Corrado Advisors LLC Sells 5,767 Shares of Algonquin Power & Utilities Corp. (NYSE:AQN)

Corrado Advisors LLC lessened its position in Algonquin Power & Utilities Corp. (NYSE:AQN) by 2.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 219,938 shares of the utilities provider’s stock after selling 5,767 shares during the quarter. Corrado Advisors LLC’s holdings in Algonquin Power & Utilities were worth $1,390,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in AQN. Pacifica Partners Inc. lifted its holdings in shares of Algonquin Power & Utilities by 1,975.0% in the 4th quarter. Pacifica Partners Inc. now owns 4,150 shares of the utilities provider’s stock worth $26,000 after acquiring an additional 3,950 shares during the last quarter. Stonehage Fleming Financial Services Holdings Ltd bought a new stake in shares of Algonquin Power & Utilities in the 3rd quarter worth about $28,000. CTC Alternative Strategies Ltd. bought a new stake in shares of Algonquin Power & Utilities in the 3rd quarter worth about $62,000. SG Americas Securities LLC bought a new stake in shares of Algonquin Power & Utilities in the 4th quarter worth about $64,000. Finally, Kingswood Wealth Advisors LLC bought a new stake in shares of Algonquin Power & Utilities in the 3rd quarter worth about $70,000. Institutional investors own 62.28% of the company’s stock.

Algonquin Power & Utilities Stock Up 1.4 %

NYSE AQN traded up $0.08 during trading on Tuesday, reaching $6.16. 6,250,702 shares of the company’s stock traded hands, compared to its average volume of 4,830,579. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.63 and a quick ratio of 0.50. The firm has a market cap of $4.24 billion, a price-to-earnings ratio of 205.00 and a beta of 0.66. The company’s 50 day simple moving average is $6.03 and its two-hundred day simple moving average is $5.98. Algonquin Power & Utilities Corp. has a 12-month low of $4.90 and a 12-month high of $9.14.

Algonquin Power & Utilities (NYSE:AQN) last issued its quarterly earnings data on Friday, March 8th. The utilities provider reported $0.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.14 by $0.02. Algonquin Power & Utilities had a net margin of 1.06% and a return on equity of 5.64%. The firm had revenue of $666.90 million for the quarter, compared to the consensus estimate of $661.73 million. During the same quarter in the previous year, the firm earned $0.22 EPS. The company’s quarterly revenue was down 10.8% compared to the same quarter last year. As a group, sell-side analysts forecast that Algonquin Power & Utilities Corp. will post 0.49 EPS for the current fiscal year.

Algonquin Power & Utilities Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were given a $0.1085 dividend. This represents a $0.43 dividend on an annualized basis and a dividend yield of 7.05%. The ex-dividend date of this dividend was Wednesday, March 27th. Algonquin Power & Utilities’s payout ratio is currently 1,433.33%.

Wall Street Analyst Weigh In

AQN has been the subject of several analyst reports. StockNews.com upgraded shares of Algonquin Power & Utilities to a “sell” rating in a report on Wednesday, April 17th. CIBC raised their price target on shares of Algonquin Power & Utilities from $7.00 to $7.50 and gave the stock a “neutral” rating in a research note on Tuesday, January 9th. TD Securities raised their price target on shares of Algonquin Power & Utilities from $6.00 to $6.50 and gave the stock a “hold” rating in a research note on Monday, March 11th. Desjardins raised shares of Algonquin Power & Utilities from a “sell” rating to a “hold” rating and raised their price target for the stock from $4.75 to $5.75 in a research note on Monday, March 11th. Finally, National Bankshares reduced their price target on shares of Algonquin Power & Utilities from $7.50 to $7.25 and set a “sector perform” rating on the stock in a research note on Tuesday, January 9th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $7.67.

Algonquin Power & Utilities Company Profile

Algonquin Power & Utilities Corp. operates in the power and utility industries in the United States, Canada, and other regions. The company operates in two segments, Regulated Services Group and Renewable Energy Group. The company primarily owns and operates a regulated electric, water distribution and wastewater collection, and natural gas utility systems and transmission operations.