Westchester Capital Management LLC Raises Position in Atlantica Sustainable Infrastructure plc (NASDAQ:AY)

Westchester Capital Management LLC boosted its position in shares of Atlantica Sustainable Infrastructure plc (NASDAQ:AY) by 305.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,143,722 shares of the utilities provider’s stock after buying an additional 861,541 shares during the period. Atlantica Sustainable Infrastructure accounts for about 1.1% of Westchester Capital Management LLC’s portfolio, making the stock its 20th largest holding. Westchester Capital Management LLC owned 0.99% of Atlantica Sustainable Infrastructure worth $25,139,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. BNP Paribas Financial Markets raised its position in shares of Atlantica Sustainable Infrastructure by 433.5% in the third quarter. BNP Paribas Financial Markets now owns 7,463 shares of the utilities provider’s stock valued at $164,000 after buying an additional 6,064 shares during the last quarter. Private Trust Co. NA grew its position in shares of Atlantica Sustainable Infrastructure by 362.1% in the third quarter. Private Trust Co. NA now owns 2,546 shares of the utilities provider’s stock valued at $56,000 after purchasing an additional 1,995 shares in the last quarter. Citigroup Inc. lifted its position in Atlantica Sustainable Infrastructure by 356.8% during the third quarter. Citigroup Inc. now owns 278,828 shares of the utilities provider’s stock worth $6,129,000 after buying an additional 217,790 shares in the last quarter. Alpine Associates Management Inc. boosted its stake in Atlantica Sustainable Infrastructure by 54.0% during the third quarter. Alpine Associates Management Inc. now owns 1,662,509 shares of the utilities provider’s stock worth $36,542,000 after buying an additional 582,821 shares during the last quarter. Finally, GSA Capital Partners LLP purchased a new stake in Atlantica Sustainable Infrastructure in the 3rd quarter valued at $1,356,000. Institutional investors and hedge funds own 40.53% of the company’s stock.

Analysts Set New Price Targets

Separately, StockNews.com assumed coverage on shares of Atlantica Sustainable Infrastructure in a research report on Saturday. They set a “sell” rating for the company. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $22.20.

Atlantica Sustainable Infrastructure Stock Performance

NASDAQ AY opened at $21.94 on Friday. The company has a debt-to-equity ratio of 3.36, a current ratio of 1.25 and a quick ratio of 1.20. The stock has a market capitalization of $2.55 billion, a P/E ratio of 75.66, a PEG ratio of 2.16 and a beta of 1.03. The firm’s 50-day moving average is $22.03 and its two-hundred day moving average is $22.09. Atlantica Sustainable Infrastructure plc has a 12 month low of $16.82 and a 12 month high of $23.47.

Atlantica Sustainable Infrastructure Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Friday, November 29th will be given a dividend of $0.2225 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $0.89 dividend on an annualized basis and a dividend yield of 4.06%. Atlantica Sustainable Infrastructure’s payout ratio is currently 613.81%.

Atlantica Sustainable Infrastructure Company Profile

Atlantica Sustainable Infrastructure plc owns, manages, and invests in renewable energy, storage, natural gas and heat, electric transmission lines, and water assets in North America, South America, Europe, the Middle East, and Africa. The company was formerly known as Atlantica Yield plc and changed its name to Atlantica Sustainable Infrastructure plc in May 2020.