TransAlta (NYSE:TAC) Stock Rating Lowered by StockNews.com

TransAlta (NYSE:TAC) (TSE:TA) was downgraded by analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a research note issued to investors on Wednesday.

Separately, Desjardins restated a “hold” rating on shares of TransAlta in a research report on Wednesday.

TransAlta Price Performance

Shares of TAC traded down $0.64 during mid-day trading on Wednesday, hitting $10.43. 1,412,085 shares of the company were exchanged, compared to its average volume of 753,877. TransAlta has a 1-year low of $5.94 and a 1-year high of $11.10. The company has a debt-to-equity ratio of 3.43, a quick ratio of 0.75 and a current ratio of 0.84. The company has a 50 day moving average of $9.93 and a 200-day moving average of $8.25. The stock has a market cap of $3.11 billion, a price-to-earnings ratio of 6.90 and a beta of 0.92.

Institutional Trading of TransAlta

A number of hedge funds have recently bought and sold shares of TAC. Jupiter Asset Management Ltd. purchased a new stake in shares of TransAlta in the 1st quarter valued at approximately $3,779,000. Clayton Partners LLC raised its stake in TransAlta by 2,293.5% during the 2nd quarter. Clayton Partners LLC now owns 458,155 shares of the utilities provider’s stock worth $3,244,000 after acquiring an additional 439,013 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in TransAlta during the 1st quarter worth $2,246,000. National Bank of Canada FI increased its stake in TransAlta by 9.0% in the second quarter. National Bank of Canada FI now owns 3,618,296 shares of the utilities provider’s stock valued at $25,267,000 after purchasing an additional 299,594 shares during the period. Finally, Acadian Asset Management LLC increased its stake in TransAlta by 71.9% in the first quarter. Acadian Asset Management LLC now owns 643,988 shares of the utilities provider’s stock valued at $4,131,000 after purchasing an additional 269,444 shares during the period. Institutional investors and hedge funds own 59.00% of the company’s stock.

TransAlta Company Profile

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.