Parallel Advisors LLC raised its stake in Avangrid Inc (NYSE:AGR) by 31.4% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,962 shares of the utilities provider’s stock after acquiring an additional 947 shares during the quarter. Parallel Advisors LLC’s holdings in Avangrid were worth $199,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in AGR. FMR LLC raised its holdings in shares of Avangrid by 76.7% in the fourth quarter. FMR LLC now owns 1,868,081 shares of the utilities provider’s stock worth $93,572,000 after acquiring an additional 810,834 shares during the last quarter. Norges Bank acquired a new position in shares of Avangrid in the fourth quarter worth $36,303,000. Pzena Investment Management LLC raised its holdings in shares of Avangrid by 21.1% in the fourth quarter. Pzena Investment Management LLC now owns 2,141,782 shares of the utilities provider’s stock worth $107,282,000 after acquiring an additional 372,696 shares during the last quarter. Millennium Management LLC raised its holdings in shares of Avangrid by 123.3% in the fourth quarter. Millennium Management LLC now owns 383,625 shares of the utilities provider’s stock worth $19,216,000 after acquiring an additional 211,806 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Avangrid by 99.4% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 424,664 shares of the utilities provider’s stock worth $21,271,000 after acquiring an additional 211,695 shares during the last quarter. 14.82% of the stock is owned by institutional investors.
A number of equities analysts have recently weighed in on the company. Bank of America cut Avangrid from a “neutral” rating to an “underperform” rating and cut their price target for the stock from $53.00 to $52.50 in a report on Thursday, April 25th. Janney Montgomery Scott lowered Avangrid from a “neutral” rating to a “sell” rating and dropped their target price for the company from $50.00 to $46.00 in a research note on Thursday, April 25th. Zacks Investment Research upgraded Avangrid from a “sell” rating to a “hold” rating in a research note on Tuesday, April 23rd. ValuEngine lowered Avangrid from a “buy” rating to a “hold” rating in a research note on Friday, February 15th. Finally, Goldman Sachs Group upgraded Avangrid from a “sell” rating to a “neutral” rating and upped their target price for the company from $46.00 to $47.00 in a research note on Monday, April 8th. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $52.25.
Avangrid (NYSE:AGR) last released its earnings results on Wednesday, April 24th. The utilities provider reported $0.71 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.80 by ($0.09). The business had revenue of $1.84 billion during the quarter, compared to analyst estimates of $1.84 billion. Avangrid had a net margin of 8.80% and a return on equity of 4.27%. The business’s revenue for the quarter was down 1.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.78 earnings per share. Research analysts predict that Avangrid Inc will post 2.28 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 7th will be paid a dividend of $0.44 per share. The ex-dividend date of this dividend is Thursday, June 6th. This represents a $1.76 annualized dividend and a yield of 3.59%. Avangrid’s dividend payout ratio is presently 79.64%.
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Avangrid Company Profile
Avangrid, Inc operates as an energy services holding company in the United States. It operates through two segments, Networks and Renewables. The company engages in the generation, transmission, and distribution of electricity, as well as distribution, transportation, and sale of natural gas. It also develops, constructs, and operates renewable energy generation facilities primarily using onshore wind power, as well as solar, biomass, and thermal power.
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