Mackenzie Financial Corp Buys 47,420 Shares of Avangrid Inc (AGR)
Mackenzie Financial Corp boosted its stake in shares of Avangrid Inc (NYSE:AGR) by 139.1% during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 81,520 shares of the utilities provider’s stock after buying an additional 47,420 shares during the period. Mackenzie Financial Corp’s holdings in Avangrid were worth $3,866,000 at the end of the most recent quarter.
A number of other large investors also recently added to or reduced their stakes in AGR. Proficio Capital Partners LLC increased its stake in Avangrid by 102.2% in the second quarter. Proficio Capital Partners LLC now owns 2,704 shares of the utilities provider’s stock worth $124,000 after purchasing an additional 1,367 shares during the period. First Personal Financial Services increased its stake in Avangrid by 3.4% in the second quarter. First Personal Financial Services now owns 2,862 shares of the utilities provider’s stock worth $126,000 after purchasing an additional 94 shares during the period. Ffcm LLC purchased a new stake in Avangrid in the third quarter worth $134,000. Parallel Advisors LLC increased its stake in Avangrid by 20.1% in the second quarter. Parallel Advisors LLC now owns 3,265 shares of the utilities provider’s stock worth $148,000 after purchasing an additional 546 shares during the period. Finally, US Bancorp DE increased its stake in Avangrid by 59.4% in the second quarter. US Bancorp DE now owns 4,565 shares of the utilities provider’s stock worth $201,000 after purchasing an additional 1,702 shares during the period. Institutional investors own 13.83% of the company’s stock.
A number of analysts have weighed in on the company. Wells Fargo & Company lowered Avangrid from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 1st. Zacks Investment Research upgraded Avangrid from a “sell” rating to a “hold” rating in a research note on Thursday, October 26th. Bank of America assumed coverage on Avangrid in a research note on Tuesday, October 24th. They issued a “buy” rating and a $52.00 target price on the stock. Finally, J P Morgan Chase & Co raised their price target on Avangrid from $43.00 to $47.00 and gave the company an “underweight” rating in a research note on Thursday, October 12th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $47.50.
Avangrid (NYSE:AGR) last announced its quarterly earnings results on Tuesday, October 24th. The utilities provider reported $0.40 EPS for the quarter, beating the consensus estimate of $0.37 by $0.03. The firm had revenue of $1.34 billion for the quarter, compared to analyst estimates of $1.32 billion. Avangrid had a return on equity of 4.60% and a net margin of 11.23%. The business’s revenue for the quarter was down 5.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.35 earnings per share. analysts forecast that Avangrid Inc will post 2.21 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Monday, December 11th will be paid a dividend of $0.432 per share. The ex-dividend date of this dividend is Friday, December 8th. This represents a $1.73 annualized dividend and a dividend yield of 3.31%. Avangrid’s dividend payout ratio is currently 80.47%.
Avangrid, Inc is an energy and utility company. The Company operates through three segments: Networks, Renewables and Gas. The Networks segment includes all the energy transmission and distribution activities, and any other regulated activity originating in New York and Maine, and regulated electric distribution, electric transmission and gas distribution activities originating in Connecticut and Massachusetts.
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