Bank of New York Mellon Corp lowered its stake in shares of Avangrid Inc (NYSE:AGR) by 4.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 457,583 shares of the utilities provider’s stock after selling 20,063 shares during the period. Bank of New York Mellon Corp owned 0.15% of Avangrid worth $24,219,000 at the end of the most recent quarter.
Other hedge funds also recently modified their holdings of the company. Cubist Systematic Strategies LLC bought a new position in Avangrid in the 1st quarter valued at $180,000. Bank of Montreal Can boosted its holdings in Avangrid by 601.2% in the 2nd quarter. Bank of Montreal Can now owns 3,436 shares of the utilities provider’s stock valued at $182,000 after purchasing an additional 2,946 shares during the period. TLP Group LLC bought a new position in Avangrid in the 1st quarter valued at $208,000. Fort Washington Investment Advisors Inc. OH bought a new position in Avangrid in the 2nd quarter valued at $222,000. Finally, Ostrum Asset Management bought a new stake in shares of Avangrid during the 1st quarter worth $223,000. Institutional investors own 13.67% of the company’s stock.
A number of analysts have recently issued reports on the stock. ValuEngine raised shares of Avangrid from a “hold” rating to a “buy” rating in a report on Monday, July 2nd. Zacks Investment Research downgraded shares of Avangrid from a “buy” rating to a “hold” rating in a report on Thursday, July 12th. Bank of America dropped their price objective on shares of Avangrid from $58.00 to $55.00 and set a “buy” rating for the company in a report on Wednesday, July 25th. Wells Fargo & Co lifted their price objective on shares of Avangrid from $54.00 to $55.00 and gave the stock a “market perform” rating in a report on Monday, September 17th. Finally, Wolfe Research downgraded shares of Avangrid from a “peer perform” rating to an “underperform” rating in a report on Monday, August 13th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the stock. Avangrid currently has a consensus rating of “Hold” and a consensus target price of $54.38.
Shares of AGR stock traded up $0.47 during mid-day trading on Friday, reaching $47.07. The stock had a trading volume of 548,444 shares, compared to its average volume of 482,418. Avangrid Inc has a 52-week low of $45.17 and a 52-week high of $54.55. The stock has a market capitalization of $14.81 billion, a price-to-earnings ratio of 21.40, a PEG ratio of 2.29 and a beta of 0.06. The company has a current ratio of 0.73, a quick ratio of 0.64 and a debt-to-equity ratio of 0.34.
Avangrid (NYSE:AGR) last released its quarterly earnings data on Tuesday, July 24th. The utilities provider reported $0.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.07). Avangrid had a net margin of 6.07% and a return on equity of 4.47%. The firm had revenue of $1.40 billion during the quarter, compared to analysts’ expectations of $1.33 billion. During the same quarter in the previous year, the firm posted $0.46 EPS. Avangrid’s revenue was up 5.3% compared to the same quarter last year. Equities analysts predict that Avangrid Inc will post 2.29 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, October 1st. Shareholders of record on Friday, September 7th were given a $0.44 dividend. This is a boost from Avangrid’s previous quarterly dividend of $0.43. The ex-dividend date was Thursday, September 6th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.74%. Avangrid’s payout ratio is presently 80.00%.
Avangrid, Inc operates as an energy services holding company in the United States. It engages in the generation, transmission, and distribution of electricity, as well as distribution, transportation, and sale of natural gas. As of December 31, 2017, the company delivered electricity to approximately 2.2 million electric utility customers, as well as natural gas to approximately 1 million natural gas public utility customers; and owned approximately 67.5 billion cubic feet of net working gas storage capacity.
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