Power Co. of Canada (OTCMKTS:PWCDF) Sees Large Decrease in Short Interest

Power Co. of Canada (OTCMKTS:PWCDF) was the recipient of a significant decrease in short interest during the month of July. As of July 31st, there was short interest totaling 4,083,542 shares, a decrease of 41.7% from the July 15th total of 6,999,365 shares. Based on an average daily trading volume, of 194,486 shares, the days-to-cover ratio is presently 21.0 days.

Power Co. of Canada Price Performance

Shares of OTCMKTS:PWCDF opened at $68.06 on Monday. Power Co. of Canada has a 1 year low of $40.50 and a 1 year high of $70.74. The business’s 50 day moving average price is $64.30 and its 200-day moving average price is $56.39.

Hedge Funds Weigh In On Power Co. of Canada

A hedge fund recently raised its stake in Power Co. of Canada stock. Cullen Capital Management LLC grew its stake in Power Co. of Canada (OTCMKTS:PWCDF) by 2.1% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 886,766 shares of the company’s stock after acquiring an additional 18,490 shares during the quarter. Cullen Capital Management LLC’s holdings in Power Co. of Canada were worth $55,121,000 as of its most recent SEC filing. 41.73% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

PWCDF has been the subject of several analyst reports. BMO Capital Markets reiterated a “market perform” rating on shares of Power Co. of Canada in a research note on Friday, July 31st. Jefferies Financial Group upgraded shares of Power Co. of Canada from a “hold” rating to a “buy” rating in a research report on Friday, July 31st. Canadian Imperial Bank of Commerce reaffirmed a “neutral” rating on shares of Power Co. of Canada in a report on Wednesday, April 29th. TD Securities reiterated a “hold” rating on shares of Power Co. of Canada in a research report on Friday, July 31st. Finally, Royal Bank Of Canada reissued an “outperform” rating on shares of Power Co. of Canada in a research note on Thursday, May 14th. Four equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, Power Co. of Canada presently has an average rating of “Moderate Buy”.

About Power Co. of Canada

Power Co of Canada is a diversified international management and holding company founded in 1925 and headquartered in Montreal, Quebec. Through its principal subsidiaries, the company builds long-term value by investing in and providing strategic oversight to companies operating primarily in the financial services sector. Power Co maintains a long history of family ownership and stewardship, with former co-CEOs Paul Desmarais Jr. and André Desmarais playing key roles in its development over recent decades.

The company’s main areas of activity encompass life and health insurance, wealth and asset management, and retirement services.