TransAlta (NYSE:TAC) Downgraded by StockNews.com to Buy

StockNews.com downgraded shares of TransAlta (NYSE:TAC) (TSE:TA) from a strong-buy rating to a buy rating in a research note published on Wednesday.

Separately, Desjardins reaffirmed a “hold” rating on shares of TransAlta in a research report on Wednesday.

TransAlta Stock Down 5.8 %

Shares of TransAlta stock opened at $10.43 on Wednesday. The company has a debt-to-equity ratio of 3.43, a current ratio of 0.84 and a quick ratio of 0.75. The company has a market capitalization of $3.11 billion, a P/E ratio of 6.90 and a beta of 0.92. TransAlta has a 1 year low of $5.94 and a 1 year high of $11.10. The business has a 50-day moving average of $9.93 and a two-hundred day moving average of $8.25.

TransAlta Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Sunday, December 1st will be paid a $0.044 dividend. This represents a $0.18 dividend on an annualized basis and a dividend yield of 1.69%. The ex-dividend date is Friday, November 29th. TransAlta’s dividend payout ratio is 11.26%.

Institutional Trading of TransAlta

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Clear Harbor Asset Management LLC purchased a new position in shares of TransAlta in the 2nd quarter worth approximately $514,000. Jupiter Asset Management Ltd. bought a new position in shares of TransAlta in the first quarter worth $3,779,000. Skandinaviska Enskilda Banken AB publ increased its holdings in shares of TransAlta by 122.7% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 143,400 shares of the utilities provider’s stock worth $1,015,000 after purchasing an additional 79,000 shares during the period. Clayton Partners LLC increased its stake in 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 during the last quarter. Finally, Acadian Asset Management LLC increased its stake in TransAlta by 71.9% in the first quarter. Acadian Asset Management LLC now owns 643,988 shares of the utilities provider’s stock valued at $4,131,000 after acquiring an additional 269,444 shares during the last quarter. 59.00% of the stock is owned by institutional investors.

TransAlta Company Profile

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.