CIBC Asset Management Inc Cuts Stake in TransAlta Co. (NYSE:TAC)

CIBC Asset Management Inc lessened its holdings in TransAlta Co. (NYSE:TAC) (TSE:TA) by 47.2% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 2,016,775 shares of the utilities provider’s stock after selling 1,802,385 shares during the quarter. CIBC Asset Management Inc’s holdings in TransAlta were worth $20,915,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. National Bank of Canada FI boosted its holdings in TransAlta by 9.0% in the second quarter. National Bank of Canada FI now owns 3,618,296 shares of the utilities provider’s stock valued at $25,267,000 after purchasing an additional 299,594 shares during the period. Intact Investment Management Inc. increased its stake in shares of TransAlta by 5.6% during the second quarter. Intact Investment Management Inc. now owns 1,912,250 shares of the utilities provider’s stock worth $13,557,000 after buying an additional 101,200 shares during the period. The Manufacturers Life Insurance Company raised its holdings in TransAlta by 22.3% in the second quarter. The Manufacturers Life Insurance Company now owns 929,631 shares of the utilities provider’s stock valued at $6,582,000 after acquiring an additional 169,219 shares in the last quarter. Acadian Asset Management LLC lifted 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 worth $4,131,000 after acquiring an additional 269,444 shares during the last quarter. Finally, Jupiter Asset Management Ltd. increased its position in shares of TransAlta by 8.9% in the 2nd quarter. Jupiter Asset Management Ltd. now owns 640,828 shares of the utilities provider’s stock valued at $4,543,000 after purchasing an additional 52,328 shares during the last quarter. Institutional investors and hedge funds own 59.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on TAC shares. Desjardins reiterated a “hold” rating on shares of TransAlta in a research note on Wednesday, November 6th. StockNews.com downgraded TransAlta from a “strong-buy” rating to a “buy” rating in a report on Wednesday, November 6th.

TransAlta Stock Performance

Shares of TransAlta stock opened at $10.26 on Friday. The firm has a market capitalization of $3.06 billion, a P/E ratio of 27.73 and a beta of 0.92. The company has a quick ratio of 0.67, a current ratio of 0.74 and a debt-to-equity ratio of 2.94. TransAlta Co. has a 52 week low of $5.94 and a 52 week high of $11.10. The firm’s 50 day moving average is $10.10 and its two-hundred day moving average is $8.39.

TransAlta Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Sunday, December 1st will be given a $0.044 dividend. The ex-dividend date is Friday, November 29th. This represents a $0.18 dividend on an annualized basis and a yield of 1.72%. TransAlta’s dividend payout ratio (DPR) is presently 45.95%.

TransAlta 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.