Cidel Asset Management Inc. Sells 6,240 Shares of Algonquin Power & Utilities Corp. (NYSE:AQN)

Cidel Asset Management Inc. decreased its holdings in shares of Algonquin Power & Utilities Corp. (NYSE:AQN) by 0.2% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,493,771 shares of the utilities provider’s stock after selling 6,240 shares during the period. Cidel Asset Management Inc. owned 0.32% of Algonquin Power & Utilities worth $11,063,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Bank of Montreal Can increased its position in Algonquin Power & Utilities by 6.0% during the 3rd quarter. Bank of Montreal Can now owns 20,882,966 shares of the utilities provider’s stock valued at $115,175,000 after buying an additional 1,190,236 shares in the last quarter. EdgePoint Investment Group Inc. grew its stake in shares of Algonquin Power & Utilities by 5.1% in the third quarter. EdgePoint Investment Group Inc. now owns 17,190,084 shares of the utilities provider’s stock worth $93,918,000 after acquiring an additional 832,739 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its holdings in shares of Algonquin Power & Utilities by 45.5% during the third quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 12,959,770 shares of the utilities provider’s stock valued at $70,806,000 after acquiring an additional 4,054,711 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Algonquin Power & Utilities by 6.1% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 7,720,474 shares of the utilities provider’s stock worth $42,105,000 after purchasing an additional 447,246 shares during the last quarter. Finally, Private Management Group Inc. boosted its stake in Algonquin Power & Utilities by 161.2% in the 4th quarter. Private Management Group Inc. now owns 5,924,983 shares of the utilities provider’s stock worth $26,366,000 after purchasing an additional 3,656,840 shares in the last quarter. 62.28% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on AQN shares. JPMorgan Chase & Co. restated a “neutral” rating and set a $7.00 price objective on shares of Algonquin Power & Utilities in a research note on Thursday, December 12th. Royal Bank of Canada restated a “sector perform” rating and issued a $6.00 price objective on shares of Algonquin Power & Utilities in a report on Friday, October 11th. Wells Fargo & Company cut their target price on Algonquin Power & Utilities from $6.00 to $5.50 and set an “equal weight” rating on the stock in a research note on Wednesday, October 16th. Scotiabank reduced their target price on Algonquin Power & Utilities from $5.75 to $5.25 and set a “sector perform” rating for the company in a report on Friday, November 8th. Finally, CIBC lowered their price target on Algonquin Power & Utilities from $5.75 to $5.50 and set a “neutral” rating on the stock in a report on Tuesday, October 22nd. One analyst has rated the stock with a sell rating, ten have given a hold rating and one has given a strong buy rating to the stock. According to MarketBeat, Algonquin Power & Utilities has a consensus rating of “Hold” and a consensus target price of $6.13.

Algonquin Power & Utilities Trading Down 1.0 %

Shares of NYSE:AQN opened at $4.46 on Friday. The stock’s 50-day simple moving average is $4.50 and its two-hundred day simple moving average is $5.02. The stock has a market capitalization of $3.42 billion, a price-to-earnings ratio of -3.45 and a beta of 0.69. Algonquin Power & Utilities Corp. has a 52-week low of $4.19 and a 52-week high of $6.79. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.73 and a current ratio of 0.92.

Algonquin Power & Utilities (NYSE:AQN) last posted its quarterly earnings data on Thursday, November 7th. The utilities provider reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.01). Algonquin Power & Utilities had a positive return on equity of 5.22% and a negative net margin of 39.12%. The business had revenue of $573.20 million during the quarter, compared to analysts’ expectations of $620.46 million. During the same period in the previous year, the business posted $0.11 EPS. The business’s quarterly revenue was up 1.5% compared to the same quarter last year. Analysts expect that Algonquin Power & Utilities Corp. will post 0.38 EPS for the current year.

About Algonquin Power & Utilities

Algonquin Power & Utilities Corp. is an investment holding company, which engages in energy generation and water distribution facilities. It operates through the Regulated Services Group and Renewable Energy Group segments. The Regulated Services Group segment owns and operates a portfolio of electric, natural gas, water distribution, and wastewater collection utility systems and transmission.