Westchester Capital Management LLC Increases Stock Holdings in Atlantica Sustainable Infrastructure plc (NASDAQ:AY)

Westchester Capital Management LLC grew its holdings in shares of Atlantica Sustainable Infrastructure plc (NASDAQ:AY) by 305.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,143,722 shares of the utilities provider’s stock after purchasing an additional 861,541 shares during the period. Atlantica Sustainable Infrastructure comprises about 1.1% of Westchester Capital Management LLC’s portfolio, making the stock its 20th biggest position. Westchester Capital Management LLC’s holdings in Atlantica Sustainable Infrastructure were worth $25,139,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Manning & Napier Advisors LLC purchased a new position in Atlantica Sustainable Infrastructure in the second quarter valued at $2,195,000. Swedbank AB purchased a new position in shares of Atlantica Sustainable Infrastructure in the 1st quarter valued at about $4,103,000. Water Island Capital LLC acquired a new position in shares of Atlantica Sustainable Infrastructure during the second quarter worth about $13,438,000. Alpine Associates Management Inc. increased its stake in shares of 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 period. Finally, Trium Capital LLP acquired a new stake in Atlantica Sustainable Infrastructure in the second quarter valued at approximately $2,010,000. Hedge funds and other institutional investors own 40.53% of the company’s stock.

Analyst Ratings Changes

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

Atlantica Sustainable Infrastructure Price Performance

AY stock opened at $21.94 on Friday. The business has a 50 day moving average price of $22.03 and a 200 day moving average price of $22.09. The company has a quick ratio of 1.20, a current ratio of 1.25 and a debt-to-equity ratio of 3.36. The stock has a market cap of $2.55 billion, a price-to-earnings ratio of 75.66, a PEG ratio of 2.16 and a beta of 1.03. Atlantica Sustainable Infrastructure plc has a fifty-two week low of $16.82 and a fifty-two week 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. Stockholders of record on Friday, November 29th will be given a dividend of $0.2225 per share. The ex-dividend date is Friday, November 29th. This represents a $0.89 annualized dividend and a dividend yield of 4.06%. Atlantica Sustainable Infrastructure’s dividend payout ratio is presently 613.81%.

Atlantica Sustainable Infrastructure 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.