Cigna Investments Inc. New Reduces Stake in Avangrid, Inc. (NYSE:AGR)
Cigna Investments Inc. New lowered its position in Avangrid, Inc. (NYSE:AGR) by 19.9% during the second quarter, Holdings Channel reports. The institutional investor owned 25,165 shares of the utilities provider’s stock after selling 6,260 shares during the period. Cigna Investments Inc. New’s holdings in Avangrid were worth $1,124,000 at the end of the most recent reporting period.
A number of other large investors have also recently modified their holdings of the company. 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 worth $239,804,000 after buying an additional 99,287 shares in 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 worth $219,783,000 after buying an additional 158,721 shares in the last quarter. First Trust Advisors LP purchased a new stake in shares of Avangrid during the first quarter worth $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 worth $90,008,000 after buying an additional 2,099,889 shares in the last quarter. Finally, Pzena Investment Management LLC purchased a new stake in shares of Avangrid during the first quarter worth $73,555,000. Institutional investors and hedge funds own 13.52% of the company’s stock.
Shares of Avangrid, Inc. (NYSE AGR) opened at 46.93 on Friday. Avangrid, Inc. has a 12 month low of $35.42 and a 12 month high of $47.09. The company has a market cap of $14.50 billion, a price-to-earnings ratio of 21.52 and a beta of 0.56. The company’s 50-day moving average price is $45.00 and its 200-day moving average price is $43.46.
Avangrid (NYSE:AGR) last released its quarterly earnings results on Wednesday, July 19th. The utilities provider reported $0.46 earnings per share for the quarter, beating 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 business had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.43 billion. During the same quarter last year, the business posted $0.33 earnings per share. The company’s revenue for the quarter was down 7.5% on a year-over-year basis. Analysts anticipate that Avangrid, Inc. will post $2.23 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 8th will be given a dividend of $0.432 per share. The ex-dividend date of this dividend is Thursday, September 7th. This represents a $1.73 dividend on an annualized basis and a yield of 3.68%. Avangrid’s payout ratio is 79.36%.
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AGR has been the topic of a number of research reports. Evercore ISI upgraded Avangrid from an “in-line” rating to an “outperform” rating and boosted their price objective for the stock from $43.50 to $46.50 in a research report on Monday, July 24th. Zacks Investment Research lowered Avangrid from a “buy” rating to a “hold” rating in a research report on Tuesday, June 27th. One investment 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’s stock. The stock has a consensus rating of “Buy” and an average target price 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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