Avangrid, Inc. (NYSE:AGR) Stock Holdings Lessened by Hennessy Advisors Inc.

Hennessy Advisors Inc. trimmed its stake in Avangrid, Inc. (NYSE:AGR) by 4.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 83,700 shares of the utilities provider’s stock after selling 3,800 shares during the quarter. Hennessy Advisors Inc.’s holdings in Avangrid were worth $3,050,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also made changes to their positions in the company. BKM Wealth Management LLC purchased a new stake in shares of Avangrid in the fourth quarter worth approximately $41,000. GAMMA Investing LLC acquired a new position in Avangrid in the fourth quarter worth approximately $60,000. Hoxton Planning & Management LLC acquired a new position in Avangrid in the first quarter worth approximately $216,000. SeaCrest Wealth Management LLC acquired a new position in Avangrid in the fourth quarter worth approximately $204,000. Finally, Seven Mile Advisory acquired a new position in Avangrid in the fourth quarter worth approximately $213,000. 13.12% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

AGR has been the topic of a number of research reports. Janney Montgomery Scott restated a “sell” rating and issued a $35.00 price objective on shares of Avangrid in a report on Friday, March 8th. StockNews.com initiated coverage on Avangrid in a report on Sunday, June 23rd. They set a “hold” rating on the stock. One research analyst has rated the stock with a sell rating and three have issued a hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $34.67.

Avangrid Stock Performance

AGR stock traded up $0.07 during midday trading on Friday, hitting $35.47. 142,938 shares of the company traded hands, compared to its average volume of 876,123. Avangrid, Inc. has a twelve month low of $27.46 and a twelve month high of $39.13. The company has a quick ratio of 0.50, a current ratio of 0.58 and a debt-to-equity ratio of 0.47. The business has a 50 day simple moving average of $36.13 and a 200-day simple moving average of $34.17. The stock has a market capitalization of $13.72 billion, a price-to-earnings ratio of 15.37, a price-to-earnings-growth ratio of 2.65 and a beta of 0.55.

Avangrid (NYSE:AGR) last announced its quarterly earnings data on Wednesday, April 24th. The utilities provider reported $0.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.18. The business had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.54 billion. Avangrid had a net margin of 10.80% and a return on equity of 4.35%. Avangrid’s quarterly revenue was down 2.0% on a year-over-year basis. During the same quarter last year, the company posted $0.64 earnings per share. As a group, equities research analysts predict that Avangrid, Inc. will post 2.22 earnings per share for the current year.

Avangrid Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Monday, June 3rd will be paid a $0.44 dividend. The ex-dividend date is Monday, June 3rd. This represents a $1.76 annualized dividend and a dividend yield of 4.96%. Avangrid’s payout ratio is 76.19%.

About Avangrid

Avangrid, Inc, an energy services holding company, engages in the regulated energy transmission and distribution, and renewable energy generation businesses in the United States. The company operates through Networks and Renewables segments. It is involved in the generation, transmission, and distribution of electricity; and distribution, transportation, and sale of natural gas.