Greenland Capital Management LP Buys 93,976 Shares of TransAlta Corporation $TAC

Greenland Capital Management LP increased its stake in TransAlta Corporation (NYSE:TAC) (TSE:TA) by 107.8% in the 2nd quarter, Holdings Channel reports. The firm owned 181,126 shares of the utilities provider’s stock after purchasing an additional 93,976 shares during the period. Greenland Capital Management LP’s holdings in TransAlta were worth $1,950,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Caitong International Asset Management Co. Ltd lifted its stake in shares of TransAlta by 48,666.7% in the first quarter. Caitong International Asset Management Co. Ltd now owns 4,389 shares of the utilities provider’s stock worth $41,000 after buying an additional 4,380 shares during the last quarter. Entropy Technologies LP acquired a new position in shares of TransAlta during the 1st quarter worth about $119,000. Savant Capital LLC bought a new stake in TransAlta during the 2nd quarter valued at approximately $127,000. Ballentine Partners LLC bought a new position in TransAlta in the 2nd quarter worth approximately $134,000. Finally, Fox Run Management L.L.C. acquired a new position in shares of TransAlta during the second quarter worth approximately $140,000. Institutional investors and hedge funds own 59.00% of the company’s stock.

TransAlta Trading Up 1.2%

Shares of TAC stock opened at $14.42 on Wednesday. The company has a market capitalization of $4.28 billion, a P/E ratio of -34.32 and a beta of 0.80. TransAlta Corporation has a 12-month low of $7.82 and a 12-month high of $17.88. The company has a quick ratio of 0.72, a current ratio of 0.79 and a debt-to-equity ratio of 4.98. The firm has a 50-day moving average price of $15.21 and a 200 day moving average price of $12.53.

TransAlta (NYSE:TAC) (TSE:TA) last posted its quarterly earnings data on Thursday, November 6th. The utilities provider reported ($0.01) earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.07). The firm had revenue of $441.57 million for the quarter, compared to analyst estimates of $558.84 million. TransAlta had a negative return on equity of 2.06% and a negative net margin of 6.79%. Research analysts forecast that TransAlta Corporation will post 0.41 earnings per share for the current fiscal year.

TransAlta Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 1st. Investors of record on Monday, December 1st will be given a dividend of $0.065 per share. The ex-dividend date is Monday, December 1st. This represents a $0.26 annualized dividend and a yield of 1.8%. TransAlta’s dividend payout ratio is -37.50%.

Analysts Set New Price Targets

A number of analysts have weighed in on TAC shares. TD Securities reissued a “buy” rating and issued a $20.00 price target (up from $19.00) on shares of TransAlta in a report on Tuesday, August 5th. Zacks Research lowered TransAlta from a “hold” rating to a “strong sell” rating in a research note on Thursday, November 6th. CIBC restated an “outperform” rating on shares of TransAlta in a research report on Monday, October 20th. Scotiabank reiterated an “outperform” rating on shares of TransAlta in a research note on Monday, October 6th. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of TransAlta in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.88.

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.