TransAlta (NYSE:TAC) Downgraded by CIBC to “Neutral”

CIBC downgraded shares of TransAlta (NYSE:TAC) (TSE:TA) from a sector outperform rating to a neutral rating in a research report released on Wednesday, MarketBeat reports.

Several other research analysts also recently weighed in on the company. StockNews.com downgraded TransAlta from a “buy” rating to a “hold” rating in a research note on Saturday, January 4th. Scotiabank upgraded TransAlta to a “strong-buy” rating in a research note on Thursday, December 5th. Finally, Desjardins restated a “hold” rating on shares of TransAlta in a research note on Wednesday, November 6th.

TransAlta Trading Down 2.5 %

Shares of NYSE:TAC opened at $13.27 on Wednesday. The stock has a 50 day moving average of $12.17 and a 200 day moving average of $9.92. The company has a market cap of $3.96 billion, a PE ratio of 35.87 and a beta of 0.84. The company has a current ratio of 0.74, a quick ratio of 0.67 and a debt-to-equity ratio of 2.94. TransAlta has a 12-month low of $5.94 and a 12-month high of $14.64.

TransAlta Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Saturday, March 1st will be issued a dividend of $0.0423 per share. The ex-dividend date of this dividend is Friday, February 28th. This represents a $0.17 annualized dividend and a dividend yield of 1.28%. TransAlta’s dividend payout ratio (DPR) is 45.95%.

Institutional Trading of TransAlta

Several hedge funds have recently modified their holdings of the company. Geode Capital Management LLC raised its holdings in shares of TransAlta by 2.1% during the 3rd quarter. Geode Capital Management LLC now owns 122,621 shares of the utilities provider’s stock worth $1,277,000 after acquiring an additional 2,524 shares in the last quarter. Creative Planning raised its holdings in shares of TransAlta by 6.9% during the 3rd quarter. Creative Planning now owns 53,803 shares of the utilities provider’s stock worth $557,000 after acquiring an additional 3,492 shares in the last quarter. Financial Management Professionals Inc. purchased a new stake in shares of TransAlta during the 3rd quarter worth approximately $42,000. Signaturefd LLC raised its holdings in shares of TransAlta by 23.6% during the 3rd quarter. Signaturefd LLC now owns 26,207 shares of the utilities provider’s stock worth $272,000 after acquiring an additional 5,008 shares in the last quarter. Finally, Quantbot Technologies LP purchased a new stake in TransAlta during the 3rd quarter valued at $61,000. 59.00% of the stock is owned by hedge funds and other institutional investors.

About TransAlta

TransAlta Corporation engages in the development, production, and sale of electric energy. It operates through Hydro, Wind and Solar, Gas, Energy Transition, and Energy Marketing segments. The Hydro segment holds interest of approximately 922 megawatts (MW) of owned hydroelectric generating capacity located in Alberta, British Columbia, and Ontario.