The Manufacturers Life Insurance Company Lowers Position in Algonquin Power & Utilities Corp (NYSE:AQN)

The Manufacturers Life Insurance Company reduced its position in Algonquin Power & Utilities Corp (NYSE:AQN) by 56.2% during the first quarter, according to its most recent 13F filing with the SEC. The firm 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 owned 0.61% of Algonquin Power & Utilities worth $33,546,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. JPMorgan Chase & Co. grew its holdings in shares of Algonquin Power & Utilities by 16.9% during the third quarter. JPMorgan Chase & Co. now owns 131,895 shares of the utilities provider’s stock worth $1,366,000 after purchasing an additional 19,054 shares in the last quarter. Two Sigma Investments LP purchased a new position in shares of Algonquin Power & Utilities during the fourth quarter worth about $10,540,000. Massachusetts Financial Services Co. MA purchased a new position in shares of Algonquin Power & Utilities during the fourth quarter worth about $7,252,000. Intact Investment Management Inc. grew its holdings in shares of Algonquin Power & Utilities by 9.0% during the first quarter. Intact Investment Management Inc. now owns 6,529,760 shares of the utilities provider’s stock worth $98,012,000 after purchasing an additional 536,700 shares in the last quarter. Finally, Mackenzie Financial Corp grew its holdings in shares of Algonquin Power & Utilities by 52.1% during the fourth quarter. Mackenzie Financial Corp now owns 4,502,620 shares of the utilities provider’s stock worth $45,251,000 after purchasing an additional 1,541,476 shares in the last quarter. Institutional investors and hedge funds own 46.03% of the company’s stock.

Several research analysts have recently commented on the company. Industrial Alliance Securities reissued a “buy” rating on shares of Algonquin Power & Utilities in a report on Tuesday, June 4th. Zacks Investment Research raised Algonquin Power & Utilities from a “sell” rating to a “hold” rating in a report on Wednesday, June 5th. Raymond James reissued a “strong-buy” rating and set a $13.00 price objective on shares of Algonquin Power & Utilities in a report on Tuesday, June 4th. ValuEngine raised Algonquin Power & Utilities from a “hold” rating to a “buy” rating in a report on Monday, May 13th. Finally, TheStreet raised Algonquin Power & Utilities from a “d” rating to a “b” rating in a report on Wednesday, May 8th. Five equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. Algonquin Power & Utilities presently has a consensus rating of “Buy” and a consensus target price of $12.13.

NYSE:AQN traded up $0.15 during trading hours on Wednesday, reaching $12.28. The company’s stock had a trading volume of 110,883 shares, compared to its average volume of 300,020. The company has a quick ratio of 1.10, a current ratio of 1.29 and a debt-to-equity ratio of 1.03. The stock has a market cap of $6.02 billion, a PE ratio of 18.61, a PEG 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.

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

The business also recently announced 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 represents a $0.57 dividend on an annualized basis and a dividend yield of 4.63%. The ex-dividend date is Thursday, June 27th. This is a positive change from Algonquin Power & Utilities’s previous quarterly dividend of $0.13. Algonquin Power & Utilities’s payout ratio is 77.27%.

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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.

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

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