Bank of New York Mellon Corp Sells 45,455 Shares of National Grid Transco, PLC $NGG

Key Points

• Bank of New York Mellon reduced its National Grid Transco position by 13.1% in the first quarter, selling 45,455 shares and retaining 301,715 shares valued at approximately $25.5 million.
• NGG shares opened at $81.20, below the consensus analyst price target of $85.50. The stock has traded between $67.51 and $94.64 over the past year.
• Analyst sentiment remains cautious, with a consensus “Reduce” rating based on one Buy, seven Hold, and two Sell ratings; institutional investors own 4.68% of the company.

Bank of New York Mellon Corp reduced its position in National Grid Transco, PLC (NYSE:NGG - Free Report) by 13.1% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 301,715 shares of the utilities provider's stock after selling 45,455 shares during the quarter. Bank of New York Mellon Corp's holdings in National Grid Transco were worth $25,525,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the company. First Pacific Financial raised its position in National Grid Transco by 194,350.0% in the 4th quarter. First Pacific Financial now owns 11,667 shares of the utilities provider's stock worth $902,000 after purchasing an additional 11,661 shares during the period. Miller Howard Investments Inc. NY boosted its position in National Grid Transco by 23.5% during the first quarter. Miller Howard Investments Inc. NY now owns 120,490 shares of the utilities provider's stock valued at $10,193,000 after buying an additional 22,898 shares during the period. Perpetual Ltd purchased a new stake in National Grid Transco during the fourth quarter valued at about $2,347,000. Perigon Wealth Management LLC bought a new position in shares of National Grid Transco during the fourth quarter valued at about $464,000. Finally, Ferguson Wellman Capital Management Inc. bought a new position in shares of National Grid Transco during the first quarter valued at about $21,277,000. 4.68% of the stock is currently owned by institutional investors.

National Grid Transco Stock Performance

Shares of NYSE:NGG opened at $81.20 on Tuesday. National Grid Transco, PLC has a 1 year low of $67.51 and a 1 year high of $94.64. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.71 and a current ratio of 0.76. The stock's 50-day moving average is $82.60 and its 200 day moving average is $85.29.

National Grid Transco Dividend Announcement

The firm also recently disclosed a dividend, which was paid on Thursday, July 23rd. Stockholders of record on Friday, May 29th were given a $2.1738 dividend. This represents a dividend yield of 533.0%. The ex-dividend date was Friday, May 29th.

Analysts Set New Price Targets

NGG has been the topic of several analyst reports. Weiss Ratings reiterated a "hold (c)" rating on shares of National Grid Transco in a report on Friday, July 17th. Deutsche Bank Aktiengesellschaft cut National Grid Transco from a "buy" rating to a "hold" rating in a report on Monday, June 8th. Royal Bank Of Canada restated a "sector perform" rating on shares of National Grid Transco in a research report on Monday, June 1st. Wall Street Zen raised National Grid Transco from a "hold" rating to a "buy" rating in a research note on Saturday. Finally, Morgan Stanley reiterated an "overweight" rating on shares of National Grid Transco in a research report on Friday, May 29th. One equities research analyst has rated the stock with a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, National Grid Transco currently has a consensus rating of "Reduce" and an average price target of $85.50.

About National Grid Transco

National Grid Transco NYSE: NGG is a utility company focused on the transmission and distribution of electricity and natural gas. The company builds, owns, operates and maintains large-scale energy infrastructure, including high-voltage electricity transmission lines, electricity distribution networks and high-pressure gas pipelines. Its core activities center on providing safe, reliable delivery of energy to residential, commercial and industrial customers while meeting regulatory requirements across its service territories.

Services provided by National Grid Transco encompass network operation and maintenance, system balancing and control, metering and connections, and capital investment in grid modernization and reliability projects.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.