Purpose Unlimited Inc. Makes New $6.44 Million Investment in TransAlta Corporation $TAC

Purpose Unlimited Inc. purchased a new position in shares of TransAlta Corporation (NYSE:TAC) (TSE:TA) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 509,253 shares of the utilities provider’s stock, valued at approximately $6,441,000. Purpose Unlimited Inc. owned 0.17% of TransAlta at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of TAC. Rubric Capital Management LP increased its position in shares of TransAlta by 32.9% during the second quarter. Rubric Capital Management LP now owns 15,948,451 shares of the utilities provider’s stock worth $172,084,000 after acquiring an additional 3,948,451 shares in the last quarter. Norges Bank bought a new stake in TransAlta in the 4th quarter valued at $45,298,000. Sculptor Capital LP bought a new stake in TransAlta in the 4th quarter valued at $37,958,000. Bank of Montreal Can lifted its position in TransAlta by 27.5% in the 4th quarter. Bank of Montreal Can now owns 13,295,335 shares of the utilities provider’s stock valued at $168,163,000 after acquiring an additional 2,870,026 shares in the last quarter. Finally, Aventail Capital Group LP acquired a new position in TransAlta in the 3rd quarter worth $38,633,000. Institutional investors own 59.00% of the company’s stock.

Analyst Upgrades and Downgrades

TAC has been the subject of a number of research reports. Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of TransAlta in a report on Thursday, April 16th. Weiss Ratings upgraded shares of TransAlta from a “sell (d)” rating to a “sell (d+)” rating in a report on Tuesday. National Bank Financial raised shares of TransAlta from a “sector perform” rating to an “outperform” rating in a research report on Tuesday, March 24th. Royal Bank Of Canada restated an “outperform” rating and set a $24.00 target price on shares of TransAlta in a report on Tuesday, March 24th. Finally, Scotiabank raised shares of TransAlta to a “strong-buy” rating in a research report on Wednesday, June 10th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $22.25.

TransAlta Stock Down 0.1%

NYSE:TAC opened at $13.72 on Friday. TransAlta Corporation has a twelve month low of $10.28 and a twelve month high of $17.88. The firm has a market capitalization of $4.34 billion, a price-to-earnings ratio of -25.42 and a beta of 0.69. The company has a quick ratio of 0.70, a current ratio of 0.76 and a debt-to-equity ratio of 6.61. The stock’s 50 day moving average price is $13.14 and its two-hundred day moving average price is $13.09.

TransAlta (NYSE:TAC) (TSE:TA) last released its quarterly earnings data on Wednesday, May 6th. The utilities provider reported $0.04 EPS for the quarter, beating the consensus estimate of $0.01 by $0.03. TransAlta had a positive return on equity of 9.52% and a negative net margin of 9.46%.The company had revenue of $406.19 million during the quarter, compared to the consensus estimate of $436.36 million. Equities research analysts expect that TransAlta Corporation will post 0.22 earnings per share for the current fiscal year.

TransAlta Profile

TransAlta Corporation, originally founded in 1909 as Calgary Power Company Ltd., is a publicly traded energy company specializing in the development, ownership and operation of power generation and transmission assets. Headquartered in Calgary, Alberta, TransAlta has grown from its early hydroelectric roots into a diversified energy provider with a multi-fuel generating fleet.

The company’s core business activities encompass power generation, asset management and energy trading services.