Zacks Investment Research Downgrades Atlantica Yield PLC (ABY) to Hold

Atlantica Yield PLC (NASDAQ:ABY) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Monday.

According to Zacks, “Atlantica Yield Plc owns, manages and acquires a diversified portfolio of contracted assets in the power and environment sectors. It operates primarily in North America, South America and Europe. Atlantica Yield Plc, formerly known as Abengoa Yield plc, is based in Brentford, the United Kingdom. “

Several other research firms also recently issued reports on ABY. BidaskClub raised Atlantica Yield PLC from a “sell” rating to a “hold” rating in a research note on Tuesday, August 1st. ValuEngine raised Atlantica Yield PLC from a “sell” rating to a “hold” rating in a research note on Friday, June 2nd. Finally, TheStreet raised Atlantica Yield PLC from a “d” rating to a “c-” rating in a research note on Monday, June 12th. One analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $22.80.

Atlantica Yield PLC (ABY) opened at 20.56 on Monday. The company has a market cap of $2.06 billion, a price-to-earnings ratio of 66.32 and a beta of 1.12. The stock has a 50 day moving average of $21.22 and a 200 day moving average of $20.83. Atlantica Yield PLC has a 52 week low of $16.55 and a 52 week high of $22.87.

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Several institutional investors have recently made changes to their positions in ABY. Teachers Advisors LLC grew its stake in shares of Atlantica Yield PLC by 4.4% during the 4th quarter. Teachers Advisors LLC now owns 103,088 shares of the utilities provider’s stock worth $1,995,000 after acquiring an additional 4,385 shares during the period. State of New Jersey Common Pension Fund D boosted its stake in Atlantica Yield PLC by 39.4% in the 1st quarter. State of New Jersey Common Pension Fund D now owns 36,169 shares of the utilities provider’s stock worth $758,000 after purchasing an additional 10,226 shares during the period. Russell Investments Group Ltd. bought a new position in Atlantica Yield PLC in the 1st quarter worth about $435,000. First Trust Advisors LP boosted its stake in Atlantica Yield PLC by 7.4% in the 1st quarter. First Trust Advisors LP now owns 96,809 shares of the utilities provider’s stock worth $2,029,000 after purchasing an additional 6,639 shares during the period. Finally, Bank of New York Mellon Corp boosted its stake in Atlantica Yield PLC by 7.4% in the 1st quarter. Bank of New York Mellon Corp now owns 225,808 shares of the utilities provider’s stock worth $4,733,000 after purchasing an additional 15,489 shares during the period. 47.79% of the stock is owned by hedge funds and other institutional investors.

Atlantica Yield PLC Company Profile

Atlantica Yield plc, formerly Abengoa Yield plc, is a total return company. The Company owns, manages, and acquires renewable energy, conventional power, electric transmission lines and water assets, focused on North America (the United States and Mexico), South America (Peru, Chile, Brazil and Uruguay) and Europe, Middle East and Africa (Spain, Algeria and South Africa).

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