Avangrid, Inc. (NYSE:AGR) Shares Sold by Essex Financial Services Inc.

Essex Financial Services Inc. cut its position in shares of Avangrid, Inc. (NYSE:AGR) by 53.1% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 10,331 shares of the utilities provider’s stock after selling 11,679 shares during the quarter. Essex Financial Services Inc.’s holdings in Avangrid were worth $335,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the business. SG Americas Securities LLC boosted its holdings in shares of Avangrid by 37.1% in the 3rd quarter. SG Americas Securities LLC now owns 3,639 shares of the utilities provider’s stock valued at $110,000 after buying an additional 985 shares during the period. Commonwealth Equity Services LLC boosted its stake in Avangrid by 2.9% in the third quarter. Commonwealth Equity Services LLC now owns 42,973 shares of the utilities provider’s stock valued at $1,297,000 after acquiring an additional 1,217 shares during the period. Robeco Institutional Asset Management B.V. bought a new position in shares of Avangrid during the third quarter valued at approximately $122,000. Independent Advisor Alliance acquired a new stake in shares of Avangrid during the 3rd quarter worth approximately $223,000. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Avangrid by 0.9% in the 3rd quarter. Bank of New York Mellon Corp now owns 448,370 shares of the utilities provider’s stock worth $13,527,000 after purchasing an additional 3,907 shares during the last quarter. Institutional investors own 13.12% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Janney Montgomery Scott reaffirmed a “sell” rating and issued a $35.00 target price on shares of Avangrid in a research report on Friday, March 8th. Wells Fargo & Company boosted their target price on Avangrid from $34.00 to $35.00 and gave the stock an “equal weight” rating in a report on Friday, February 23rd. Finally, StockNews.com upgraded Avangrid from a “sell” rating to a “hold” rating in a research report on Friday, February 23rd. One research analyst has rated the stock with a sell rating and four have issued a hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $34.75.

Avangrid Stock Performance

Shares of NYSE AGR opened at $36.63 on Friday. The stock’s fifty day simple moving average is $35.28 and its 200 day simple moving average is $32.80. The stock has a market capitalization of $14.17 billion, a price-to-earnings ratio of 15.85, a PEG ratio of 2.74 and a beta of 0.55. The company has a quick ratio of 0.50, a current ratio of 0.58 and a debt-to-equity ratio of 0.47. Avangrid, Inc. has a 52-week low of $27.46 and a 52-week high of $41.22.

Avangrid (NYSE:AGR) last issued its quarterly earnings results on Wednesday, April 24th. The utilities provider reported $0.88 earnings per share for the quarter, topping analysts’ consensus estimates of $0.70 by $0.18. Avangrid had a return on equity of 4.35% and a net margin of 10.80%. The firm had revenue of $2.42 billion for the quarter, compared to analysts’ expectations of $2.54 billion. During the same quarter last year, the business posted $0.64 EPS. Avangrid’s revenue was down 2.0% on a year-over-year basis. As a group, sell-side analysts forecast that Avangrid, Inc. will post 2.23 earnings per share for the current fiscal year.

Avangrid Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Monday, June 3rd will be given a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 4.81%. The ex-dividend date is Friday, May 31st. 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.