Shake-Up Alert: 40 Companies Facing Activist Pressure

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24. Starboard Value at Algonquin Power & Utilities Corp. (NYSE:AQN)

Stock Return: -25.89%

S&P 500 Return: 36.21%

Investment date: 29/06/2023

Number of hedge funds holding stakes: 33

Algonquin Power & Utilities Corp. (NYSE:AQN) is a clean energy and utility firm that offers solutions and services for energy and water across North America and around the globe. The regulated services division delivers services subject to rate regulation for water, electricity, and gas utilities. The renewable energy division produces and markets power from its collection of renewable energy facilities.

Activist investor Starboard, which owns a 9% stake in Algonquin Power & Utilities Corp. (NYSE:AQN), has been pushing for strategic changes to unlock additional value. The hedge fund has already secured three seats on the board. The hedge fund has also succeeded in pushing for the transition of the CEO and a strategic review of the renewable energy unit.

Algonquin Power & Utilities Corp. (NYSE:AQN) is down by about 3.25% year to date. On the other hand, hedge funds holding stakes in the company out of the 920 tracked by Insider Monkey increased to 33 in Q1 2024 from 29 in Q4 2023.

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