Zacks Investment Research Downgrades TransAlta Corporation (TAC) to Sell

TransAlta Corporation (NYSE:TAC) (TSE:TA) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Tuesday.

According to Zacks, “TransAlta is Canada’s largest non-regulated electric generation and marketing company. “

A number of other research firms have also commented on TAC. BidaskClub upgraded shares of TransAlta Corporation from a “hold” rating to a “buy” rating in a research report on Saturday, July 1st. TheStreet lowered shares of TransAlta Corporation from a “c” rating to a “d+” rating in a research report on Friday, May 5th. One equities research analyst has rated the stock with a sell rating and five have issued a hold rating to the company. TransAlta Corporation currently has an average rating of “Hold” and an average price target of $6.83.

Shares of TransAlta Corporation (NYSE TAC) opened at 6.45 on Tuesday. The firm’s 50-day moving average price is $6.02 and its 200 day moving average price is $5.68. The company has a market capitalization of $1.86 billion, a PE ratio of 43.00 and a beta of 0.70. TransAlta Corporation has a 1-year low of $3.75 and a 1-year high of $6.60.

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A number of hedge funds and other institutional investors have recently made changes to their positions in the company. World Asset Management Inc raised its position in shares of TransAlta Corporation by 0.4% in the first quarter. World Asset Management Inc now owns 17,762 shares of the utilities provider’s stock valued at $104,000 after buying an additional 66 shares during the period. Wellington Management Group LLP bought a new position in shares of TransAlta Corporation during the first quarter valued at about $110,000. ING Groep NV bought a new position in shares of TransAlta Corporation during the first quarter valued at about $133,000. Parametric Portfolio Associates LLC raised its position in shares of TransAlta Corporation by 9.9% in the first quarter. Parametric Portfolio Associates LLC now owns 30,854 shares of the utilities provider’s stock valued at $180,000 after buying an additional 2,787 shares during the period. Finally, Shell Asset Management Co. raised its position in shares of TransAlta Corporation by 13.0% in the first quarter. Shell Asset Management Co. now owns 27,800 shares of the utilities provider’s stock valued at $217,000 after buying an additional 3,200 shares during the period. Institutional investors own 49.87% of the company’s stock.

About TransAlta Corporation

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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