First Manhattan Co. Continues to Hold Stake in Avangrid, Inc. (NYSE:AGR)
First Manhattan Co. maintained its position in shares of Avangrid, Inc. (NYSE:AGR) during the second quarter, Holdings Channel reports. The institutional investor owned 50,096 shares of the utilities provider’s stock at the end of the second quarter. First Manhattan Co.’s holdings in Avangrid were worth $2,211,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also modified their holdings of AGR. Wellington Management Group LLP raised its stake in shares of Avangrid by 1.8% in the first quarter. Wellington Management Group LLP now owns 5,610,741 shares of the utilities provider’s stock valued at $239,804,000 after buying an additional 99,287 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Avangrid by 3.2% in the first quarter. Vanguard Group Inc. now owns 5,142,302 shares of the utilities provider’s stock valued at $219,783,000 after buying an additional 158,721 shares during the last quarter. First Trust Advisors LP purchased a new stake in shares of Avangrid during the first quarter valued at $92,755,000. BlackRock Inc. raised its stake in shares of Avangrid by 34,543.3% in the first quarter. BlackRock Inc. now owns 2,105,968 shares of the utilities provider’s stock valued at $90,008,000 after buying an additional 2,099,889 shares during the last quarter. Finally, Pzena Investment Management LLC purchased a new stake in shares of Avangrid during the first quarter valued at $73,555,000. 13.47% of the stock is currently owned by institutional investors.
Shares of Avangrid, Inc. (NYSE AGR) opened at 46.01 on Friday. The company has a 50-day moving average price of $44.83 and a 200 day moving average price of $43.18. Avangrid, Inc. has a 52 week low of $35.42 and a 52 week high of $46.39. The firm has a market cap of $14.22 billion, a price-to-earnings ratio of 21.10 and a beta of 0.56.
Avangrid (NYSE:AGR) last posted its quarterly earnings data on Wednesday, July 19th. The utilities provider reported $0.46 EPS for the quarter, topping the Zacks’ consensus estimate of $0.40 by $0.06. Avangrid had a return on equity of 4.52% and a net margin of 11.25%. The firm had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.43 billion. During the same quarter last year, the company earned $0.33 EPS. The company’s revenue was down 7.5% on a year-over-year basis. Analysts expect that Avangrid, Inc. will post $2.23 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 8th will be paid a dividend of $0.432 per share. The ex-dividend date is Thursday, September 7th. This represents a $1.73 dividend on an annualized basis and a yield of 3.76%. Avangrid’s dividend payout ratio (DPR) is presently 79.36%.
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Several analysts have recently weighed in on AGR shares. Evercore ISI raised Avangrid from an “in-line” rating to an “outperform” rating and lifted their price objective for the stock from $43.50 to $46.50 in a report on Monday, July 24th. Zacks Investment Research lowered Avangrid from a “buy” rating to a “hold” rating in a report on Tuesday, June 27th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $46.10.
Avangrid, Inc is an energy and utility company. The Company operates through three segments: Networks, Renewables and Gas. The Networks segment includes all the energy transmission and distribution activities, and any other regulated activity originating in New York and Maine, and regulated electric distribution, electric transmission and gas distribution activities originating in Connecticut and Massachusetts.
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