Private Management Group Inc. Sells 21,518 Shares of Algonquin Power & Utilities Corp. $AQN

Private Management Group Inc. lessened its stake in shares of Algonquin Power & Utilities Corp. (NYSE:AQN) by 0.3% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 6,541,680 shares of the utilities provider’s stock after selling 21,518 shares during the quarter. Algonquin Power & Utilities comprises about 1.2% of Private Management Group Inc.’s portfolio, making the stock its 16th largest holding. Private Management Group Inc.’s holdings in Algonquin Power & Utilities were worth $37,484,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. US Bancorp DE lifted its position in Algonquin Power & Utilities by 85.7% during the first quarter. US Bancorp DE now owns 4,887 shares of the utilities provider’s stock worth $25,000 after acquiring an additional 2,256 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in Algonquin Power & Utilities during the 1st quarter worth approximately $31,000. Atria Wealth Solutions Inc. bought a new stake in Algonquin Power & Utilities in the 1st quarter valued at $51,000. Wedbush Securities Inc. acquired a new position in Algonquin Power & Utilities in the 2nd quarter valued at $58,000. Finally, Bank of New York Mellon Corp grew its holdings in Algonquin Power & Utilities by 16.3% in the 1st quarter. Bank of New York Mellon Corp now owns 14,809 shares of the utilities provider’s stock valued at $76,000 after buying an additional 2,073 shares in the last quarter. Institutional investors and hedge funds own 62.28% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on AQN shares. Janney Montgomery Scott set a $7.00 target price on Algonquin Power & Utilities in a report on Monday, November 10th. TD Securities raised shares of Algonquin Power & Utilities to a “hold” rating in a research report on Monday, August 11th. Desjardins lifted their price objective on shares of Algonquin Power & Utilities from $6.25 to $6.75 and gave the stock a “buy” rating in a research note on Thursday, October 9th. Raymond James Financial increased their target price on shares of Algonquin Power & Utilities from $6.00 to $6.50 and gave the stock a “market perform” rating in a research report on Friday, October 24th. Finally, Wall Street Zen raised shares of Algonquin Power & Utilities from a “sell” rating to a “hold” rating in a report on Saturday, November 1st. Two equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $6.59.

Algonquin Power & Utilities Stock Up 0.4%

AQN stock opened at $5.96 on Friday. Algonquin Power & Utilities Corp. has a 52 week low of $4.19 and a 52 week high of $6.48. The business has a 50-day simple moving average of $5.77 and a 200 day simple moving average of $5.76. The company has a quick ratio of 0.86, a current ratio of 1.09 and a debt-to-equity ratio of 1.22. The company has a market cap of $4.57 billion, a PE ratio of -3.31 and a beta of 0.75.

Algonquin Power & Utilities (NYSE:AQN) last announced its quarterly earnings data on Friday, November 7th. The utilities provider reported $0.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.06 by $0.03. The firm had revenue of $600.80 million for the quarter, compared to the consensus estimate of $596.67 million. Algonquin Power & Utilities had a negative net margin of 57.66% and a positive return on equity of 4.76%. During the same period in the prior year, the company posted $0.08 earnings per share. Sell-side analysts anticipate that Algonquin Power & Utilities Corp. will post 0.38 EPS for the current fiscal year.

Algonquin Power & Utilities Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 15th. Investors of record on Wednesday, December 31st will be paid a $0.065 dividend. This represents a $0.26 dividend on an annualized basis and a yield of 4.4%. The ex-dividend date of this dividend is Wednesday, December 31st. Algonquin Power & Utilities’s dividend payout ratio (DPR) is -650.00%.

Algonquin Power & Utilities Profile

Algonquin Power & Utilities Corp. is an investment holding company, which engages in energy generation and water distribution facilities. It operates through the Regulated Services Group and Renewable Energy Group segments. The Regulated Services Group segment owns and operates a portfolio of electric, natural gas, water distribution, and wastewater collection utility systems and transmission.