On September 10, 2023, it was revealed that Krane Funds Advisors LLC has acquired a new stake in Avangrid, Inc. (NYSE:AGR) during the first quarter of the year. This information was disclosed in the latest report submitted to the Securities and Exchange Commission. The fund purchased 5,576 shares of Avangrid’s stock, which were valued at approximately $228,000.
Avangrid is a prominent utilities provider listed on the New York Stock Exchange under the ticker symbol AGR. The company recently released its quarterly earnings data on July 27th. According to the report, Avangrid reported an EPS (earnings per share) of $0.21 for the quarter, falling short of the consensus estimate of $0.50 by $0.29.
Despite this decrease in earnings, Avangrid maintains a net margin of 7.23% and a return on equity of 2.94%. However, it is important to note that these figures suggest a decline compared to previous quarters.
Avangrid generated revenue of $1.59 billion during the quarter under review. Analysts had predicted revenue to reach around $1.83 billion for the same period. As such, Avangrid’s revenue was down by 11.5% on a year-over-year basis.
In terms of future predictions, sell-side analysts anticipate that Avangrid will post an EPS of 2.1 for the current year.
This development gives insight into Krane Funds Advisors LLC’s investment strategies and its confidence in Avangrid’s potential for growth in both profitability and market value.
While it is crucial to consider that past performance does not guarantee future results, this acquisition may serve as an indication of positive prospects ahead for Avangrid investors.
It is advisable for potential investors or existing stakeholders to conduct thorough research and analysis before making any financial decisions related to investing or divesting Avangrid stocks. Keeping an eye on upcoming quarterly reports and market trends can offer valuable insights to support informed decision-making.
Moreover, it is important to mention that the stock market is known for its inherent volatility, meaning there are risks involved in any investment. Individuals should consult with a financial advisor or expert to assess their individual risk tolerance and ensure that investment choices align with their long-term financial goals.
As always, due diligence and prudence are essential when venturing into the world of investing. The stock market can be unpredictable, thus necessitating careful consideration before committing any capital.
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Ownership Changes and Dividend Announcement Showcase Avangrid’s Appeal in Utilities Sector
[stock_market_widget type=”chart” template=”basic” color=”#3946CE” assets=”DVY” range=”1mo” interval=”1d” axes=”true” cursor=”true” range_selector=”true” api=”yf”]Avangrid, Inc., a leading utilities provider, has seen changes in its ownership as hedge funds and institutional investors adjust their stakes in the company. Global Retirement Partners LLC, for instance, has increased its holdings in Avangrid by an astonishing 480.5% during the first quarter of this year. This surge saw Global Retirement Partners LLC acquire an additional 543 shares valued at $26,000. Similarly, Quent Capital LLC augmented its holdings by 167.1% during the same period and now owns 943 shares worth $38,000.
Huntington National Bank also entered the fray during the fourth quarter of last year by purchasing a new stake in Avangrid valued at approximately $32,000. MetLife Investment Management LLC followed suit during the first quarter of this year with a new stake worth around $53,000. Furthermore, State of Wyoming joined in by buying a new stake in Avangrid during the fourth quarter of last year for approximately $61,000.
Such shifts in ownership are indicative of the stock’s allure among institutional investors and demonstrate their confidence in Avangrid’s potential for growth and profitability. In fact, institutional investors collectively hold around 12.93% of the overall stock.
When it comes to performance on the market, Avangrid opened at $34.01 on Friday. Over the past twelve months, the stock has traded between a range of $33.37 and $50.59 from its low to high respectively. The company maintains a current ratio of 0.59 and a quick ratio of 0.49—a reflection of its liquidity position—and possesses a debt-to-equity ratio of 0.41.
The stock’s moving averages indicate a somewhat stable trend with a 50-day simple moving average sitting at $36.01 and its 200-day simple moving average hovering around $38.10. Avangrid has proven itself to be a substantial player in the market with a market capitalization of $13.15 billion. The stock carries a price-to-earnings ratio of 22.67, further demonstrating its strong presence.
Despite its financial strength and potential growth, Avangrid has recently disclosed a quarterly dividend scheduled to be paid on Monday, October 2nd. Investors who were recorded as shareholders on Friday, September 1st will receive a dividend payment of $0.44 per share. It is worth noting that the ex-dividend date for this payout was Thursday, August 31st. With an annualized dividend of $1.76, investors can expect a yield of 5.17%. This substantial dividend payout represents an interesting aspect for potential investors to consider.
Several brokerages have also issued their opinions on Avangrid’s prospects. Mizuho decreased their price objective for the stock from $39.00 to $37.00 in a recent report on Wednesday, August 30th. Conversely, Bank of America boosted their target price from $34.00 to $35.00 in a research note published on Wednesday, June 21st.
Additionally, KeyCorp upgraded Avangrid from an “underweight” rating to a “sector weight” rating while StockNews.com downgraded it from a “hold” rating to a “sell” rating in separate research notes released earlier this year.
Overall, the stock has garnered mixed reviews with two equities research analysts giving it a sell rating and three suggesting investors hold onto it for now.
As Bloomberg.com indicates, Avangrid currently holds an average rating of “Hold” among analysts surveyed, with the consensus price target projected at $37.75.
With various factors impacting its performance and overall appeal among institutional investors and analysts alike, Avangrid stands at an intriguing juncture within the utilities sector.
