CIBC Asset Management Inc Purchases 3,672,518 Shares of TransAlta Co. (TAC)

CIBC Asset Management Inc grew its position in shares of TransAlta Co. (NYSE:TAC) (TSE:TA) by 36.0% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 13,864,917 shares of the utilities provider’s stock after acquiring an additional 3,672,518 shares during the quarter. CIBC Asset Management Inc owned 4.87% of TransAlta worth $101,883,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. increased its position in TransAlta by 57.0% during the third quarter. JPMorgan Chase & Co. now owns 536,667 shares of the utilities provider’s stock worth $3,020,000 after purchasing an additional 194,850 shares during the last quarter. Renaissance Technologies LLC increased its position in TransAlta by 40.2% during the third quarter. Renaissance Technologies LLC now owns 910,141 shares of the utilities provider’s stock worth $5,122,000 after purchasing an additional 260,800 shares during the last quarter. Jane Street Group LLC increased its position in TransAlta by 285.9% during the third quarter. Jane Street Group LLC now owns 51,116 shares of the utilities provider’s stock worth $288,000 after purchasing an additional 37,871 shares during the last quarter. Morgan Stanley increased its position in TransAlta by 22.7% during the third quarter. Morgan Stanley now owns 1,163,665 shares of the utilities provider’s stock worth $6,549,000 after purchasing an additional 215,047 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in TransAlta by 7.1% during the third quarter. Vanguard Group Inc. now owns 7,152,115 shares of the utilities provider’s stock worth $40,255,000 after purchasing an additional 477,166 shares during the last quarter. 47.91% of the stock is owned by hedge funds and other institutional investors.

TAC opened at $6.73 on Tuesday. The company has a quick ratio of 1.23, a current ratio of 1.50 and a debt-to-equity ratio of 0.98. TransAlta Co. has a 52-week low of $3.99 and a 52-week high of $7.61. The company has a market cap of $1.89 billion, a price-to-earnings ratio of -12.70 and a beta of 1.41.

TransAlta (NYSE:TAC) (TSE:TA) last released its quarterly earnings data on Wednesday, February 27th. The utilities provider reported ($0.33) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.08 by ($0.41). TransAlta had a negative return on equity of 4.24% and a negative net margin of 8.62%. The business had revenue of $470.69 million for the quarter. On average, research analysts predict that TransAlta Co. will post 0.13 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Monday, June 3rd will be paid a dividend of $0.03 per share. This is an increase from TransAlta’s previous quarterly dividend of $0.03. This represents a $0.12 annualized dividend and a yield of 1.78%. The ex-dividend date is Friday, May 31st. TransAlta’s payout ratio is currently -22.64%.

TAC has been the subject of several research analyst reports. Industrial Alliance Securities raised shares of TransAlta to a “buy” rating in a research report on Tuesday, March 26th. TD Securities raised shares of TransAlta from a “hold” rating to a “buy” rating in a research report on Tuesday, March 26th. Zacks Investment Research raised shares of TransAlta from a “hold” rating to a “buy” rating and set a $6.75 price target for the company in a research report on Wednesday, March 6th. Credit Suisse Group raised shares of TransAlta from an “underperform” rating to a “neutral” rating in a research report on Monday, March 18th. Finally, National Bank Financial raised shares of TransAlta from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, January 23rd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $6.75.

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About TransAlta

TransAlta Corporation operates as non-regulated electricity generation and energy marketing company in Canada, the United States, and Western Australia. It operates through eight segments: Canadian Coal, U.S. Coal, Canadian Gas, Australian Gas, Wind and Solar, Hydro, Energy Marketing, and Corporate. The company generates and markets electricity through various generation fuels, such as coal, natural gas, water, solar, and wind.

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Institutional Ownership by Quarter for TransAlta (NYSE:TAC)

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