Canada Pension Plan Investment Board Sells 1,377,320 Shares of Algonquin Power & Utilities Corp. (NYSE:AQN)

Canada Pension Plan Investment Board lessened its stake in shares of Algonquin Power & Utilities Corp. (NYSE:AQNFree Report) by 40.5% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,022,837 shares of the utilities provider’s stock after selling 1,377,320 shares during the quarter. Canada Pension Plan Investment Board owned about 0.29% of Algonquin Power & Utilities worth $12,029,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in AQN. Stonehage Fleming Financial Services Holdings Ltd bought a new position in shares of Algonquin Power & Utilities in the 3rd quarter worth approximately $28,000. Power Corp of Canada bought a new position in shares of Algonquin Power & Utilities in the 1st quarter worth approximately $31,000. Captrust Financial Advisors lifted its stake in shares of Algonquin Power & Utilities by 66.4% in the 2nd quarter. Captrust Financial Advisors now owns 3,526 shares of the utilities provider’s stock worth $47,000 after purchasing an additional 1,407 shares during the period. CTC Alternative Strategies Ltd. bought a new position in shares of Algonquin Power & Utilities in the 3rd quarter worth approximately $62,000. Finally, Kingswood Wealth Advisors LLC bought a new position in shares of Algonquin Power & Utilities in the 3rd quarter worth approximately $70,000. Hedge funds and other institutional investors own 52.12% of the company’s stock.

Algonquin Power & Utilities Trading Up 1.4 %

Algonquin Power & Utilities stock opened at $5.87 on Tuesday. The stock has a market cap of $4.04 billion, a P/E ratio of -16.77 and a beta of 0.67. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.66 and a quick ratio of 0.50. Algonquin Power & Utilities Corp. has a 1 year low of $4.90 and a 1 year high of $9.14. The firm’s 50 day moving average price is $6.20 and its 200-day moving average price is $6.38.

Algonquin Power & Utilities (NYSE:AQNGet Free Report) last posted its earnings results on Friday, November 10th. The utilities provider reported $0.11 earnings per share for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.01). Algonquin Power & Utilities had a negative net margin of 8.35% and a positive return on equity of 6.13%. The business had revenue of $624.70 million during the quarter, compared to analysts’ expectations of $643.87 million. During the same period last year, the business posted $0.11 earnings per share. The company’s revenue for the quarter was down 6.0% compared to the same quarter last year. On average, equities analysts predict that Algonquin Power & Utilities Corp. will post 0.5 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on AQN shares. Scotiabank increased their price objective on shares of Algonquin Power & Utilities from $7.00 to $7.50 and gave the stock a “sector perform” rating in a research note on Wednesday, January 24th. Desjardins decreased their target price on shares of Algonquin Power & Utilities from $6.50 to $4.75 and set a “sell” rating on the stock in a research note on Wednesday, October 25th. BMO Capital Markets upgraded shares of Algonquin Power & Utilities from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $7.00 to $7.50 in a research note on Monday, January 8th. National Bankshares decreased their target price on shares of Algonquin Power & Utilities from $7.50 to $7.25 and set a “sector perform” rating on the stock in a research note on Tuesday, January 9th. Finally, CIBC raised their target price on shares of Algonquin Power & Utilities from $7.00 to $7.50 and gave the stock a “neutral” rating in a research note on Tuesday, January 9th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $7.70.

View Our Latest Report on AQN

Algonquin Power & Utilities Profile

(Free Report)

Algonquin Power & Utilities Corp., a renewable energy and utility company, that provides energy and water solutions and services in North America and internationally. The company operates through two segments, Regulated Services Group and Renewable Energy Group. The Regulated Services Group segment provides a portfolio of rate-regulated water, electricity, and gas utility services.

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

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