509,253 Shares in TransAlta Corporation $TAC Purchased by Purpose Unlimited Inc.

Purpose Unlimited Inc. acquired a new stake in TransAlta Corporation (NYSE:TAC) (TSE:TA) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 509,253 shares of the utilities provider’s stock, valued at approximately $6,441,000.

Other hedge funds also recently made changes to their positions in the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of TransAlta by 27.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 208,969 shares of the utilities provider’s stock worth $1,954,000 after acquiring an additional 45,478 shares during the last quarter. Geode Capital Management LLC lifted its holdings in TransAlta by 3.5% during the 2nd quarter. Geode Capital Management LLC now owns 152,816 shares of the utilities provider’s stock valued at $1,660,000 after purchasing an additional 5,214 shares during the last quarter. Invesco Ltd. lifted its holdings in TransAlta by 18.9% during the 2nd quarter. Invesco Ltd. now owns 1,075,171 shares of the utilities provider’s stock valued at $11,601,000 after purchasing an additional 170,829 shares during the last quarter. Westerly Capital Management LLC bought a new position in TransAlta during the second quarter worth $8,281,000. Finally, Balyasny Asset Management L.P. boosted its position in TransAlta by 418.8% during the second quarter. Balyasny Asset Management L.P. now owns 295,347 shares of the utilities provider’s stock worth $3,186,000 after purchasing an additional 238,422 shares during the period. 59.00% of the stock is owned by institutional investors and hedge funds.

TransAlta Trading Down 0.1%

Shares of TAC stock opened at $13.72 on Friday. The stock has a market cap of $4.34 billion, a P/E ratio of -25.42 and a beta of 0.69. TransAlta Corporation has a 1 year low of $10.28 and a 1 year high of $17.88. The company has a current ratio of 0.76, a quick ratio of 0.70 and a debt-to-equity ratio of 6.61. The stock has a 50 day simple moving average of $13.14 and a 200 day simple moving average of $13.09.

TransAlta (NYSE:TAC) (TSE:TA) last posted its quarterly earnings data on Wednesday, May 6th. The utilities provider reported $0.04 EPS for the quarter, topping analysts’ consensus estimates of $0.01 by $0.03. The firm had revenue of $406.19 million for the quarter, compared to analyst estimates of $436.36 million. TransAlta had a positive return on equity of 9.52% and a negative net margin of 9.46%. On average, research analysts predict that TransAlta Corporation will post 0.22 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Scotiabank upgraded shares of TransAlta to a “strong-buy” rating in a report on Wednesday, June 10th. National Bank Financial raised shares of TransAlta from a “sector perform” rating to an “outperform” rating in a report on Tuesday, March 24th. TD Cowen began coverage on shares of TransAlta in a report on Wednesday, June 10th. They set a “buy” rating for the company. BMO Capital Markets assumed coverage on shares of TransAlta in a research note on Wednesday, June 10th. They issued an “outperform” rating on the stock. Finally, Royal Bank Of Canada reissued an “outperform” rating and issued a $24.00 price target on shares of TransAlta in a report on Tuesday, March 24th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $22.25.

TransAlta Profile

TransAlta Corporation, originally founded in 1909 as Calgary Power Company Ltd., is a publicly traded energy company specializing in the development, ownership and operation of power generation and transmission assets. Headquartered in Calgary, Alberta, TransAlta has grown from its early hydroelectric roots into a diversified energy provider with a multi-fuel generating fleet.

The company’s core business activities encompass power generation, asset management and energy trading services.