TransAlta Corporation (TAC) Receives $7.00 Consensus PT from Analysts
TransAlta Corporation (NYSE:TAC) (TSE:TA) has been assigned a consensus rating of “Hold” from the seven analysts that are presently covering the company, Marketbeat reports. Six equities research analysts have rated the stock with a hold rating. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $7.00.
Several brokerages have recently weighed in on TAC. BidaskClub upgraded TransAlta Corporation from a “hold” rating to a “buy” rating in a report on Saturday, July 1st. Zacks Investment Research cut TransAlta Corporation from a “buy” rating to a “hold” rating in a report on Wednesday, August 16th.
TransAlta Corporation (NYSE:TAC) traded up 1.63% during midday trading on Wednesday, hitting $6.25. The stock had a trading volume of 32,568 shares. TransAlta Corporation has a 12-month low of $3.75 and a 12-month high of $6.60. The company has a market cap of $1.80 billion, a PE ratio of 73.53 and a beta of 0.72. The firm has a 50-day moving average of $6.33 and a 200-day moving average of $5.79.
The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, October 1st. Investors of record on Friday, September 1st will be issued a $0.0314 dividend. The ex-dividend date is Wednesday, August 30th. This is a boost from TransAlta Corporation’s previous quarterly dividend of $0.03. This represents a $0.13 dividend on an annualized basis and a yield of 2.01%. TransAlta Corporation’s dividend payout ratio is currently 144.46%.
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Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. CIBC Asset Management Inc lifted its holdings 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 valued at $112,669,000 after acquiring an additional 4,809,107 shares during the last quarter. Sentry Investments Corp. acquired a new position in TransAlta Corporation in the second quarter valued at approximately $8,986,000. Canada Pension Plan Investment Board lifted its holdings in TransAlta Corporation by 12.1% in the second quarter. Canada Pension Plan Investment Board now owns 2,831,139 shares of the utilities provider’s stock valued at $18,072,000 after acquiring an additional 305,939 shares during the last quarter. Wellington Management Group LLP acquired a new position in TransAlta Corporation in the first quarter valued at approximately $110,000. Finally, Parametric Portfolio Associates LLC lifted its holdings in TransAlta Corporation by 9.9% in the first quarter. Parametric Portfolio Associates LLC now owns 30,854 shares of the utilities provider’s stock valued at $180,000 after acquiring an additional 2,787 shares during the last quarter. Hedge funds and other institutional investors own 50.62% 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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