Ostrum Asset Management purchased a new position in shares of Avangrid Inc (NYSE:AGR) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 4,360 shares of the utilities provider’s stock, valued at approximately $223,000.
A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Cornercap Investment Counsel Inc. boosted its position in Avangrid by 13.1% during the first quarter. Cornercap Investment Counsel Inc. now owns 103,118 shares of the utilities provider’s stock worth $5,271,000 after acquiring an additional 11,968 shares during the last quarter. A.R.T. Advisors LLC acquired a new position in Avangrid during the first quarter worth about $231,000. Allianz Asset Management GmbH boosted its position in Avangrid by 88.6% during the first quarter. Allianz Asset Management GmbH now owns 662,675 shares of the utilities provider’s stock worth $33,876,000 after acquiring an additional 311,374 shares during the last quarter. Nomura Asset Management Co. Ltd. boosted its position in Avangrid by 19.2% during the first quarter. Nomura Asset Management Co. Ltd. now owns 51,490 shares of the utilities provider’s stock worth $2,632,000 after acquiring an additional 8,300 shares during the last quarter. Finally, CI Investments Inc. boosted its holdings in Avangrid by 27.9% in the 1st quarter. CI Investments Inc. now owns 112,245 shares of the utilities provider’s stock valued at $5,738,000 after purchasing an additional 24,500 shares during the last quarter. Hedge funds and other institutional investors own 14.19% of the company’s stock.
Several equities analysts have weighed in on the stock. Bank of America boosted their target price on shares of Avangrid from $53.00 to $54.00 and gave the company a “buy” rating in a report on Thursday, April 12th. Janney Montgomery Scott reiterated a “buy” rating and issued a $55.00 target price on shares of Avangrid in a report on Wednesday, April 25th. Wells Fargo & Co reiterated a “market perform” rating and issued a $51.00 target price (down from $54.00) on shares of Avangrid in a report on Wednesday, February 21st. Gabelli reiterated a “buy” rating on shares of Avangrid in a report on Wednesday, February 21st. Finally, ValuEngine upgraded shares of Avangrid from a “hold” rating to a “buy” rating in a report on Monday, April 2nd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $52.21.
Avangrid (NYSE:AGR) last released its quarterly earnings results on Monday, April 23rd. The utilities provider reported $0.78 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.01). The company had revenue of $1.87 billion during the quarter, compared to analysts’ expectations of $1.73 billion. Avangrid had a net margin of 6.36% and a return on equity of 4.59%. Avangrid’s revenue was up 6.1% on a year-over-year basis. During the same period last year, the firm posted $0.77 earnings per share. equities analysts expect that Avangrid Inc will post 2.38 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, July 2nd. Stockholders of record on Friday, June 8th will be paid a $0.432 dividend. This represents a $1.73 dividend on an annualized basis and a dividend yield of 3.42%. The ex-dividend date is Thursday, June 7th. Avangrid’s dividend payout ratio (DPR) is 78.64%.
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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