Hennessy Advisors Inc. cut its stake in shares of National Grid plc (NYSE:NGG - Free Report) by 4.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 199,344 shares of the utilities provider's stock after selling 9,800 shares during the quarter. Hennessy Advisors Inc.'s holdings in National Grid were worth $13,079,000 as of its most recent SEC filing.
Several other hedge funds have also recently modified their holdings of the stock. FMR LLC lifted its holdings in shares of National Grid by 11.9% during the fourth quarter. FMR LLC now owns 4,462,898 shares of the utilities provider's stock worth $265,185,000 after purchasing an additional 473,172 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of National Grid by 5.1% during the fourth quarter. JPMorgan Chase & Co. now owns 1,405,185 shares of the utilities provider's stock worth $83,496,000 after purchasing an additional 68,587 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of National Grid during the fourth quarter worth $67,324,000. Merewether Investment Management LP lifted its holdings in shares of National Grid by 10.3% during the fourth quarter. Merewether Investment Management LP now owns 1,053,461 shares of the utilities provider's stock worth $62,597,000 after purchasing an additional 98,461 shares during the period. Finally, LPL Financial LLC lifted its holdings in National Grid by 3.3% in the fourth quarter. LPL Financial LLC now owns 781,572 shares of the utilities provider's stock valued at $46,441,000 after acquiring an additional 25,082 shares during the period. 4.68% of the stock is owned by institutional investors and hedge funds.
National Grid Price Performance
National Grid stock traded down $0.18 during midday trading on Friday, reaching $72.64. 670,075 shares of the company were exchanged, compared to its average volume of 762,032. The company has a market capitalization of $71.08 billion, a price-to-earnings ratio of 13.97, a P/E/G ratio of 5.64 and a beta of 0.63. The firm's 50-day simple moving average is $71.19 and its 200-day simple moving average is $64.70. National Grid plc has a 1 year low of $53.19 and a 1 year high of $73.03. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.54 and a current ratio of 1.61.
National Grid Cuts Dividend
The firm also recently declared a semi-annual dividend, which will be paid on Monday, July 28th. Shareholders of record on Friday, May 30th will be issued a $2.0345 dividend. This represents a yield of 4.7%. The ex-dividend date is Friday, May 30th. National Grid's dividend payout ratio (DPR) is 78.08%.
Wall Street Analyst Weigh In
NGG has been the subject of a number of recent analyst reports. Wall Street Zen downgraded National Grid from a "hold" rating to a "sell" rating in a report on Friday, May 16th. Citigroup reissued a "neutral" rating on shares of National Grid in a report on Tuesday, May 6th. Royal Bank of Canada downgraded National Grid from an "outperform" rating to a "sector perform" rating in a report on Wednesday, May 28th. Deutsche Bank Aktiengesellschaft reissued a "buy" rating on shares of National Grid in a report on Wednesday, May 21st. Finally, BNP Paribas Exane started coverage on National Grid in a research note on Thursday, May 29th. They set an "outperform" rating and a $80.40 price target for the company. One research analyst has rated the stock with a sell rating, three have given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $80.40.
Read Our Latest Research Report on National Grid
National Grid Company Profile
(
Free Report)
National Grid plc transmits and distributes electricity and gas. It operates through UK Electricity Transmission, UK Electricity Distribution, UK Electricity System Operator, New England, New York, National Grid Ventures, and Other segments. The UK Electricity Transmission segment provides electricity transmission and construction work services in England and Wales.
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