Hedge Funds Are Crazy About Avangrid Inc (AGR)

Now, key money managers have been driving this bullishness. Adage Capital Management, led by Phill Gross and Robert Atchinson, established the biggest position in Avangrid Inc (NYSE:AGR). Adage Capital Management had $8.4 million invested in the company at the end of the quarter. Glenn Russell Dubin’s Highbridge Capital Management also made a $3.6 million investment in the stock during the quarter. The other funds with brand new AGR positions are Cliff Asness’ AQR Capital Management, Jonathan Barrett and Paul Segal’s Luminus Management, and Israel Englander’s Millennium Management.

Let’s now take a look at hedge fund activity in other stocks similar to Avangrid Inc (NYSE:AGR). We will take a look at KB Financial Group, Inc. (ADR) (NYSE:KB), Citizens Financial Group Inc (NYSE:CFG), Invesco Ltd. (NYSE:IVZ), and Waters Corporation (NYSE:WAT). All of these stocks’ market caps are closest to AGR’s market cap.

As you can see these stocks had an average of 28 hedge funds with bullish positions and the average amount invested in these stocks was $544 million. That figure was $263 million in AGR’s case. Citizens Financial Group Inc (NYSE:CFG) is the most popular stock in this table. On the other hand KB Financial Group, Inc. (ADR) (NYSE:KB) is the least popular one with only 9 bullish hedge fund positions. Avangrid Inc (NYSE:AGR) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard CFG might be a better candidate to consider taking a long position in.

Disclosure: None