Atlas (ATCO) Declares $0.12 Dividend
Atlas said on March 13, 2023 that its board of directors declared a regular quarterly dividend of $0.12 per share ($0.50 annualized). Previously, the company paid $0.12 per share.
Shares must be purchased before the ex-div date of March 17, 2023 to qualify for the dividend. Shareholders of record as of March 20, 2023 will receive the payment on March 31, 2023.
At the current share price of $15.46 / share, the stock's dividend yield is 3.23%. Looking back five years and taking a sample every week, the average dividend yield has been 4.33%, the lowest has been 3.15%, and the highest has been 7.96%. The standard deviation of yields is 1.27 (n=140).
The current dividend yield is 0.86 standard deviations below the historical average.
Additionally, the company's dividend payout ratio is 0.23. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company has not increased its dividend in the last three years.
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Analyst Price Forecast Suggests 11.34% Upside
As of March 14, 2023, the average one-year price target for Atlas is $17.21. The forecasts range from a low of $15.66 to a high of $22.05. The average price target represents an increase of 11.34% from its latest reported closing price of $15.46.
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The projected annual revenue for Atlas is $1,914MM, an increase of 12.76%. The projected annual non-GAAP EPS is $1.87.
What is the Fund Sentiment?
There are 268 funds or institutions reporting positions in Atlas. This is an increase of 22 owner(s) or 8.94% in the last quarter. Average portfolio weight of all funds dedicated to ATCO is 0.46%, an increase of 3.53%. Total shares owned by institutions increased in the last three months by 9.91% to 195,733K shares. The put/call ratio of ATCO is 1.00, indicating a bearish outlook.
What are Large Shareholders Doing?
Fairfax Financial Holdings holds 125,081K shares representing 44.59% ownership of the company. No change in the last quarter.
TIG Advisors holds 6,891K shares representing 2.46% ownership of the company. In it's prior filing, the firm reported owning 3,543K shares, representing an increase of 48.58%. The firm increased its portfolio allocation in ATCO by 255.84% over the last quarter.
SMCWX - SMALLCAP WORLD FUND INC holds 4,424K shares representing 1.58% ownership of the company. In it's prior filing, the firm reported owning 8,766K shares, representing a decrease of 98.16%. The firm decreased its portfolio allocation in ATCO by 31.51% over the last quarter.
FIL holds 3,717K shares representing 1.33% ownership of the company.
Westchester Capital Management holds 3,286K shares representing 1.17% ownership of the company. In it's prior filing, the firm reported owning 121K shares, representing an increase of 96.32%. The firm increased its portfolio allocation in ATCO by 2,824.46% over the last quarter.
Atlas Background Information
(This description is provided by the company.)
Atlas Corp. is a leading global asset management company, differentiated by its position as a best-in-class owner and operator with a focus on deploying capital to create sustainable shareholder value. Atlas brings together an experienced asset management team with deep operational and capital allocation experience. The Company target long-term, risk adjusted returns across high quality infrastructure assets in the maritime sector, energy sector and other infrastructure verticals. Its two main portfolio companies, Seaspan Corporation and APR Energy Limited are unique, industry-leading operating platforms in the global maritime and energy spaces, respectively.
This story originally appeared on Fintel.