Timelo Investment Management Inc. Acquires Shares of 60,000 TransAlta Corporation $TAC

Timelo Investment Management Inc. acquired a new stake in shares of TransAlta Corporation (NYSE:TAC) (TSE:TA) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 60,000 shares of the utilities provider’s stock, valued at approximately $647,000. TransAlta comprises 0.9% of Timelo Investment Management Inc.’s holdings, making the stock its 10th largest position.

Other institutional investors have also modified their holdings of the company. Invesco Ltd. raised its stake in shares of TransAlta by 1,150.1% during the 1st quarter. Invesco Ltd. now owns 904,342 shares of the utilities provider’s stock valued at $8,456,000 after buying an additional 832,000 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new position in shares of TransAlta in the 2nd quarter valued at about $1,039,000. Canada Pension Plan Investment Board acquired a new stake in TransAlta in the 1st quarter worth about $4,200,000. Nuveen LLC acquired a new stake in TransAlta in the 1st quarter worth about $2,056,000. Finally, Russell Investments Group Ltd. boosted its holdings in TransAlta by 25.2% in the 1st quarter. Russell Investments Group Ltd. now owns 70,824 shares of the utilities provider’s stock worth $661,000 after buying an additional 14,256 shares during the last quarter. Hedge funds and other institutional investors own 59.00% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. TD Securities reiterated a “buy” rating and issued a $20.00 price objective (up from $19.00) on shares of TransAlta in a report on Tuesday, August 5th. CIBC reiterated an “outperform” rating on shares of TransAlta in a report on Monday, October 20th. Weiss Ratings reiterated a “sell (d+)” rating on shares of TransAlta in a report on Wednesday, October 8th. Scotiabank reiterated an “outperform” rating on shares of TransAlta in a report on Monday, October 6th. Finally, Zacks Research cut TransAlta from a “strong-buy” rating to a “hold” rating in a report on Friday, October 3rd. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, TransAlta currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.88.

TransAlta Stock Down 5.4%

Shares of TAC opened at $16.68 on Wednesday. TransAlta Corporation has a 52-week low of $7.82 and a 52-week high of $17.88. The company has a market capitalization of $4.95 billion, a PE ratio of -39.70 and a beta of 0.79. The stock has a fifty day simple moving average of $14.63 and a two-hundred day simple moving average of $12.09. The company has a quick ratio of 0.72, a current ratio of 0.79 and a debt-to-equity ratio of 4.98.

TransAlta Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 1st. Shareholders of record on Monday, December 1st will be paid a $0.065 dividend. The ex-dividend date of this dividend is Monday, December 1st. This represents a $0.26 dividend on an annualized basis and a dividend yield of 1.6%. TransAlta’s dividend payout ratio (DPR) is -42.86%.

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.