Alps Advisors Inc. grew its stake in shares of Avangrid Inc (NYSE:AGR) by 11.4% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 13,685 shares of the utilities provider’s stock after purchasing an additional 1,403 shares during the quarter. Alps Advisors Inc.’s holdings in Avangrid were worth $724,000 at the end of the most recent quarter.
Other large investors also recently added to or reduced their stakes in the company. Cubist Systematic Strategies LLC purchased a new stake in shares of Avangrid during the first quarter valued at approximately $180,000. Bank of Montreal Can boosted its stake in shares of Avangrid by 601.2% during the second 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 purchased a new stake in shares of Avangrid during the first quarter valued at approximately $208,000. Fort Washington Investment Advisors Inc. OH purchased a new stake in shares of Avangrid during the second quarter valued at approximately $222,000. Finally, Ostrum Asset Management purchased a new stake in shares of Avangrid during the first quarter valued at approximately $223,000. 13.68% of the stock is owned by hedge funds and other institutional investors.
Shares of AGR stock opened at $50.36 on Thursday. Avangrid Inc has a 52 week low of $45.17 and a 52 week high of $54.55. The firm has a market capitalization of $15.25 billion, a P/E ratio of 22.89, a price-to-earnings-growth ratio of 2.36 and a beta of 0.04. The company has a quick ratio of 0.64, a current ratio of 0.73 and a debt-to-equity ratio of 0.34.
Avangrid (NYSE:AGR) last announced its quarterly earnings results on Tuesday, July 24th. The utilities provider reported $0.41 EPS for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.07). Avangrid had a return on equity of 4.47% and a net margin of 6.07%. The business had revenue of $1.40 billion during the quarter, compared to analysts’ expectations of $1.33 billion. During the same period in the previous year, the business earned $0.46 EPS. The business’s revenue was up 5.3% compared to the same quarter last year. sell-side analysts anticipate that Avangrid Inc will post 2.29 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 1st. Shareholders of record on Friday, September 7th will be issued a $0.44 dividend. This is an increase from Avangrid’s previous quarterly dividend of $0.43. The ex-dividend date is Thursday, September 6th. This represents a $1.76 dividend on an annualized basis and a yield of 3.49%. Avangrid’s dividend payout ratio is 78.64%.
A number of brokerages recently commented on AGR. Zacks Investment Research raised Avangrid from a “hold” rating to a “buy” rating and set a $58.00 price target for the company in a research note on Wednesday, June 27th. ValuEngine raised Avangrid from a “hold” rating to a “buy” rating in a research note on Monday, July 2nd. Wolfe Research lowered Avangrid from a “peer perform” rating to an “underperform” rating in a research note on Monday, August 13th. Evercore ISI lowered Avangrid from an “outperform” rating to an “in-line” rating and set a $53.00 price target for the company. in a research note on Wednesday, July 25th. Finally, Bank of America dropped their price target on Avangrid from $58.00 to $55.00 and set a “buy” rating for the company in a research note on Wednesday, July 25th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company. Avangrid presently has an average rating of “Hold” and an average price target of $53.88.
Avangrid Company Profile
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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