Bank of America Trims Atlantica Sustainable Infrastructure (NASDAQ:AY) Target Price to $20.00

Atlantica Sustainable Infrastructure (NASDAQ:AY) had its price target reduced by Bank of America from $22.00 to $20.00 in a research note released on Tuesday, Benzinga reports. They currently have a buy rating on the utilities provider’s stock.

AY has been the subject of a number of other research reports. UBS Group raised Atlantica Sustainable Infrastructure from a neutral rating to a buy rating and lifted their price target for the stock from $19.00 to $25.00 in a research report on Friday, March 22nd. BMO Capital Markets decreased their price objective on Atlantica Sustainable Infrastructure from $24.00 to $20.00 and set a market perform rating for the company in a report on Tuesday, March 5th. Finally, Royal Bank of Canada decreased their price objective on Atlantica Sustainable Infrastructure from $26.00 to $24.00 and set an outperform rating for the company in a report on Monday, March 4th. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of Hold and a consensus price target of $23.67.

Atlantica Sustainable Infrastructure Stock Performance

Shares of AY opened at $18.48 on Tuesday. The stock has a 50-day moving average of $18.43 and a two-hundred day moving average of $19.21. Atlantica Sustainable Infrastructure has a one year low of $16.35 and a one year high of $29.81. The company has a debt-to-equity ratio of 3.14, a quick ratio of 1.57 and a current ratio of 1.62. The stock has a market cap of $2.14 billion, a P/E ratio of 44.00 and a beta of 0.97.

Atlantica Sustainable Infrastructure (NASDAQ:AY) last issued its quarterly earnings results on Friday, March 1st. The utilities provider reported $0.02 EPS for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.25. Atlantica Sustainable Infrastructure had a return on equity of 2.91% and a net margin of 4.43%. The company had revenue of $241.31 million during the quarter, compared to analysts’ expectations of $243.81 million. During the same quarter in the previous year, the firm posted $0.03 EPS. As a group, research analysts predict that Atlantica Sustainable Infrastructure will post 0.49 EPS for the current year.

Atlantica Sustainable Infrastructure Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 22nd. Investors of record on Tuesday, March 12th were paid a $0.445 dividend. The ex-dividend date was Monday, March 11th. This represents a $1.78 annualized dividend and a dividend yield of 9.63%. Atlantica Sustainable Infrastructure’s dividend payout ratio is presently 423.82%.

Hedge Funds Weigh In On Atlantica Sustainable Infrastructure

Institutional investors and hedge funds have recently modified their holdings of the business. Lazard Asset Management LLC purchased a new stake in Atlantica Sustainable Infrastructure during the 3rd quarter worth approximately $24,218,000. Norges Bank purchased a new stake in Atlantica Sustainable Infrastructure during the 4th quarter worth approximately $15,487,000. Invesco Ltd. increased its stake in Atlantica Sustainable Infrastructure by 23.9% during the 1st quarter. Invesco Ltd. now owns 3,124,558 shares of the utilities provider’s stock worth $109,577,000 after buying an additional 601,826 shares in the last quarter. Millennium Management LLC increased its stake in Atlantica Sustainable Infrastructure by 200.4% during the 4th quarter. Millennium Management LLC now owns 744,018 shares of the utilities provider’s stock worth $19,270,000 after buying an additional 496,383 shares in the last quarter. Finally, Point72 Asset Management L.P. purchased a new stake in Atlantica Sustainable Infrastructure during the 4th quarter worth approximately $7,637,000. Hedge funds and other institutional investors own 40.53% of the company’s stock.

About Atlantica Sustainable Infrastructure

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.