Trade Report: Today, Assetmark Inc. Reduced the position of Avangrid Inc. (AGR)

Today, Assetmark Inc. Reduced the position of Avangrid Inc. (AGR)

Assetmark Inc. lowered its position in shares of Avangrid Inc. (NYSE:AGR) by 11.9% during the third quarter, Holdings Channel reports. The institutional investor owned 45,276 shares of the company’s stock after selling 6,104 shares during the period. Assetmark Inc.’s holdings in Avangrid were worth $1,892,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Cornerstone Advisors Inc. acquired a new position in Avangrid during the third quarter worth about $101,000. Sei Investments Co. boosted its position in Avangrid by 7.6% in the second quarter. Sei Investments Co. now owns 3,077 shares of the company’s stock worth $142,000 after buying an additional 218 shares during the last quarter. US Bancorp DE boosted its position in Avangrid by 146.3% in the third quarter. US Bancorp DE now owns 4,190 shares of the company’s stock worth $175,000 after buying an additional 2,489 shares during the last quarter. Fox Run Management L.L.C. acquired a new position in Avangrid during the third quarter worth about $201,000. Finally, Parametrica Management Ltd acquired a new position in Avangrid during the third quarter worth about $203,000. 13.22% of the stock is owned by institutional investors and hedge funds.

Avangrid Inc. (NYSE:AGR) opened at 37.09 on Friday. The company has a market capitalization of $11.46 billion and a PE ratio of 21.35. Avangrid Inc. has a one year low of $32.45 and a one year high of $46.74. The company has a 50 day moving average price of $38.71 and a 200-day moving average price of $42.05.

Avangrid (NYSE:AGR) last announced its quarterly earnings results on Tuesday, October 25th. The company reported $0.35 EPS for the quarter, missing the Zacks’ consensus estimate of $0.59 by $0.24. The company earned $1.42 billion during the quarter, compared to analysts’ expectations of $1.58 billion. Avangrid had a return on equity of 3.32% and a net margin of 9.14%. Avangrid’s revenue for the quarter was up 35.3% on a year-over-year basis. During the same period last year, the firm earned $0.25 earnings per share. Analysts expect that Avangrid Inc. will post $1.98 EPS for the current fiscal year.

A number of research firms have issued reports on AGR. Guggenheim began coverage on Avangrid in a report on Thursday, September 8th. They set a “neutral” rating on the stock. Zacks Investment Research cut Avangrid from a “hold” rating to a “sell” rating in a report on Friday, September 30th. Finally, JPMorgan Chase & Co. cut Avangrid from a “neutral” rating to an “underweight” rating and cut their price target for the stock from $44.00 to $41.00 in a report on Friday, September 23rd. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company. Avangrid currently has a consensus rating of “Hold” and a consensus price target of $41.75.

Avangrid Company Profile

Avangrid, Inc is a diversified energy and utility company with more than $30 billion in assets and operations in 25 states. The company operates regulated utilities and electricity generation through two primary lines of business. Avangrid Networks includes eight electric and natural gas utilities, serving approximately 3.1 million customers in New York and New England.

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