake in TransAlta by 20.0% in the third quarter. Rubric Capital Management LP now owns 5,622,961 shares of the utilities provider’s stock valued at $58,254,000 after acquiring an additional 935,803 shares during the last quarter. FMR LLC grew its position in shares of TransAlta by 9.8% in the 3rd quarter. FMR LLC now owns 4,593,023 shares of the utilities provider’s stock valued at $47,613,000 after acquiring an additional 408,184 shares during the period. Finally, Polar Asset Management Partners Inc. acquired a new position in shares of TransAlta during the 3rd quarter worth about $518,000. Institutional investors own 59.00% of the company’s stock.

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.