Bank of New York Mellon Corp cut its stake in shares of TerraForm Power (NASDAQ:TERP) by 47.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 197,959 shares of the solar energy provider’s stock after selling 178,590 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.14% of TerraForm Power worth $2,368,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently made changes to their positions in the business. American International Group Inc. lifted its holdings in TerraForm Power by 8.1% during the 3rd quarter. American International Group Inc. now owns 54,077 shares of the solar energy provider’s stock worth $715,000 after buying an additional 4,043 shares during the period. Wells Fargo & Company MN lifted its holdings in TerraForm Power by 9.1% during the 3rd quarter. Wells Fargo & Company MN now owns 68,376 shares of the solar energy provider’s stock worth $903,000 after buying an additional 5,691 shares during the period. KBC Group NV lifted its holdings in TerraForm Power by 63.3% during the 3rd quarter. KBC Group NV now owns 26,892 shares of the solar energy provider’s stock worth $356,000 after buying an additional 10,424 shares during the period. Teacher Retirement System of Texas acquired a new position in TerraForm Power during the 4th quarter worth about $151,000. Finally, Fox Run Management L.L.C. acquired a new position in TerraForm Power during the 4th quarter worth about $174,000. 41.70% of the stock is currently owned by hedge funds and other institutional investors.
Several brokerages have commented on TERP. Goldman Sachs downgraded TerraForm Power from a “neutral” rating to a “sell” rating in a report on Thursday, March 15th. BidaskClub raised TerraForm Power from a “strong sell” rating to a “sell” rating in a report on Saturday, March 24th. Finally, Royal Bank of Canada began coverage on TerraForm Power in a report on Wednesday, April 4th. They set an “outperform” rating and a $13.00 target price on the stock. Three equities research analysts have rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the stock. TerraForm Power currently has a consensus rating of “Hold” and a consensus price target of $13.83.
Shares of NASDAQ:TERP opened at $11.08 on Monday. The stock has a market capitalization of $1,633.39, a PE ratio of -9.16 and a beta of 1.02. The company has a debt-to-equity ratio of 1.35, a quick ratio of 0.66 and a current ratio of 0.66. TerraForm Power has a 1 year low of $10.02 and a 1 year high of $14.20.
TerraForm Power (NASDAQ:TERP) last announced its quarterly earnings data on Thursday, March 8th. The solar energy provider reported ($0.14) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.48) by $0.34. The company had revenue of $135.54 million for the quarter, compared to the consensus estimate of $122.56 million. TerraForm Power had a negative return on equity of 4.54% and a negative net margin of 26.85%. equities research analysts forecast that TerraForm Power will post -0.59 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 30th. Stockholders of record on Wednesday, February 28th were paid a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 6.86%. The ex-dividend date of this dividend was Tuesday, February 27th. TerraForm Power’s dividend payout ratio is -62.81%.
In other TerraForm Power news, CEO John Stinebaugh acquired 8,100 shares of the company’s stock in a transaction dated Friday, November 30th. The shares were bought at an average cost of $12.42 per share, with a total value of $100,602.00. Following the purchase, the chief executive officer now directly owns 8,100 shares of the company’s stock, valued at $100,602. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 34.55% of the stock is owned by insiders.
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TerraForm Power Company Profile
TerraForm Power, Inc is a United States-based holding company. The Company owns clean power generation assets. This includes solar and wind assets located in the United States, Canada and other markets. Its clean power generation assets serve utility, commercial and residential customers. As of December 31, 2016, the Company’s portfolio consisted of renewable energy facilities located in the United States, Canada, the United Kingdom and Chile with a combined nameplate capacity of 2,983.1 megawatts.
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