TransAlta (NYSE:TAC) Sets New 52-Week High – Should You Buy?

TransAlta Co. (NYSE:TAC) (TSE:TA) shares reached a new 52-week high on Wednesday . The stock traded as high as $11.13 and last traded at $11.09, with a volume of 582409 shares traded. The stock had previously closed at $10.87.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on TAC shares. Desjardins reissued a “hold” rating on shares of TransAlta in a research note on Wednesday, November 6th. StockNews.com cut TransAlta from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, November 6th.

TransAlta Trading Up 2.0 %

The firm has a market cap of $3.31 billion, a price-to-earnings ratio of 29.38 and a beta of 0.92. The company has a 50-day moving average price of $10.33 and a 200 day moving average price of $8.61. The company has a quick ratio of 0.67, a current ratio of 0.74 and a debt-to-equity ratio of 2.94.

TransAlta Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Sunday, December 1st will be issued a dividend of $0.044 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $0.18 annualized dividend and a dividend yield of 1.59%. TransAlta’s dividend payout ratio is 45.95%.

Institutional Trading of TransAlta

Hedge funds and other institutional investors have recently modified their holdings of the company. Clear Harbor Asset Management LLC purchased a new stake in shares of TransAlta during the second quarter worth $514,000. Skandinaviska Enskilda Banken AB publ raised its holdings in TransAlta by 122.7% during 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 buying an additional 79,000 shares in the last quarter. Clayton Partners LLC raised its holdings in TransAlta by 2,293.5% during the second quarter. Clayton Partners LLC now owns 458,155 shares of the utilities provider’s stock valued at $3,244,000 after buying an additional 439,013 shares in the last quarter. National Bank of Canada FI raised its holdings in TransAlta by 9.0% during the second quarter. National Bank of Canada FI now owns 3,618,296 shares of the utilities provider’s stock valued at $25,267,000 after buying an additional 299,594 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its holdings in TransAlta by 22.3% during the second quarter. The Manufacturers Life Insurance Company now owns 929,631 shares of the utilities provider’s stock valued at $6,582,000 after buying an additional 169,219 shares in the last quarter. 59.00% of the stock is currently owned by hedge funds and other institutional investors.

TransAlta Company Profile

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.