HighTower Advisors LLC Lowers Position in Algonquin Power & Utilities Corp. (NYSE:AQN)

HighTower Advisors LLC decreased its holdings in shares of Algonquin Power & Utilities Corp. (NYSE:AQN) by 27.5% during the third quarter, according to its most recent filing with the SEC. The firm owned 263,948 shares of the utilities provider’s stock after selling 100,282 shares during the period. HighTower Advisors LLC’s holdings in Algonquin Power & Utilities were worth $1,439,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of AQN. Bank of Montreal Can increased its holdings in Algonquin Power & Utilities by 6.0% during the third quarter. Bank of Montreal Can now owns 20,882,966 shares of the utilities provider’s stock valued at $115,175,000 after buying an additional 1,190,236 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its position in Algonquin Power & Utilities by 45.5% during the 3rd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 12,959,770 shares of the utilities provider’s stock valued at $70,806,000 after acquiring an additional 4,054,711 shares in the last quarter. National Bank of Canada FI increased its holdings in shares of Algonquin Power & Utilities by 3.4% in the 2nd quarter. National Bank of Canada FI now owns 10,565,940 shares of the utilities provider’s stock valued at $61,759,000 after acquiring an additional 342,528 shares during the period. The Manufacturers Life Insurance Company raised its position in shares of Algonquin Power & Utilities by 6.1% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 7,720,474 shares of the utilities provider’s stock worth $42,105,000 after acquiring an additional 447,246 shares in the last quarter. Finally, Point72 Asset Management L.P. lifted its stake in shares of Algonquin Power & Utilities by 31.2% during the 2nd quarter. Point72 Asset Management L.P. now owns 5,956,389 shares of the utilities provider’s stock worth $34,989,000 after purchasing an additional 1,415,889 shares during the last quarter. Institutional investors own 62.28% of the company’s stock.

Algonquin Power & Utilities Trading Down 1.3 %

NYSE AQN opened at $4.47 on Monday. Algonquin Power & Utilities Corp. has a 1 year low of $4.42 and a 1 year high of $6.79. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.92 and a quick ratio of 0.73. The company has a market capitalization of $3.43 billion, a PE ratio of -3.47 and a beta of 0.68. The company has a fifty day moving average of $4.87 and a 200 day moving average of $5.43.

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

Algonquin Power & Utilities Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a $0.065 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $0.26 annualized dividend and a yield of 5.82%. Algonquin Power & Utilities’s dividend payout ratio is presently -20.15%.

Wall Street Analyst Weigh In

AQN has been the topic of several analyst reports. Wells Fargo & Company cut their target price on Algonquin Power & Utilities from $6.00 to $5.50 and set an “equal weight” rating on the stock in a research note on Wednesday, October 16th. Janney Montgomery Scott started coverage on shares of Algonquin Power & Utilities in a research report on Thursday, September 5th. They issued a “neutral” rating and a $6.00 price objective on the stock. JPMorgan Chase & Co. reissued a “neutral” rating and set a $7.00 target price on shares of Algonquin Power & Utilities in a research report on Thursday. Scotiabank cut their price target on shares of Algonquin Power & Utilities from $5.75 to $5.25 and set a “sector perform” rating on the stock in a report on Friday, November 8th. Finally, CIBC decreased their price objective on Algonquin Power & Utilities from $5.75 to $5.50 and set a “neutral” rating for the company in a report on Tuesday, October 22nd. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, one has given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $6.25.

About Algonquin Power & Utilities

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.