CIBC Downgrades TransAlta (NYSE:TAC) to Neutral

TransAlta (NYSE:TAC) (TSE:TA) was downgraded by research analysts at CIBC from a “sector outperform” rating to a “neutral” rating in a research note issued on Wednesday,Briefing.com Automated Import reports.

A number of other brokerages have also weighed in on TAC. Scotiabank upgraded shares of TransAlta to a “strong-buy” rating in a report on Thursday, December 5th. Desjardins restated a “hold” rating on shares of TransAlta in a research note on Wednesday, November 6th. Finally, StockNews.com cut TransAlta from a “buy” rating to a “hold” rating in a research report on Saturday.

TransAlta Stock Down 3.2 %

NYSE:TAC opened at $13.61 on Wednesday. The company has a debt-to-equity ratio of 2.94, a quick ratio of 0.67 and a current ratio of 0.74. The firm has a market cap of $4.06 billion, a P/E ratio of 36.78 and a beta of 0.84. TransAlta has a fifty-two week low of $5.94 and a fifty-two week high of $14.64. The firm has a 50-day simple moving average of $12.10 and a two-hundred day simple moving average of $9.88.

Institutional Investors Weigh In On TransAlta

A number of large investors have recently added to or reduced their stakes in the stock. Jupiter Asset Management Ltd. lifted its holdings in shares of TransAlta by 8.9% during the 2nd quarter. Jupiter Asset Management Ltd. now owns 640,828 shares of the utilities provider’s stock valued at $4,543,000 after buying an additional 52,328 shares during the period. Vanguard Personalized Indexing Management LLC lifted its holdings in TransAlta by 112.7% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 34,683 shares of the utilities provider’s stock valued at $246,000 after acquiring an additional 18,379 shares during the period. Skandinaviska Enskilda Banken AB publ lifted its holdings in TransAlta by 122.7% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 143,400 shares of the utilities provider’s stock valued at $1,015,000 after acquiring an additional 79,000 shares during the period. Clayton Partners LLC boosted its position in TransAlta by 2,293.5% in the second quarter. Clayton Partners LLC now owns 458,155 shares of the utilities provider’s stock worth $3,244,000 after purchasing an additional 439,013 shares during the last quarter. Finally, Evergreen Capital Management LLC bought a new stake in shares of TransAlta during the 2nd quarter valued at about $72,000. 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.