First Mercantile Trust Co Lowers stake in Avangrid Inc (AGR)

Avangrid Inc (AGR) : First Mercantile Trust Co reduced its stake in Avangrid Inc by 20.26% during the most recent quarter end. The investment management company now holds a total of 43,842 shares of Avangrid Inc which is valued at $1,733,951 after selling 11,137 shares in Avangrid Inc , the firm said in a disclosure report filed with the SEC on Oct 7, 2016.Avangrid Inc makes up approximately 0.23% of First Mercantile Trust Co’s portfolio.

Other Hedge Funds, Including , Bnp Paribas Arbitrage Sa boosted its stake in AGR in the latest quarter, The investment management firm added 1,116 additional shares and now holds a total of 1,796 shares of Avangrid Inc which is valued at $71,373.

On the company’s financial health, Avangrid Inc reported $0.28 EPS for the quarter, missing the analyst consensus estimate by $ -0.01 based on the information available during the earnings call on Nov 2, 2015. Analyst had a consensus of $0.29. The company had revenue of $330.50 million for the quarter, compared to analysts expectations of $318.37 million. The company’s revenue was up 12.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.30 EPS.

Many Wall Street Analysts have commented on Avangrid Inc. Avangrid Inc was Downgraded by JP Morgan to ” Underweight” on Sep 23, 2016. Avangrid Inc was Initiated by Guggenheim to “Neutral” on Sep 8, 2016.

Avangrid Inc. formerly Iberdrola USA Inc. is an energy services holding company. The Company through its principal subsidiaries Iberdrola USA Networks Inc. (Iberdrola Networks) and Iberdrola Renewables Holding Inc. (IRHI) is engaged in the regulated energy distribution renewable energy generation (Renewables) and gas businesses (Gas) collectively (Renewables and Gas). 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 originated in New York and Maine carried out by the Company and its subsidiaries. Renewables segment includes activities relating to renewable energy mainly wind energy generation and trading related with such activities. The Gas segment includes gas trading and storage businesses carried on by the Company and its subsidiaries. Iberdrola Networks owns and operates the regulated utility businesses of the Company.

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