TransAlta (NYSE:TAC) Lowered to Hold Rating by StockNews.com

StockNews.com downgraded shares of TransAlta (NYSE:TAC) (TSE:TA) from a buy rating to a hold rating in a research note issued to investors on Thursday.

A number of other analysts also recently commented on the company. Desjardins reiterated a “hold” rating on shares of TransAlta in a research report on Wednesday, November 6th. Scotiabank raised TransAlta to a “strong-buy” rating in a research report on Thursday, December 5th.

TransAlta Price Performance

Shares of TransAlta stock opened at $13.91 on Thursday. The firm has a fifty day moving average price of $11.18 and a two-hundred day moving average price of $9.25. TransAlta has a fifty-two week low of $5.94 and a fifty-two week high of $14.64. The company has a debt-to-equity ratio of 2.94, a current ratio of 0.74 and a quick ratio of 0.67. The company has a market cap of $4.15 billion, a PE ratio of 37.60 and a beta of 0.91.

TransAlta Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Saturday, March 1st will be paid a $0.0423 dividend. The ex-dividend date of this dividend is Friday, February 28th. This represents a $0.17 dividend on an annualized basis and a yield of 1.22%. TransAlta’s payout ratio is currently 45.95%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Blue Trust Inc. grew its holdings in shares of TransAlta by 1,381.5% in the 2nd quarter. Blue Trust Inc. now owns 4,237 shares of the utilities provider’s stock worth $30,000 after purchasing an additional 3,951 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new stake in TransAlta during the second quarter worth about $172,000. Signaturefd LLC increased its holdings in shares of TransAlta by 173.4% during the second quarter. Signaturefd LLC now owns 21,199 shares of the utilities provider’s stock worth $150,000 after buying an additional 13,444 shares in the last quarter. Sage Rhino Capital LLC bought a new position in shares of TransAlta in the second quarter valued at approximately $79,000. Finally, Intact Investment Management Inc. boosted its holdings in shares of TransAlta by 5.6% in the 2nd quarter. Intact Investment Management Inc. now owns 1,912,250 shares of the utilities provider’s stock worth $13,557,000 after acquiring an additional 101,200 shares in the last quarter. Institutional investors own 59.00% of the company’s stock.

About TransAlta

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.