Atlantica Sustainable Infrastructure plc (NASDAQ:AY – Get Rating) declared a quarterly dividend on Thursday, August 4th, Wall Street Journal reports. Stockholders of record on Wednesday, August 31st will be given a dividend of 0.445 per share by the utilities provider on Thursday, September 15th. This represents a $1.78 dividend on an annualized basis and a dividend yield of 5.11%. The ex-dividend date of this dividend is Tuesday, August 30th. This is a boost from Atlantica Sustainable Infrastructure’s previous quarterly dividend of $0.44.
Atlantica Sustainable Infrastructure has increased its dividend payment by an average of 8.8% annually over the last three years and has raised its dividend annually for the last 6 consecutive years. Atlantica Sustainable Infrastructure has a payout ratio of 212.0% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Atlantica Sustainable Infrastructure to earn $0.74 per share next year, which means the company may not be able to cover its $1.76 annual dividend with an expected future payout ratio of 237.8%.
Atlantica Sustainable Infrastructure Trading Down 0.7 %
Shares of NASDAQ:AY opened at $34.84 on Friday. The company has a market cap of $3.92 billion, a PE ratio of -217.75 and a beta of 0.73. The company’s 50-day moving average price is $33.11 and its 200 day moving average price is $33.02. Atlantica Sustainable Infrastructure has a fifty-two week low of $28.82 and a fifty-two week high of $41.32. The company has a quick ratio of 2.11, a current ratio of 2.07 and a debt-to-equity ratio of 2.98.
Institutional Investors Weigh In On Atlantica Sustainable Infrastructure
Several large investors have recently made changes to their positions in AY. Invesco Ltd. grew its holdings in shares of Atlantica Sustainable Infrastructure by 23.9% in the 1st quarter. Invesco Ltd. now owns 3,124,558 shares of the utilities provider’s stock worth $109,577,000 after purchasing an additional 601,826 shares during the last quarter. Dai Ichi Life Insurance Company Ltd bought a new stake in shares of Atlantica Sustainable Infrastructure in the 1st quarter worth about $5,962,000. BlackRock Inc. lifted its position in Atlantica Sustainable Infrastructure by 5.3% during the 1st quarter. BlackRock Inc. now owns 2,097,975 shares of the utilities provider’s stock worth $73,575,000 after buying an additional 105,043 shares in the last quarter. Eaton Vance Management acquired a new position in Atlantica Sustainable Infrastructure during the 1st quarter worth about $1,382,000. Finally, Citigroup Inc. lifted its position in Atlantica Sustainable Infrastructure by 37.4% during the 1st quarter. Citigroup Inc. now owns 111,622 shares of the utilities provider’s stock worth $3,915,000 after buying an additional 30,406 shares in the last quarter. Institutional investors own 40.05% of the company’s stock.
Wall Street Analysts Forecast Growth
Several brokerages have recently issued reports on AY. BMO Capital Markets lifted their price objective on shares of Atlantica Sustainable Infrastructure from $33.00 to $36.00 and gave the stock a “market perform” rating in a research note on Thursday. Raymond James set a $43.00 target price on shares of Atlantica Sustainable Infrastructure and gave the stock an “outperform” rating in a research report on Tuesday, May 10th. UBS Group lifted their target price on shares of Atlantica Sustainable Infrastructure from $33.00 to $35.00 and gave the stock a “neutral” rating in a research report on Thursday. Bank of America raised shares of Atlantica Sustainable Infrastructure from a “neutral” rating to a “buy” rating and set a $33.00 target price on the stock in a research report on Thursday, May 12th. Finally, Morgan Stanley decreased their price target on shares of Atlantica Sustainable Infrastructure from $39.00 to $36.00 and set an “equal weight” rating for the company in a report on Tuesday, April 12th. Seven analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, Atlantica Sustainable Infrastructure presently has an average rating of “Hold” and a consensus price target of $38.75.
Atlantica Sustainable Infrastructure Company Profile
Atlantica Sustainable Infrastructure plc owns, manages, and invests in renewable energy, storage, natural gas and heat, electric transmission lines, and water assets in the United States, Canada, Mexico, Peru, Chile, Colombia, Uruguay, Spain, Italy, Algeria, and South Africa. It owns 39 assets comprising 2,044 megawatts (MW) of aggregate renewable energy installed generation capacity; 343 MW of natural gas-fired power generation capacity; 55 thermal megawatts of district heating capacity; 1,229 miles of electric transmission lines; and 17.5 million cubic feet per day of water desalination assets.
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