The Manufacturers Life Insurance Company lessened its stake in shares of Algonquin Power & Utilities Corp (NYSE:AQN) by 56.2% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,976,554 shares of the utilities provider’s stock after selling 3,821,846 shares during the period. The Manufacturers Life Insurance Company’s holdings in Algonquin Power & Utilities were worth $33,546,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the stock. JPMorgan Chase & Co. boosted its stake in Algonquin Power & Utilities by 16.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 131,895 shares of the utilities provider’s stock valued at $1,366,000 after purchasing an additional 19,054 shares during the last quarter. Two Sigma Investments LP purchased a new stake in Algonquin Power & Utilities during the 4th quarter valued at $10,540,000. Massachusetts Financial Services Co. MA purchased a new stake in Algonquin Power & Utilities during the 4th quarter valued at $7,252,000. Intact Investment Management Inc. boosted its stake in Algonquin Power & Utilities by 9.0% during the 1st quarter. Intact Investment Management Inc. now owns 6,529,760 shares of the utilities provider’s stock valued at $98,012,000 after purchasing an additional 536,700 shares during the last quarter. Finally, Mackenzie Financial Corp boosted its stake in Algonquin Power & Utilities by 52.1% during the 4th quarter. Mackenzie Financial Corp now owns 4,502,620 shares of the utilities provider’s stock valued at $45,251,000 after purchasing an additional 1,541,476 shares during the last quarter. 46.03% of the stock is owned by institutional investors.

Several analysts have commented on AQN shares. Zacks Investment Research downgraded Algonquin Power & Utilities from a “buy” rating to a “hold” rating in a research note on Wednesday, May 1st. TheStreet upgraded Algonquin Power & Utilities from a “d” rating to a “b” rating in a research note on Wednesday, May 8th. Industrial Alliance Securities restated a “buy” rating on shares of Algonquin Power & Utilities in a research note on Tuesday, June 4th. Desjardins restated a “buy” rating and issued a $13.00 price target on shares of Algonquin Power & Utilities in a research note on Tuesday, April 23rd. Finally, Bank of America initiated coverage on Algonquin Power & Utilities in a research note on Wednesday, February 27th. They issued a “neutral” rating and a $11.00 price target on the stock. Five investment analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. Algonquin Power & Utilities currently has a consensus rating of “Buy” and a consensus price target of $12.13.

Shares of AQN stock traded up $0.15 on Wednesday, reaching $12.28. The stock had a trading volume of 110,883 shares, compared to its average volume of 300,020. The company has a market cap of $6.02 billion, a P/E ratio of 18.61, a price-to-earnings-growth ratio of 2.51 and a beta of 0.66. Algonquin Power & Utilities Corp has a 1 year low of $9.45 and a 1 year high of $12.34. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.29 and a quick ratio of 1.10.

Algonquin Power & Utilities (NYSE:AQN) last released its quarterly earnings results on Thursday, May 9th. The utilities provider reported $0.19 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.22 by ($0.03). The firm had revenue of $477.23 million during the quarter, compared to analysts’ expectations of $498.08 million. Algonquin Power & Utilities had a return on equity of 7.64% and a net margin of 15.57%. As a group, analysts expect that Algonquin Power & Utilities Corp will post 0.63 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be paid a $0.142 dividend. This is an increase from Algonquin Power & Utilities’s previous quarterly dividend of $0.13. This represents a $0.57 dividend on an annualized basis and a dividend yield of 4.63%. The ex-dividend date is Thursday, June 27th. Algonquin Power & Utilities’s dividend payout ratio (DPR) is 77.27%.

COPYRIGHT VIOLATION WARNING: This piece was first published by Watch List News and is the sole property of of Watch List News. If you are reading this piece on another site, it was copied illegally and reposted in violation of international copyright law. The correct version of this piece can be viewed at https://www.watchlistnews.com/the-manufacturers-life-insurance-company-has-33-55-million-position-in-algonquin-power-utilities-corp-nyseaqn/3039409.html.

Algonquin Power & Utilities Company Profile

Algonquin Power & Utilities Corp., through its subsidiaries, owns and operates a portfolio of regulated and non-regulated generation, distribution, and transmission utility assets in Canada and the United States. It generates and sells electrical energy through a portfolio of non-regulated renewable and clean energy power generation facilities.

See Also: How to Use the New Google Finance Tool

Want to see what other hedge funds are holding AQN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Algonquin Power & Utilities Corp (NYSE:AQN).

Institutional Ownership by Quarter for Algonquin Power & Utilities (NYSE:AQN)

Receive News & Ratings for Algonquin Power & Utilities Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Algonquin Power & Utilities and related companies with MarketBeat.com's FREE daily email newsletter.