Foundry Partners LLC Invests $7.17 Million in Algonquin Power & Utilities Corp. (NYSE:AQN)

Foundry Partners LLC purchased a new stake in Algonquin Power & Utilities Corp. (NYSE:AQN) in the third quarter, Holdings Channel reports. The firm purchased 1,316,066 shares of the utilities provider’s stock, valued at approximately $7,173,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in shares of Algonquin Power & Utilities by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 26,248,892 shares of the utilities provider’s stock worth $165,893,000 after buying an additional 262,333 shares during the period. National Bank of Canada FI increased its holdings in shares of Algonquin Power & Utilities by 3.4% in the 2nd quarter. National Bank of Canada FI now owns 10,565,940 shares of the utilities provider’s stock valued at $61,759,000 after acquiring an additional 342,528 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its position in shares of Algonquin Power & Utilities by 156.0% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 8,905,059 shares of the utilities provider’s stock worth $52,341,000 after acquiring an additional 5,426,523 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of Algonquin Power & Utilities by 320.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 7,273,228 shares of the utilities provider’s stock worth $42,633,000 after purchasing an additional 5,544,063 shares during the last quarter. Finally, Point72 Asset Management L.P. boosted its position in Algonquin Power & Utilities by 31.2% during the second quarter. Point72 Asset Management L.P. now owns 5,956,389 shares of the utilities provider’s stock valued at $34,989,000 after purchasing an additional 1,415,889 shares in the last quarter. Institutional investors own 62.28% of the company’s stock.

Algonquin Power & Utilities Stock Performance

AQN opened at $4.72 on Thursday. Algonquin Power & Utilities Corp. has a 1 year low of $4.67 and a 1 year high of $6.79. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.92 and a quick ratio of 0.73. The firm has a fifty day moving average price of $5.11 and a 200 day moving average price of $5.66. The stock has a market cap of $3.62 billion, a P/E ratio of -3.66 and a beta of 0.68.

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

Algonquin Power & Utilities Dividend Announcement

The company 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 dividend of $0.065 per share. This represents a $0.26 dividend on an annualized basis and a yield of 5.51%. The ex-dividend date is Tuesday, December 31st. Algonquin Power & Utilities’s dividend payout ratio (DPR) is presently -20.15%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on AQN. Janney Montgomery Scott began coverage on shares of Algonquin Power & Utilities in a report on Thursday, September 5th. They issued a “neutral” rating and a $6.00 price target on the stock. Desjardins dropped their target price on shares of Algonquin Power & Utilities from $5.50 to $5.25 and set a “hold” rating on the stock in a research report on Monday, August 12th. Scotiabank decreased their price target on shares of Algonquin Power & Utilities from $5.75 to $5.25 and set a “sector perform” rating for the company in a report on Friday, November 8th. National Bank Financial raised shares of Algonquin Power & Utilities from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. Finally, Wells Fargo & Company reduced their target price on Algonquin Power & Utilities from $6.00 to $5.50 and set an “equal weight” rating for the company in a research note on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $6.18.

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.