Norges Bank Purchases New Position in Stantec Inc. (NYSE:STN)

Norges Bank acquired a new position in shares of Stantec Inc. (NYSE:STN) (TSE:STN) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 1,406,646 shares of the business services provider’s stock, valued at approximately $110,221,000. Norges Bank owned approximately 1.23% of Stantec at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of STN. Canoe Financial LP grew its holdings in Stantec by 1,011.1% during the 4th quarter. Canoe Financial LP now owns 83,755 shares of the business services provider’s stock valued at $6,567,000 after purchasing an additional 76,217 shares in the last quarter. Toronto Dominion Bank boosted its position in Stantec by 198.4% in the 3rd quarter. Toronto Dominion Bank now owns 378,119 shares of the business services provider’s stock valued at $30,405,000 after buying an additional 251,407 shares during the last quarter. Steward Partners Investment Advisory LLC grew its stake in shares of Stantec by 8.7% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 3,739 shares of the business services provider’s stock valued at $293,000 after acquiring an additional 300 shares in the last quarter. Point72 Asset Management L.P. purchased a new stake in shares of Stantec during the third quarter worth about $479,000. Finally, Geode Capital Management LLC lifted its stake in shares of Stantec by 9.7% in the third quarter. Geode Capital Management LLC now owns 523,581 shares of the business services provider’s stock worth $42,781,000 after acquiring an additional 46,267 shares in the last quarter. Hedge funds and other institutional investors own 63.86% of the company’s stock.

Stantec Price Performance

Shares of STN stock opened at $83.71 on Wednesday. The firm has a market cap of $9.55 billion, a P/E ratio of 38.05 and a beta of 1.04. The firm has a fifty day moving average of $80.62 and a two-hundred day moving average of $81.31. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.42 and a quick ratio of 1.42. Stantec Inc. has a 1-year low of $73.18 and a 1-year high of $90.24.

Stantec Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Friday, March 28th will be issued a $0.1574 dividend. This is a positive change from Stantec’s previous quarterly dividend of $0.16. This represents a $0.63 annualized dividend and a yield of 0.75%. The ex-dividend date of this dividend is Friday, March 28th. Stantec’s payout ratio is currently 26.61%.

Analyst Ratings Changes

Separately, Raymond James upgraded Stantec from a “market perform” rating to an “outperform” rating in a research note on Wednesday, February 26th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy”.

About Stantec

Stantec Inc provides professional services in the areas of infrastructure and facilities to the public and private sectors in Canada, the United States, and internationally. It offers evaluation, planning, and designing infrastructure solutions; solutions for sustainable water resources, planning, management, and infrastructure; environmental services; integrated architecture, engineering, interior design, and planning solutions for buildings; and energy and resources solutions.