TransAlta (NYSE:TAC) Cut to Hold at StockNews.com

StockNews.com downgraded shares of TransAlta (NYSE:TAC) (TSE:TA) from a buy rating to a hold rating in a report published on Saturday morning.

A number of other research firms have also recently weighed in on TAC. Scotiabank upgraded TransAlta to a “strong-buy” rating in a research note on Thursday, December 5th. Desjardins reiterated a “hold” rating on shares of TransAlta in a research report on Wednesday, November 6th.

TransAlta Stock Performance

NYSE:TAC opened at $14.05 on Friday. The company has a debt-to-equity ratio of 2.94, a quick ratio of 0.67 and a current ratio of 0.74. The company has a 50 day moving average price of $12.10 and a 200 day moving average price of $9.88. TransAlta has a fifty-two week low of $5.94 and a fifty-two week high of $14.64. The stock has a market capitalization of $4.19 billion, a P/E ratio of 37.97 and a beta of 0.84.

TransAlta Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Saturday, March 1st will be given a dividend of $0.0423 per share. This represents a $0.17 annualized dividend and a yield of 1.21%. The ex-dividend date is Friday, February 28th. TransAlta’s dividend payout ratio (DPR) is 45.95%.

Institutional Investors Weigh In On TransAlta

Large investors have recently made changes to their positions in the business. Financial Management Professionals Inc. purchased a new stake in TransAlta during the 3rd quarter worth approximately $42,000. Quantbot Technologies LP acquired a new stake in TransAlta in the 3rd quarter valued at approximately $61,000. Evergreen Capital Management LLC bought a new stake in shares of TransAlta during the second quarter valued at about $72,000. Entropy Technologies LP bought a new stake in shares of TransAlta during the 3rd quarter worth about $130,000. Finally, Allspring Global Investments Holdings LLC bought a new stake in TransAlta during the second quarter worth approximately $172,000. Institutional investors and hedge funds own 59.00% of the company’s stock.

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.