Tokio Marine Asset Management Co. Ltd. Sells 2,400 Shares of Algonquin Power & Utilities Corp. (NYSE:AQN)

Tokio Marine Asset Management Co. Ltd. reduced its stake in shares of Algonquin Power & Utilities Corp. (NYSE:AQN) by 16.0% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 12,600 shares of the utilities provider’s stock after selling 2,400 shares during the period. Tokio Marine Asset Management Co. Ltd.’s holdings in Algonquin Power & Utilities were worth $69,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in AQN. Central Pacific Bank Trust Division purchased a new position in shares of Algonquin Power & Utilities during the third quarter valued at approximately $54,000. Claro Advisors LLC purchased a new position in Algonquin Power & Utilities during the 2nd quarter worth $61,000. Verdence Capital Advisors LLC bought a new stake in shares of Algonquin Power & Utilities in the 3rd quarter worth $61,000. SeaCrest Wealth Management LLC purchased a new stake in shares of Algonquin Power & Utilities in the second quarter valued at about $66,000. Finally, SVB Wealth LLC bought a new position in shares of Algonquin Power & Utilities during the first quarter valued at about $82,000. 62.28% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Scotiabank reduced their price objective on shares of Algonquin Power & Utilities from $5.75 to $5.25 and set a “sector perform” rating for the company in a research report on Friday, November 8th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $6.00 target price on shares of Algonquin Power & Utilities in a report on Friday, October 11th. CIBC dropped their price target on Algonquin Power & Utilities from $5.75 to $5.50 and set a “neutral” rating on the stock in a report on Tuesday, October 22nd. Janney Montgomery Scott initiated coverage on Algonquin Power & Utilities in a research note on Thursday, September 5th. They issued a “neutral” rating and a $6.00 price objective for the company. Finally, Desjardins lowered their target price on Algonquin Power & Utilities from $5.50 to $5.25 and set a “hold” rating on the stock in a research note on Monday, August 12th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $6.18.

Algonquin Power & Utilities Trading Up 0.2 %

Shares of Algonquin Power & Utilities stock opened at $4.82 on Friday. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.73 and a current ratio of 0.92. The stock has a market capitalization of $3.70 billion, a P/E ratio of -3.74 and a beta of 0.68. Algonquin Power & Utilities Corp. has a 52-week low of $4.67 and a 52-week high of $6.79. The stock’s 50-day simple moving average is $5.14 and its 200 day simple moving average is $5.69.

Algonquin Power & Utilities (NYSE:AQN) last issued its earnings results on Thursday, November 7th. The utilities provider reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.01). Algonquin Power & Utilities had a negative net margin of 39.12% and a positive return on equity of 5.22%. The business had revenue of $573.20 million for the quarter, compared to the consensus estimate of $620.46 million. During the same period in the previous year, the firm earned $0.11 EPS. The company’s revenue was up 1.5% compared to the same quarter last year. As a group, research analysts anticipate that Algonquin Power & Utilities Corp. will post 0.4 EPS for the current year.

Algonquin Power & Utilities Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be paid a $0.065 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $0.26 annualized dividend and a yield of 5.39%. Algonquin Power & Utilities’s dividend payout ratio is currently -20.15%.

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.