BidaskClub Upgrades TransAlta Corporation (NYSE:TAC) to “Buy”

BidaskClub upgraded shares of TransAlta Corporation (NYSE:TAC) (TSE:TA) from a hold rating to a buy rating in a research report sent to investors on Tuesday, August 8th.

TAC has been the topic of a number of other reports. Zacks Investment Research downgraded TransAlta Corporation from a hold rating to a sell rating in a research report on Tuesday, July 18th. TheStreet downgraded TransAlta Corporation from a c rating to a d+ rating in a research report on Friday, May 5th. Six research analysts have rated the stock with a hold rating, The stock has an average rating of Hold and an average price target of $7.00.

Shares of TransAlta Corporation (NYSE TAC) remained flat at $6.20 on Tuesday. 10,238 shares of the company’s stock were exchanged. TransAlta Corporation has a 52-week low of $3.75 and a 52-week high of $6.60. The firm has a market cap of $1.78 billion, a PE ratio of 72.94 and a beta of 0.71. The firm’s 50-day moving average is $6.36 and its 200 day moving average is $5.77.

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The company also recently announced a quarterly dividend, which will be paid on Sunday, October 1st. Shareholders of record on Friday, September 1st will be given a dividend of $0.0314 per share. This represents a $0.13 dividend on an annualized basis and a yield of 2.03%. This is an increase from TransAlta Corporation’s previous quarterly dividend of $0.03. The ex-dividend date of this dividend is Wednesday, August 30th. TransAlta Corporation’s payout ratio is presently 133.35%.

A number of hedge funds have recently bought and sold shares of TAC. World Asset Management Inc increased its stake in TransAlta Corporation by 0.4% in the first quarter. World Asset Management Inc now owns 17,762 shares of the utilities provider’s stock worth $104,000 after buying an additional 66 shares during the last quarter. Wellington Management Group LLP bought a new stake in shares of TransAlta Corporation during the first quarter valued at about $110,000. ING Groep NV bought a new stake in shares of TransAlta Corporation during the first quarter valued at about $133,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of TransAlta Corporation by 21.8% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,818 shares of the utilities provider’s stock valued at $146,000 after buying an additional 4,088 shares in the last quarter. Finally, Bank of Nova Scotia Trust Co. increased its stake in shares of TransAlta Corporation by 6.0% in the second quarter. Bank of Nova Scotia Trust Co. now owns 26,375 shares of the utilities provider’s stock valued at $169,000 after buying an additional 1,502 shares in the last quarter. Institutional investors own 50.86% of the company’s stock.

TransAlta Corporation Company Profile

TransAlta Corporation (TransAlta) is a non-regulated electricity generation and energy marketing company with an aggregate net ownership interest of approximately 8,720 megawatts of generating capacity. The Company is engaged in the production and sale of electric energy. It focuses on generating and marketing electricity in Canada, the United States and Western Australia through its diversified portfolio of facilities fuelled by coal, natural gas, diesel, hydro, wind and solar.

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