Insider Buying: Avangrid Inc (NYSE:AGR) Director Buys 198 Shares of Stock

Avangrid Inc (NYSE:AGR) Director Alan D. Solomont acquired 198 shares of the business’s stock in a transaction dated Thursday, August 1st. The stock was purchased at an average price of $50.59 per share, with a total value of $10,016.82. Following the acquisition, the director now owns 4,467 shares of the company’s stock, valued at $225,985.53. The acquisition was disclosed in a filing with the SEC, which is available through this link.

Shares of NYSE AGR traded down $0.67 during mid-day trading on Friday, hitting $50.35. 7,874 shares of the company traded hands, compared to its average volume of 483,899. Avangrid Inc has a 1 year low of $45.81 and a 1 year high of $53.47. The firm has a market cap of $15.74 billion, a PE ratio of 22.81, a price-to-earnings-growth ratio of 2.96 and a beta of 0.12. The company has a quick ratio of 0.57, a current ratio of 0.63 and a debt-to-equity ratio of 0.36. The business’s 50 day moving average is $50.42.

Avangrid (NYSE:AGR) last announced its earnings results on Tuesday, July 23rd. The utilities provider reported $0.33 EPS for the quarter, missing the consensus estimate of $0.40 by ($0.07). Avangrid had a net margin of 8.85% and a return on equity of 4.09%. The company had revenue of $1.40 billion for the quarter, compared to analysts’ expectations of $1.38 billion. During the same period in the prior year, the company earned $0.41 earnings per share. The company’s revenue for the quarter was down .1% on a year-over-year basis. As a group, equities analysts expect that Avangrid Inc will post 2.26 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 6th will be issued a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a dividend yield of 3.50%. The ex-dividend date of this dividend is Thursday, September 5th. Avangrid’s dividend payout ratio is 79.64%.

Several analysts have recently weighed in on AGR shares. Janney Montgomery Scott lowered Avangrid from a “neutral” rating to a “sell” rating and cut their price objective for the company from $50.00 to $46.00 in a report on Thursday, April 25th. KeyCorp started coverage on Avangrid in a report on Tuesday, June 4th. They issued a “sector weight” rating for the company. Zacks Investment Research upgraded Avangrid from a “sell” rating to a “hold” rating in a report on Thursday, July 4th. Bank of America lowered Avangrid from a “neutral” rating to an “underperform” rating and cut their price objective for the company from $53.00 to $52.50 in a report on Thursday, April 25th. Finally, Goldman Sachs Group upgraded Avangrid from a “sell” rating to a “neutral” rating and upped their price objective for the company from $46.00 to $47.00 in a report on Monday, April 8th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $51.17.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Exane Asset Management raised its position in Avangrid by 78.2% during the first quarter. Exane Asset Management now owns 37,552 shares of the utilities provider’s stock valued at $1,891,000 after buying an additional 16,481 shares during the period. Alps Advisors Inc. acquired a new position in Avangrid during the first quarter valued at $736,000. Martingale Asset Management L P raised its position in Avangrid by 236.8% during the first quarter. Martingale Asset Management L P now owns 114,518 shares of the utilities provider’s stock valued at $5,767,000 after buying an additional 80,517 shares during the period. FMR LLC raised its position in Avangrid by 34.0% during the first quarter. FMR LLC now owns 2,502,651 shares of the utilities provider’s stock valued at $126,008,000 after buying an additional 634,570 shares during the period. Finally, First Trust Advisors LP raised its position in Avangrid by 3.9% during the first quarter. First Trust Advisors LP now owns 650,402 shares of the utilities provider’s stock valued at $32,748,000 after buying an additional 24,439 shares during the period. 14.47% of the stock is owned by institutional investors and hedge funds.

About Avangrid

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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