State Street Corp Cuts Position in Avangrid, Inc. (NYSE:AGR)

State Street Corp decreased its stake in Avangrid, Inc. (NYSE:AGR - Free Report) by 5.5% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,514,748 shares of the utilities provider's stock after selling 87,767 shares during the period. State Street Corp owned 0.39% of Avangrid worth $54,884,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Creative Planning boosted its stake in Avangrid by 17.4% in the third quarter. Creative Planning now owns 37,986 shares of the utilities provider's stock valued at $1,360,000 after acquiring an additional 5,618 shares in the last quarter. Kestra Investment Management LLC acquired a new stake in shares of Avangrid in the 3rd quarter valued at about $553,000. Royal London Asset Management Ltd. grew its stake in Avangrid by 276.5% during the 3rd quarter. Royal London Asset Management Ltd. now owns 105,430 shares of the utilities provider's stock worth $3,773,000 after buying an additional 77,425 shares during the last quarter. Bank of New York Mellon Corp increased its position in Avangrid by 26.9% during the second quarter. Bank of New York Mellon Corp now owns 256,980 shares of the utilities provider's stock worth $9,130,000 after buying an additional 54,469 shares during the period. Finally, Blue Trust Inc. lifted its stake in Avangrid by 244.9% in the third quarter. Blue Trust Inc. now owns 807 shares of the utilities provider's stock valued at $29,000 after buying an additional 573 shares during the last quarter. 13.12% of the stock is owned by hedge funds and other institutional investors.

Avangrid Stock Performance

Shares of AGR stock traded up $0.24 during midday trading on Thursday, hitting $35.73. The company had a trading volume of 1,538,599 shares, compared to its average volume of 766,667. The stock has a market cap of $13.82 billion, a price-to-earnings ratio of 12.28, a PEG ratio of 2.54 and a beta of 0.56. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.51 and a quick ratio of 0.44. The company's 50 day simple moving average is $35.77 and its 200 day simple moving average is $35.68. Avangrid, Inc. has a 52-week low of $29.71 and a 52-week high of $37.70.

Avangrid (NYSE:AGR - Get Free Report) last posted its quarterly earnings data on Tuesday, October 22nd. The utilities provider reported $0.55 earnings per share for the quarter, beating analysts' consensus estimates of $0.33 by $0.22. The firm had revenue of $2.08 billion for the quarter, compared to analyst estimates of $2.04 billion. Avangrid had a net margin of 12.89% and a return on equity of 5.37%. Avangrid's quarterly revenue was up 5.5% on a year-over-year basis. During the same period last year, the firm posted $0.27 EPS. Research analysts anticipate that Avangrid, Inc. will post 2.34 earnings per share for the current fiscal year.

Avangrid Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 2nd will be given a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 4.93%. The ex-dividend date of this dividend is Monday, December 2nd. Avangrid's payout ratio is 60.48%.

Wall Street Analyst Weigh In

Separately, StockNews.com initiated coverage on shares of Avangrid in a research note on Monday. They set a "hold" rating for the company.

Avangrid Company Profile

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.