TransAlta (NYSE:TAC) Reaches New 52-Week High – Here’s What Happened

TransAlta Co. (NYSE:TAC) (TSE:TA)’s share price reached a new 52-week high during trading on Tuesday . The company traded as high as $10.78 and last traded at $10.67, with a volume of 462699 shares. The stock had previously closed at $10.29.

Wall Street Analysts Forecast Growth

TAC has been the topic of a number of recent analyst reports. StockNews.com lowered TransAlta from a “strong-buy” rating to a “buy” rating in a research note on Wednesday. Desjardins reaffirmed a “hold” rating on shares of TransAlta in a research note on Wednesday.

TransAlta Stock Performance

The firm has a market capitalization of $3.11 billion, a P/E ratio of 6.90 and a beta of 0.92. The stock has a fifty day simple moving average of $9.93 and a two-hundred day simple moving average of $8.25. The company has a debt-to-equity ratio of 3.43, a current ratio of 0.84 and a quick ratio of 0.75.

TransAlta Announces Dividend

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

Institutional Investors Weigh In On TransAlta

Several hedge funds and other institutional investors have recently modified their holdings of the company. Blue Trust Inc. boosted its position in shares of TransAlta by 1,381.5% during the second quarter. Blue Trust Inc. now owns 4,237 shares of the utilities provider’s stock valued at $30,000 after buying an additional 3,951 shares during the last quarter. Financial Management Professionals Inc. purchased a new position in shares of TransAlta during the third quarter valued at approximately $42,000. Mather Group LLC. purchased a new position in shares of TransAlta during the second quarter valued at approximately $64,000. Janney Montgomery Scott LLC purchased a new position in shares of TransAlta during the first quarter valued at approximately $66,000. Finally, Evergreen Capital Management LLC purchased a new position in shares of TransAlta during the second quarter valued at approximately $72,000. Institutional investors own 59.00% of the company’s stock.

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.