TransAlta (NYSE:TAC) Reaches New 52-Week High – Here’s Why

Shares of TransAlta Co. (NYSE:TAC) (TSE:TA) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $13.97 and last traded at $13.78, with a volume of 126369 shares. The stock had previously closed at $13.48.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Scotiabank upgraded TransAlta to a “strong-buy” rating in a research note on Thursday. StockNews.com lowered TransAlta from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, November 6th. Finally, Desjardins reiterated a “hold” rating on shares of TransAlta in a research note on Wednesday, November 6th.

TransAlta Price Performance

The stock has a market cap of $3.94 billion, a PE ratio of 36.43 and a beta of 0.91. The company has a debt-to-equity ratio of 2.94, a current ratio of 0.74 and a quick ratio of 0.67. The firm’s 50 day moving average price is $10.62 and its two-hundred day moving average price is $8.87.

TransAlta Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 1st. Shareholders of record on Sunday, December 1st will be issued a dividend of $0.044 per share. The ex-dividend date is Friday, November 29th. This represents a $0.18 dividend on an annualized basis and a yield of 1.33%. TransAlta’s payout ratio is 48.65%.

Institutional Investors Weigh In On TransAlta

Several institutional investors have recently made changes to their positions in TAC. Rubric Capital Management LP lifted its holdings in shares of TransAlta by 20.0% in the third quarter. Rubric Capital Management LP now owns 5,622,961 shares of the utilities provider’s stock worth $58,254,000 after buying an additional 935,803 shares in the last quarter. FMR LLC lifted its stake in TransAlta by 9.8% in the 3rd quarter. FMR LLC now owns 4,593,023 shares of the utilities provider’s stock worth $47,613,000 after purchasing an additional 408,184 shares in the last quarter. National Bank of Canada FI boosted its holdings in TransAlta by 9.0% in the 2nd 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. Yaupon Capital Management LP grew its position in shares of TransAlta by 69.9% during the 3rd quarter. Yaupon Capital Management LP now owns 2,685,955 shares of the utilities provider’s stock valued at $27,840,000 after purchasing an additional 1,105,191 shares in the last quarter. Finally, Intact Investment Management Inc. increased its holdings in shares of TransAlta by 5.6% in the second quarter. Intact Investment Management Inc. now owns 1,912,250 shares of the utilities provider’s stock worth $13,557,000 after purchasing an additional 101,200 shares during the period. Hedge funds and other institutional investors own 59.00% of the company’s stock.

About TransAlta

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.