Schwab Charles Investment Management Inc. raised its position in shares of Avangrid, Inc. (NYSE:AGR) by 21.8% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 123,846 shares of the utilities provider’s stock after buying an additional 22,189 shares during the period. Schwab Charles Investment Management Inc.’s holdings in Avangrid were worth $5,294,000 at the end of the most recent reporting period.
A number of other hedge funds have also bought and sold shares of the stock. Greenwich Wealth Management LLC boosted its stake in Avangrid by 26.9% in the first quarter. Greenwich Wealth Management LLC now owns 11,330 shares of the utilities provider’s stock worth $484,000 after buying an additional 2,401 shares during the period. IFP Advisors Inc boosted its stake in Avangrid by 4.1% in the first quarter. IFP Advisors Inc now owns 9,595 shares of the utilities provider’s stock worth $410,000 after buying an additional 382 shares during the period. Russell Investments Group Ltd. boosted its stake in Avangrid by 241.2% in the first quarter. Russell Investments Group Ltd. now owns 8,093 shares of the utilities provider’s stock worth $345,000 after buying an additional 5,721 shares during the period. Janney Montgomery Scott LLC boosted its stake in Avangrid by 7.8% in the first quarter. Janney Montgomery Scott LLC now owns 6,874 shares of the utilities provider’s stock worth $294,000 after buying an additional 500 shares during the period. Finally, Park Avenue Securities LLC acquired a new stake in Avangrid during the first quarter worth about $250,000. Hedge funds and other institutional investors own 13.50% of the company’s stock.
Avangrid, Inc. (NYSE AGR) opened at 47.16 on Friday. The company has a market cap of $14.57 billion, a price-to-earnings ratio of 21.62 and a beta of 0.56. Avangrid, Inc. has a 52-week low of $35.42 and a 52-week high of $47.33. The stock has a 50 day moving average of $45.28 and a 200-day moving average of $43.83.
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, topping 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 the consensus estimate of $1.43 billion. During the same quarter in the prior year, the firm posted $0.33 EPS. The business’s revenue was down 7.5% on a year-over-year basis. On average, analysts forecast 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. This represents a $1.73 dividend on an annualized basis and a yield of 3.66%. The ex-dividend date is Thursday, September 7th. Avangrid’s dividend payout ratio (DPR) is currently 79.36%.
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A number of analysts have issued reports on the stock. Zacks Investment Research cut shares of Avangrid from a “buy” rating to a “hold” rating in a research note on Tuesday, June 27th. Evercore ISI upgraded shares of Avangrid from an “in-line” rating to an “outperform” rating and lifted their target price for the company from $43.50 to $46.50 in a research note on Monday, July 24th. One equities 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 presently has an average rating of “Buy” and a consensus price target 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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