CIBC World Market Cuts Stake in Algonquin Power & Utilities by 13.9%

CIBC World Market Inc. significantly reduced its investment in Algonquin Power & Utilities Corp. (AQN) during the third quarter. According to recent regulatory filings, the firm decreased its position by 13.9%, selling more than one million shares of the utility provider. Following this transaction, CIBC now holds approximately 6.47 million shares, with a market value estimated at $34.8 million. The move comes as AQN shares trade near their 52-week high of $6.63, suggesting potential institutional profit-taking or portfolio rebalancing. Despite the reduction, broader market sentiment remains cautiously optimistic, with a "Moderate Buy" consensus rating from analysts. Investors continue to monitor the company's performance closely, especially given its current negative trailing P/E ratio of -165.58.