TransAlta Corp. (NYSE:TAC) (TSE:TA) was upgraded by Royal Bank Of Canada from an “underperform” rating to a “sector perform” rating in a research report issued to clients and investors on Monday. The brokerage currently has a $6.00 price target on the stock. Royal Bank Of Canada’s price objective indicates a potential upside of 13.21% from the stock’s current price.
Separately, Zacks Investment Research upgraded TransAlta Corp. from a “hold” rating to a “buy” rating and set a $5.25 price target for the company in a research report on Friday, August 12th. One investment analyst has rated the stock with a sell rating and six have given a hold rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $6.31.
TransAlta Corp. (NYSE:TAC) opened at 5.30 on Monday. The stock has a 50 day moving average price of $4.33 and a 200 day moving average price of $4.70. TransAlta Corp. has a 1-year low of $2.54 and a 1-year high of $5.62. The firm has a market cap of $1.53 billion, a P/E ratio of 41.73 and a beta of 0.59.
The company also recently announced a quarterly dividend, which will be paid on Sunday, January 1st. Investors of record on Thursday, December 1st will be given a $0.0301 dividend. The ex-dividend date is Tuesday, November 29th. This represents a $0.12 dividend on an annualized basis and a yield of 2.27%. TransAlta Corp.’s payout ratio is 85.72%.
Hedge funds have recently added to or reduced their stakes in the company. Credit Suisse AG boosted its position in shares of TransAlta Corp. by 238.1% in the third quarter. Credit Suisse AG now owns 8,547,127 shares of the company’s stock worth $38,035,000 after buying an additional 6,018,780 shares during the period. Mackenzie Financial Corp bought a new position in shares of TransAlta Corp. during the second quarter worth approximately $25,054,000. The Manufacturers Life Insurance Company bought a new position in shares of TransAlta Corp. during the third quarter worth approximately $11,058,000. Vertex One Asset Management Inc. boosted its position in shares of TransAlta Corp. by 57.9% in the second quarter. Vertex One Asset Management Inc. now owns 6,466,600 shares of the company’s stock worth $33,461,000 after buying an additional 2,370,300 shares during the period. Finally, Canada Pension Plan Investment Board boosted its position in shares of TransAlta Corp. by 20,444.0% in the third quarter. Canada Pension Plan Investment Board now owns 1,295,707 shares of the company’s stock worth $5,748,000 after buying an additional 1,289,400 shares during the period. Institutional investors own 40.92% of the company’s stock.
About TransAlta Corp.