TransAlta (NYSE:TAC) Downgraded by CIBC to “Neutral”

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

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

TransAlta Stock Performance

Shares of NYSE:TAC opened at $13.61 on Wednesday. The company has a current ratio of 0.74, a quick ratio of 0.67 and a debt-to-equity ratio of 2.94. The company has a 50-day moving average price of $12.10 and a 200-day moving average price of $9.88. The company has a market cap of $4.06 billion, a price-to-earnings ratio of 36.78 and a beta of 0.84. TransAlta has a 12 month low of $5.94 and a 12 month high of $14.64.

Institutional Investors Weigh In On TransAlta

Hedge funds have recently made changes to their positions in the company. Jupiter Asset Management Ltd. raised its holdings in TransAlta by 8.9% in the second quarter. Jupiter Asset Management Ltd. now owns 640,828 shares of the utilities provider’s stock worth $4,543,000 after purchasing an additional 52,328 shares in the last quarter. Vanguard Personalized Indexing Management LLC increased its stake in shares of TransAlta by 112.7% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 34,683 shares of the utilities provider’s stock worth $246,000 after acquiring an additional 18,379 shares in the last quarter. Skandinaviska Enskilda Banken AB publ lifted its position in TransAlta by 122.7% during the 2nd 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 stake in TransAlta by 2,293.5% during the second quarter. Clayton Partners LLC now owns 458,155 shares of the utilities provider’s stock worth $3,244,000 after acquiring an additional 439,013 shares in the last quarter. Finally, Evergreen Capital Management LLC bought a new position in shares of TransAlta during the second quarter valued at approximately $72,000. 59.00% of the stock is currently owned by institutional investors.

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.