Klingenstein Fields & Co. LLC continued to hold its stake in shares of Avangrid, Inc. (NYSE:AGR) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,999 shares of the utilities provider’s stock at the end of the second quarter. Klingenstein Fields & Co. LLC’s holdings in Avangrid were worth $221,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in AGR. Janney Montgomery Scott LLC increased its stake in shares of Avangrid by 2.0% in the second quarter. Janney Montgomery Scott LLC now owns 7,012 shares of the utilities provider’s stock worth $310,000 after buying an additional 138 shares during the period. Bowling Portfolio Management LLC purchased a new stake in shares of Avangrid during the second quarter worth about $1,898,000. Park Avenue Securities LLC increased its stake in shares of Avangrid by 7.9% in the second quarter. Park Avenue Securities LLC now owns 6,310 shares of the utilities provider’s stock worth $276,000 after buying an additional 460 shares during the period. Acadian Asset Management LLC purchased a new stake in shares of Avangrid during the second quarter worth about $1,146,000. Finally, Russell Investments Group Ltd. increased its stake in shares of Avangrid by 62.2% in the second quarter. Russell Investments Group Ltd. now owns 13,127 shares of the utilities provider’s stock worth $579,000 after buying an additional 5,034 shares during the period. 13.52% of the stock is currently owned by hedge funds and other institutional investors.
Avangrid, Inc. (NYSE:AGR) traded down 0.92% during trading on Friday, reaching $46.50. 240,515 shares of the company’s stock traded hands. Avangrid, Inc. has a one year low of $35.42 and a one year high of $47.09. The firm’s 50 day moving average price is $45.03 and its 200-day moving average price is $43.52. The stock has a market cap of $14.37 billion, a P/E ratio of 21.32 and a beta of 0.56.
Avangrid (NYSE:AGR) last posted its quarterly earnings results on Wednesday, July 19th. The utilities provider reported $0.46 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.40 by $0.06. Avangrid had a net margin of 11.25% and a return on equity of 4.52%. The business had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.43 billion. During the same period in the prior year, the company posted $0.33 EPS. The business’s revenue for the quarter was down 7.5% on a year-over-year basis. On average, equities analysts anticipate that Avangrid, Inc. will post $2.23 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 8th will be given a $0.432 dividend. The ex-dividend date of this dividend is Thursday, September 7th. This represents a $1.73 annualized dividend and a dividend yield of 3.72%. Avangrid’s dividend payout ratio is presently 79.36%.
A number of brokerages recently issued reports on AGR. Evercore ISI raised shares of Avangrid from an “in-line” rating to an “outperform” rating and increased their price target for the stock from $43.50 to $46.50 in a report on Monday, July 24th. Zacks Investment Research downgraded shares of Avangrid from a “buy” rating to a “hold” rating in a report on Tuesday, June 27th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $46.10.
Avangrid Company Profile
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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