First Trust Advisors LP Lowers Position in Avangrid, Inc. (AGR)
First Trust Advisors LP reduced its stake in shares of Avangrid, Inc. (NYSE:AGR) by 9.5% during the second quarter, Holdings Channel reports. The firm owned 1,964,782 shares of the utilities provider’s stock after selling 205,437 shares during the period. First Trust Advisors LP’s holdings in Avangrid were worth $86,745,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently bought and sold shares of the stock. Wells Fargo & Company MN raised its stake in Avangrid by 85.9% in the first quarter. Wells Fargo & Company MN now owns 270,218 shares of the utilities provider’s stock valued at $11,549,000 after buying an additional 124,842 shares during the period. Hennessy Advisors Inc. increased its stake in shares of Avangrid by 0.9% in the first quarter. Hennessy Advisors Inc. now owns 106,700 shares of the utilities provider’s stock valued at $4,560,000 after buying an additional 900 shares in the last quarter. Greenwich Wealth Management LLC increased its stake in shares of Avangrid by 26.9% in the first quarter. Greenwich Wealth Management LLC now owns 11,330 shares of the utilities provider’s stock valued at $484,000 after buying an additional 2,401 shares in the last quarter. IFP Advisors Inc increased its stake in shares of Avangrid by 4.1% in the first quarter. IFP Advisors Inc now owns 9,595 shares of the utilities provider’s stock valued at $410,000 after buying an additional 382 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its stake in shares of Avangrid by 241.2% in the first quarter. Russell Investments Group Ltd. now owns 8,093 shares of the utilities provider’s stock valued at $345,000 after buying an additional 5,721 shares in the last quarter. 13.52% of the stock is currently owned by institutional investors.
Avangrid, Inc. (NYSE:AGR) opened at 46.93 on Friday. The stock has a market capitalization of $14.50 billion, a P/E ratio of 21.52 and a beta of 0.56. Avangrid, Inc. has a 12-month low of $35.42 and a 12-month high of $47.09. The stock has a 50 day moving average price of $45.00 and a 200-day moving average price of $43.46.
Avangrid (NYSE:AGR) last released its quarterly earnings data on Wednesday, July 19th. The utilities provider reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $1.43 billion. During the same quarter last year, the firm earned $0.33 earnings per share. The business’s revenue for the quarter was down 7.5% on a year-over-year basis. Equities research analysts expect that Avangrid, Inc. will post $2.23 EPS for the current year.
The business 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 $0.432 dividend. The ex-dividend date is Thursday, September 7th. This represents a $1.73 dividend on an annualized basis and a dividend yield of 3.68%. Avangrid’s dividend payout ratio is currently 79.36%.
AGR has been the topic of several recent analyst reports. Zacks Investment Research downgraded Avangrid from a “buy” rating to a “hold” rating in a research report on Tuesday, June 27th. Evercore ISI upgraded Avangrid from an “in-line” rating to an “outperform” rating and increased their target price for the stock from $43.50 to $46.50 in a research report on Monday, July 24th. One analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the stock. Avangrid currently has an average rating of “Buy” and a consensus 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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