BidaskClub cut shares of TransAlta Corporation (NYSE:TAC) (TSE:TA) from a buy rating to a hold rating in a research report released on Wednesday morning.
A number of other equities research analysts also recently issued reports on the stock. Zacks Investment Research downgraded shares of TransAlta Corporation from a hold rating to a strong sell rating in a research report on Friday, May 12th. TheStreet downgraded shares of TransAlta Corporation from a c rating to a d+ rating in a research report on Friday, May 5th. Six research analysts have rated the stock with a hold rating, The stock has a consensus rating of Hold and an average target price of $7.00.
Shares of TransAlta Corporation (NYSE:TAC) opened at 6.20 on Wednesday. TransAlta Corporation has a 52 week low of $3.75 and a 52 week high of $6.60. The stock’s 50 day moving average is $6.36 and its 200 day moving average is $5.77. The stock has a market capitalization of $1.78 billion, a PE ratio of 72.94 and a beta of 0.71.
The business also recently announced a quarterly dividend, which will be paid on Sunday, October 1st. Shareholders of record on Friday, September 1st will be given a $0.0314 dividend. This is an increase from TransAlta Corporation’s previous quarterly dividend of $0.03. The ex-dividend date is Wednesday, August 30th. This represents a $0.13 dividend on an annualized basis and a yield of 2.03%. TransAlta Corporation’s dividend payout ratio is presently 133.35%.
Large investors have recently added to or reduced their stakes in the company. CIBC Asset Management Inc increased its stake in TransAlta Corporation by 37.5% in the second quarter. CIBC Asset Management Inc now owns 17,645,218 shares of the utilities provider’s stock worth $112,669,000 after buying an additional 4,809,107 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in TransAlta Corporation by 2,971.4% in the second quarter. Goldman Sachs Group Inc. now owns 3,269,002 shares of the utilities provider’s stock worth $20,922,000 after buying an additional 3,162,567 shares during the last quarter. Sentry Investments Corp. bought a new stake in TransAlta Corporation during the second quarter worth about $8,986,000. Acadian Asset Management LLC increased its stake in TransAlta Corporation by 326.7% in the first quarter. Acadian Asset Management LLC now owns 1,241,200 shares of the utilities provider’s stock worth $7,279,000 after buying an additional 950,300 shares during the last quarter. Finally, TD Asset Management Inc. increased its stake in TransAlta Corporation by 8.4% in the first quarter. TD Asset Management Inc. now owns 8,978,952 shares of the utilities provider’s stock worth $52,649,000 after buying an additional 694,653 shares during the last quarter. Institutional investors own 50.86% of the company’s stock.
About TransAlta Corporation
TransAlta Corporation (TransAlta) is a non-regulated electricity generation and energy marketing company with an aggregate net ownership interest of approximately 8,720 megawatts of generating capacity. The Company is engaged in the production and sale of electric energy. It focuses on generating and marketing electricity in Canada, the United States and Western Australia through its diversified portfolio of facilities fuelled by coal, natural gas, diesel, hydro, wind and solar.
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