Fintel reports that Starboard Value has filed a 13D/A form with the SEC disclosing ownership of 52.35MM shares of Algonquin Power & Utilities Corp (AQN). This represents 7.6% of the company.
In their previous filing dated July 7, 2023 they reported 34.89MM shares and 5.10% of the company, an increase in shares of 50.04% and an increase in total ownership of 2.50% (calculated as current – previous percent ownership).
Analyst Price Forecast Suggests 14.41% Downside
As of June 2, 2023, the average one-year price target for Algonquin Power & Utilities is 7.09. The forecasts range from a low of 5.21 to a high of $9.67. The average price target represents a decrease of 14.41% from its latest reported closing price of 8.28.
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The projected annual revenue for Algonquin Power & Utilities is 3,254MM. The projected annual non-GAAP EPS is 0.71.
What is the Fund Sentiment?
There are 451 funds or institutions reporting positions in Algonquin Power & Utilities. This is an increase of 12 owner(s) or 2.73% in the last quarter. Average portfolio weight of all funds dedicated to AQN is 0.24%, a decrease of 7.69%. Total shares owned by institutions increased in the last three months by 10.97% to 359,772K shares. The put/call ratio of AQN is 2.36, indicating a bearish outlook.
What are Other Shareholders Doing?
Bank Of Montreal holds 38,143K shares representing 5.54% ownership of the company. In it’s prior filing, the firm reported owning 48,056K shares, representing a decrease of 25.99%. The firm decreased its portfolio allocation in AQN by 46.09% over the last quarter.
EdgePoint Investment Group holds 31,341K shares representing 4.55% ownership of the company.
Royal Bank Of Canada holds 27,465K shares representing 3.99% ownership of the company. In it’s prior filing, the firm reported owning 22,764K shares, representing an increase of 17.12%. The firm increased its portfolio allocation in AQN by 53.24% over the last quarter.
Toronto Dominion Bank holds 15,117K shares representing 2.19% ownership of the company. In it’s prior filing, the firm reported owning 28,450K shares, representing a decrease of 88.20%. The firm decreased its portfolio allocation in AQN by 21.68% over the last quarter.
Bank Of Nova Scotia holds 14,354K shares representing 2.08% ownership of the company. In it’s prior filing, the firm reported owning 14,219K shares, representing an increase of 0.94%. The firm increased its portfolio allocation in AQN by 48.97% over the last quarter.
Algonquin Power & Utilities Background Information
(This description is provided by the company.)
Algonquin Power & Utilities Corp. is a Canadian renewable energy and regulated utility conglomerate with assets across North America. Algonquin actively invests in hydroelectric, wind and solar power facilities, and utility businesses, through its two operating subsidiaries: Liberty Power and Liberty Utilities.
This article originally appeared on Fintel
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