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

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

Several other research firms have also issued reports on AY. BMO Capital Markets lowered their price objective on Atlantica Sustainable Infrastructure from $24.00 to $20.00 and set a market perform rating for the company in a research note on Tuesday, March 5th. Royal Bank of Canada lowered their target price 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. Finally, UBS Group upgraded shares of Atlantica Sustainable Infrastructure from a neutral rating to a buy rating and boosted their price objective for the stock from $19.00 to $25.00 in a research note on Friday, March 22nd. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of Hold and a consensus target price of $23.67.

Atlantica Sustainable Infrastructure Stock Performance

Shares of AY opened at $18.48 on Tuesday. The company has a market cap of $2.14 billion, a price-to-earnings ratio of 44.00 and a beta of 0.97. The business’s fifty day simple moving average is $18.45 and its two-hundred day simple moving average is $19.23. Atlantica Sustainable Infrastructure has a 12 month low of $16.35 and a 12 month high of $29.81. The company has a current ratio of 1.62, a quick ratio of 1.57 and a debt-to-equity ratio of 3.14.

Atlantica Sustainable Infrastructure (NASDAQ:AY) last posted its earnings results on Friday, March 1st. The utilities provider reported $0.02 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.23) by $0.25. The company had revenue of $241.31 million for the quarter, compared to the consensus estimate of $243.81 million. Atlantica Sustainable Infrastructure had a return on equity of 2.91% and a net margin of 4.43%. During the same quarter in the prior year, the company earned $0.03 earnings per share. Research analysts anticipate that Atlantica Sustainable Infrastructure will post 0.4 earnings per share for the current fiscal 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 given a dividend of $0.445 per share. The ex-dividend date of this dividend was Monday, March 11th. This represents a $1.78 dividend on an annualized basis and a yield of 9.63%. Atlantica Sustainable Infrastructure’s payout ratio is presently 423.82%.

Institutional Investors Weigh In On Atlantica Sustainable Infrastructure

A number of hedge funds have recently modified their holdings of AY. GSA Capital Partners LLP purchased a new stake in Atlantica Sustainable Infrastructure in the fourth quarter valued at approximately $572,000. Legal & General Group Plc grew its position in Atlantica Sustainable Infrastructure by 33.5% in the 4th quarter. Legal & General Group Plc now owns 550,750 shares of the utilities provider’s stock valued at $11,841,000 after acquiring an additional 138,097 shares in the last quarter. Barclays PLC boosted its position in Atlantica Sustainable Infrastructure by 429.8% in the 4th quarter. Barclays PLC now owns 57,366 shares of the utilities provider’s stock valued at $1,234,000 after buying an additional 46,538 shares during the period. Vident Advisory LLC acquired a new position in shares of Atlantica Sustainable Infrastructure in the fourth quarter worth $215,000. Finally, Baird Financial Group Inc. increased its position in shares of Atlantica Sustainable Infrastructure by 0.4% during the fourth quarter. Baird Financial Group Inc. now owns 216,587 shares of the utilities provider’s stock worth $4,657,000 after acquiring an additional 962 shares during the period. 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.