Algonquin Power & Utilities Corp. (NYSE:AQN) was downgraded by Zacks Investment Research from a “buy” rating to a “sell” rating in a report released on Tuesday.

According to Zacks, “Algonquin Power & Utilities Corp. is a renewable energy and regulated utility company engaged in the ownership of power generation facilities, and water and energy utilities primarily in North America. The Corporation invests in hydroelectric, wind and solar power facilities, and sustainable utility distribution businesses (water, electricity and natural gas) through its subsidiaries. Algonquin Power & Utilities Corp. is headquartered in Oakville, Canada. “

Separately, Wells Fargo & Company initiated coverage on Algonquin Power & Utilities Corp. in a research note on Tuesday, June 20th. They issued a “market perform” rating for the company.

Algonquin Power & Utilities Corp. (NYSE:AQN) traded up 0.92% during trading on Tuesday, hitting $11.01. The company had a trading volume of 73,272 shares. The stock has a market capitalization of $4.25 billion, a price-to-earnings ratio of 61.51 and a beta of 0.81. Algonquin Power & Utilities Corp. has a 1-year low of $7.75 and a 1-year high of $11.21. The company’s 50 day moving average price is $10.74 and its 200-day moving average price is $10.33.

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Several hedge funds have recently bought and sold shares of the company. Wells Fargo & Company MN grew its holdings in shares of Algonquin Power & Utilities Corp. by 10.2% in the first quarter. Wells Fargo & Company MN now owns 206,960 shares of the utilities provider’s stock worth $1,983,000 after acquiring an additional 19,099 shares during the period. Bank of New York Mellon Corp grew its holdings in shares of Algonquin Power & Utilities Corp. by 174.2% in the first quarter. Bank of New York Mellon Corp now owns 28,915 shares of the utilities provider’s stock worth $277,000 after acquiring an additional 18,369 shares during the period. Legal & General Group Plc grew its holdings in shares of Algonquin Power & Utilities Corp. by 34.7% in the first quarter. Legal & General Group Plc now owns 34,952 shares of the utilities provider’s stock worth $333,000 after acquiring an additional 9,000 shares during the period. Vanguard Group Inc. grew its holdings in shares of Algonquin Power & Utilities Corp. by 45.5% in the first quarter. Vanguard Group Inc. now owns 7,327,996 shares of the utilities provider’s stock worth $70,202,000 after acquiring an additional 2,291,517 shares during the period. Finally, UBS Group AG grew its holdings in shares of Algonquin Power & Utilities Corp. by 18.4% in the first quarter. UBS Group AG now owns 325,963 shares of the utilities provider’s stock worth $3,123,000 after acquiring an additional 50,749 shares during the period. Hedge funds and other institutional investors own 38.06% of the company’s stock.

About Algonquin Power & Utilities Corp.

Algonquin Power & Utilities Corp., through its subsidiaries, engages in the generation, transmission, and distribution of utility assets in North America. The company generates and sells electrical energy through a portfolio of non-regulated renewable and clean energy power generation facilities.

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