Rubric Capital Management LP Grows Holdings in TransAlta Co. (NYSE:TAC)

Rubric Capital Management LP grew its position in shares of TransAlta Co. (NYSE:TAC) (TSE:TA) by 20.0% during the third quarter, Holdings Channel reports. The firm owned 5,622,961 shares of the utilities provider’s stock after acquiring an additional 935,803 shares during the quarter. TransAlta makes up approximately 0.9% of Rubric Capital Management LP’s portfolio, making the stock its 29th biggest holding. Rubric Capital Management LP’s holdings in TransAlta were worth $58,254,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Clear Harbor Asset Management LLC purchased a new position in TransAlta in the 2nd quarter valued at approximately $514,000. Skandinaviska Enskilda Banken AB publ increased its holdings in TransAlta by 122.7% during the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 143,400 shares of the utilities provider’s stock worth $1,015,000 after purchasing an additional 79,000 shares during the period. Clayton Partners LLC raised its position in TransAlta by 2,293.5% in the 2nd quarter. Clayton Partners LLC now owns 458,155 shares of the utilities provider’s stock valued at $3,244,000 after purchasing an additional 439,013 shares in the last quarter. National Bank of Canada FI boosted its stake in shares of TransAlta by 9.0% in the 2nd quarter. National Bank of Canada FI now owns 3,618,296 shares of the utilities provider’s stock valued at $25,267,000 after buying an additional 299,594 shares during the period. Finally, The Manufacturers Life Insurance Company grew its position in shares of TransAlta by 22.3% during the second quarter. The Manufacturers Life Insurance Company now owns 929,631 shares of the utilities provider’s stock worth $6,582,000 after buying an additional 169,219 shares in the last quarter. 59.00% of the stock is currently owned by hedge funds and other institutional investors.

TransAlta Price Performance

Shares of NYSE TAC opened at $10.87 on Wednesday. The stock’s 50-day simple moving average is $10.33 and its 200-day simple moving average is $8.61. The company has a debt-to-equity ratio of 2.94, a quick ratio of 0.67 and a current ratio of 0.74. The firm has a market capitalization of $3.24 billion, a PE ratio of 29.38 and a beta of 0.92. TransAlta Co. has a fifty-two week low of $5.94 and a fifty-two week high of $11.10.

TransAlta Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Sunday, December 1st will be issued a $0.044 dividend. This represents a $0.18 annualized dividend and a dividend yield of 1.62%. The ex-dividend date is Friday, November 29th. TransAlta’s payout ratio is 45.95%.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. StockNews.com cut shares of TransAlta from a “strong-buy” rating to a “buy” rating in a report on Wednesday, November 6th. Desjardins reaffirmed a “hold” rating on shares of TransAlta in a research report on Wednesday, November 6th.

TransAlta 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.