Roosevelt Investment Group LLC Makes New Investment in Algonquin Power & Utilities Corp. (NYSE:AQN)

Roosevelt Investment Group LLC acquired a new stake in shares of Algonquin Power & Utilities Corp. (NYSE:AQN) during the second quarter, HoldingsChannel reports. The fund acquired 10,565 shares of the utilities provider’s stock, valued at approximately $157,000.

Other large investors also recently made changes to their positions in the company. Bank of Montreal Can raised its stake in Algonquin Power & Utilities by 3.6% during the 1st quarter. Bank of Montreal Can now owns 40,886,103 shares of the utilities provider’s stock worth $670,940,000 after acquiring an additional 1,432,148 shares during the period. Toronto Dominion Bank boosted its position in shares of Algonquin Power & Utilities by 12.5% in the second quarter. Toronto Dominion Bank now owns 18,382,848 shares of the utilities provider’s stock worth $295,414,000 after purchasing an additional 2,038,891 shares during the period. Mackenzie Financial Corp increased its stake in shares of Algonquin Power & Utilities by 58.4% in the second quarter. Mackenzie Financial Corp now owns 7,377,780 shares of the utilities provider’s stock worth $109,822,000 after purchasing an additional 2,720,876 shares in the last quarter. Mufg Securities Canada LTD. raised its position in shares of Algonquin Power & Utilities by 219.9% during the 2nd quarter. Mufg Securities Canada LTD. now owns 5,818,670 shares of the utilities provider’s stock valued at $86,793,000 after purchasing an additional 4,000,030 shares during the period. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its stake in shares of Algonquin Power & Utilities by 108.2% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 4,940,318 shares of the utilities provider’s stock valued at $73,598,000 after buying an additional 2,567,151 shares in the last quarter. Institutional investors own 42.27% of the company’s stock.

A number of equities research analysts have commented on the company. Credit Suisse Group decreased their price target on Algonquin Power & Utilities from C$17.50 to C$16.50 and set a “neutral” rating on the stock in a report on Tuesday, May 25th. Zacks Investment Research upgraded shares of Algonquin Power & Utilities from a “sell” rating to a “hold” rating in a research report on Tuesday, August 17th. Morgan Stanley upped their target price on shares of Algonquin Power & Utilities from $16.00 to $16.50 and gave the stock an “equal weight” rating in a research report on Thursday, August 19th. Finally, Raymond James reissued an “outperform” rating on shares of Algonquin Power & Utilities in a report on Monday, August 16th. One analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $17.00.

Algonquin Power & Utilities stock traded up $0.01 during midday trading on Wednesday, reaching $15.22. The stock had a trading volume of 5,291 shares, compared to its average volume of 1,561,175. The company has a quick ratio of 0.52, a current ratio of 0.62 and a debt-to-equity ratio of 0.94. The firm has a market cap of $9.40 billion, a price-to-earnings ratio of 13.70, a price-to-earnings-growth ratio of 2.55 and a beta of 0.37. Algonquin Power & Utilities Corp. has a 52-week low of $13.82 and a 52-week high of $17.86. The company has a fifty day moving average of $15.55 and a 200 day moving average of $15.63.

Algonquin Power & Utilities (NYSE:AQN) last announced its quarterly earnings data on Wednesday, August 11th. The utilities provider reported $0.15 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.13 by $0.02. The company had revenue of $527.52 million for the quarter, compared to the consensus estimate of $444.52 million. Algonquin Power & Utilities had a return on equity of 7.59% and a net margin of 33.35%. Equities research analysts predict that Algonquin Power & Utilities Corp. will post 0.71 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 15th. Investors of record on Thursday, September 30th will be paid a $0.1706 dividend. The ex-dividend date of this dividend is Wednesday, September 29th. This represents a $0.68 annualized dividend and a yield of 4.48%. Algonquin Power & Utilities’s dividend payout ratio (DPR) is currently 106.25%.

About Algonquin Power & Utilities

Algonquin Power & Utilities Corp. operates as a diversified utility company. The firm engages in the ownership and operation of a portfolio of regulated and non-regulated generation, distribution and transmission utility assets. It operates through the following segments: Regulated Services Group, and Renewable Energy Group.

Further Reading: Liquidity

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Institutional Ownership by Quarter for Algonquin Power & Utilities (NYSE:AQN)

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