TransAlta (NYSE:TAC) Sets New 52-Week High – Time to Buy?

TransAlta Co. (NYSE:TAC) (TSE:TA)’s stock price reached a new 52-week high on Tuesday . The stock traded as high as $11.71 and last traded at $11.64, with a volume of 253279 shares trading hands. The stock had previously closed at $11.59.

Analyst Upgrades and Downgrades

TAC has been the subject of several analyst reports. Desjardins reiterated a “hold” rating on shares of TransAlta in a research note on Wednesday, November 6th. StockNews.com downgraded shares of TransAlta from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, November 6th.

TransAlta Stock Performance

The company has a market capitalization of $3.46 billion, a price-to-earnings ratio of 31.46 and a beta of 0.91. The firm has a fifty day simple moving average of $10.46 and a 200 day simple moving average of $8.73. The company has a debt-to-equity ratio of 2.94, a current ratio of 0.74 and a quick ratio of 0.67.

TransAlta Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Sunday, December 1st will be issued a $0.044 dividend. This represents a $0.18 annualized dividend and a yield of 1.52%. The ex-dividend date of this dividend is Friday, November 29th. TransAlta’s payout ratio is presently 45.95%.

Hedge Funds Weigh In On TransAlta

Several hedge funds and other institutional investors have recently added to or reduced their stakes in TAC. Clear Harbor Asset Management LLC acquired a new position in shares of TransAlta during the 2nd quarter worth about $514,000. Skandinaviska Enskilda Banken AB publ raised its holdings in shares of TransAlta by 122.7% during the second quarter. Skandinaviska Enskilda Banken AB publ now owns 143,400 shares of the utilities provider’s stock valued at $1,015,000 after acquiring an additional 79,000 shares during the last quarter. Clayton Partners LLC lifted its position in shares of TransAlta by 2,293.5% in the second quarter. Clayton Partners LLC now owns 458,155 shares of the utilities provider’s stock valued at $3,244,000 after acquiring an additional 439,013 shares in the last quarter. Rubric Capital Management LP boosted its stake in shares of TransAlta by 20.0% in the third quarter. Rubric Capital Management LP now owns 5,622,961 shares of the utilities provider’s stock worth $58,254,000 after acquiring an additional 935,803 shares during the last quarter. Finally, National Bank of Canada FI increased its position in shares of TransAlta by 9.0% during the second quarter. National Bank of Canada FI now owns 3,618,296 shares of the utilities provider’s stock worth $25,267,000 after purchasing an additional 299,594 shares in the last quarter. 59.00% of the stock is owned by hedge funds and other institutional investors.

About TransAlta

TransAlta Corporation engages in the development, production, and sale of electric energy. It operates through Hydro, Wind and Solar, Gas, Energy Transition, and Energy Marketing segments. The Hydro segment holds interest of approximately 922 megawatts (MW) of owned hydroelectric generating capacity located in Alberta, British Columbia, and Ontario.