Atlantica Sustainable Infrastructure (NASDAQ:AY) Downgraded by Bank of America

Bank of America cut shares of Atlantica Sustainable Infrastructure (NASDAQ:AYGet Rating) from a buy rating to a neutral rating in a report released on Monday, MarketBeat.com reports. They currently have $34.00 price target on the utilities provider’s stock, down from their prior price target of $37.00.

AY has been the subject of several other reports. JPMorgan Chase & Co. increased their price objective on Atlantica Sustainable Infrastructure from $38.00 to $40.00 and gave the stock a neutral rating in a research report on Monday, August 8th. BMO Capital Markets increased their price objective on Atlantica Sustainable Infrastructure from $33.00 to $36.00 and gave the stock a market perform rating in a research report on Thursday, August 4th. Finally, UBS Group increased their price objective on Atlantica Sustainable Infrastructure from $33.00 to $35.00 and gave the stock a neutral rating in a research report on Thursday, August 4th. Seven analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of Hold and an average price target of $38.88.

Atlantica Sustainable Infrastructure Price Performance

NASDAQ:AY opened at $30.27 on Monday. Atlantica Sustainable Infrastructure has a 12 month low of $28.82 and a 12 month high of $41.32. The stock has a 50 day moving average of $33.79 and a two-hundred day moving average of $33.30. The company has a current ratio of 2.07, a quick ratio of 2.01 and a debt-to-equity ratio of 2.98. The firm has a market cap of $3.40 billion, a P/E ratio of -188.69 and a beta of 0.74.

Atlantica Sustainable Infrastructure (NASDAQ:AYGet Rating) last posted its quarterly earnings results on Wednesday, August 3rd. The utilities provider reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.17). The company had revenue of $307.83 million during the quarter, compared to analysts’ expectations of $338.04 million. Atlantica Sustainable Infrastructure had a negative net margin of 1.66% and a negative return on equity of 1.08%. During the same quarter last year, the company earned $0.11 earnings per share. On average, analysts expect that Atlantica Sustainable Infrastructure will post 0.49 earnings per share for the current fiscal year.

Atlantica Sustainable Infrastructure Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Wednesday, August 31st were paid a $0.445 dividend. The ex-dividend date was Tuesday, August 30th. This is a boost from Atlantica Sustainable Infrastructure’s previous quarterly dividend of $0.44. This represents a $1.78 dividend on an annualized basis and a yield of 5.88%. Atlantica Sustainable Infrastructure’s dividend payout ratio (DPR) is currently -1,112.50%.

Institutional Trading of Atlantica Sustainable Infrastructure

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Invesco Ltd. grew its holdings in shares of Atlantica Sustainable Infrastructure by 23.9% during the first 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. Ceredex Value Advisors LLC purchased a new position in shares of Atlantica Sustainable Infrastructure during the second quarter worth about $12,393,000. Kayne Anderson Capital Advisors LP grew its holdings in shares of Atlantica Sustainable Infrastructure by 11.9% during the second quarter. Kayne Anderson Capital Advisors LP now owns 3,514,954 shares of the utilities provider’s stock worth $113,393,000 after purchasing an additional 373,574 shares during the last quarter. Renaissance Technologies LLC grew its holdings in shares of Atlantica Sustainable Infrastructure by 48.3% during the fourth quarter. Renaissance Technologies LLC now owns 945,555 shares of the utilities provider’s stock worth $33,813,000 after purchasing an additional 308,100 shares during the last quarter. Finally, Amundi grew its holdings in shares of Atlantica Sustainable Infrastructure by 19.5% during the second quarter. Amundi now owns 1,661,875 shares of the utilities provider’s stock worth $53,465,000 after purchasing an additional 271,159 shares during the last quarter. 40.05% of the stock is currently owned by institutional investors and hedge funds.

Atlantica Sustainable Infrastructure Company Profile

(Get Rating)

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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Analyst Recommendations for Atlantica Sustainable Infrastructure (NASDAQ:AY)

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