Bank of America Trims Atlantica Sustainable Infrastructure (NASDAQ:AY) Target Price to $20.00

Atlantica Sustainable Infrastructure (NASDAQ:AY) had its price objective decreased by Bank of America from $22.00 to $20.00 in a research report report published on Tuesday, Benzinga reports. Bank of America currently has a buy rating on the utilities provider’s stock.

Several other brokerages also recently issued reports on AY. Royal Bank of Canada cut their price target on Atlantica Sustainable Infrastructure from $26.00 to $24.00 and set an outperform rating for the company in a report on Monday, March 4th. BMO Capital Markets dropped their target price on Atlantica Sustainable Infrastructure from $24.00 to $20.00 and set a market perform rating for the company in a report on Tuesday, March 5th. Finally, UBS Group raised Atlantica Sustainable Infrastructure from a neutral rating to a buy rating and lifted their target price for the stock from $19.00 to $25.00 in a report on Friday, March 22nd. Five investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of Hold and an average target price of $23.67.

Atlantica Sustainable Infrastructure Price Performance

NASDAQ:AY opened at $18.48 on Tuesday. Atlantica Sustainable Infrastructure has a 1-year low of $16.35 and a 1-year high of $29.81. The company has a current ratio of 1.62, a quick ratio of 1.57 and a debt-to-equity ratio of 3.14. The firm has a fifty day simple moving average of $18.43 and a 200 day simple moving average of $19.21. The stock has a market capitalization of $2.14 billion, a PE ratio of 44.00 and a beta of 0.97.

Atlantica Sustainable Infrastructure (NASDAQ:AY) last released its earnings results on Friday, March 1st. The utilities provider reported $0.02 earnings per share for the quarter, beating the consensus estimate of ($0.23) by $0.25. Atlantica Sustainable Infrastructure had a net margin of 4.43% and a return on equity of 2.91%. The business had revenue of $241.31 million during the quarter, compared to analysts’ expectations of $243.81 million. During the same period last year, the business earned $0.03 earnings per share. On average, research analysts expect that Atlantica Sustainable Infrastructure will post 0.49 EPS for the current fiscal year.

Atlantica Sustainable Infrastructure Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 22nd. Shareholders of record on Tuesday, March 12th were given a $0.445 dividend. This represents a $1.78 dividend on an annualized basis and a yield of 9.63%. The ex-dividend date was Monday, March 11th. Atlantica Sustainable Infrastructure’s dividend payout ratio is presently 423.82%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Barclays PLC grew its holdings in shares of Atlantica Sustainable Infrastructure by 36.6% during the third quarter. Barclays PLC now owns 10,828 shares of the utilities provider’s stock worth $207,000 after purchasing an additional 2,904 shares during the last quarter. Graham Capital Management L.P. bought a new stake in shares of Atlantica Sustainable Infrastructure during the third quarter worth about $399,000. Invesco Ltd. grew its holdings in shares of Atlantica Sustainable Infrastructure by 1.2% during the third quarter. Invesco Ltd. now owns 2,927,486 shares of the utilities provider’s stock worth $55,915,000 after purchasing an additional 33,635 shares during the last quarter. Rock Point Advisors LLC bought a new stake in shares of Atlantica Sustainable Infrastructure during the third quarter worth about $1,492,000. Finally, Lazard Asset Management LLC bought a new stake in shares of Atlantica Sustainable Infrastructure during the third quarter worth about $24,218,000. Institutional investors own 40.53% of the company’s stock.

Atlantica Sustainable Infrastructure Company Profile

Atlantica Sustainable Infrastructure plc owns, manages, and invests in renewable energy, storage, natural gas and heat, electric transmission lines, and water assets in North America, South America, Europe, the Middle East, and Africa. The company was formerly known as Atlantica Yield plc and changed its name to Atlantica Sustainable Infrastructure plc in May 2020.