ABC Arbitrage SA Trims Position in National Grid Transco, PLC (NYSE:NGG)

Key Points

• ABC Arbitrage SA has reduced its stake in National Grid Transco by 34.5%, now holding 239,253 shares, which makes up 2.9% of its portfolio, valued at approximately $15.7 million.
• Multiple institutional investors have recently modified their stakes in National Grid Transco, with notable increases from Federated Hermes Inc. (49.8% increase) and FMR LLC (11.9% increase).
• Analysts have varied opinions on the stock, with ratings ranging from "sell" to "strong buy," and a consensus target price set at $80.40.

ABC Arbitrage SA lessened its position in National Grid Transco, PLC (NYSE:NGG - Free Report) by 34.5% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 239,253 shares of the utilities provider's stock after selling 126,049 shares during the period. National Grid Transco comprises approximately 2.9% of ABC Arbitrage SA's holdings, making the stock its 7th biggest holding. ABC Arbitrage SA's holdings in National Grid Transco were worth $15,697,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Golden State Wealth Management LLC bought a new position in shares of National Grid Transco in the first quarter worth about $28,000. Cambridge Investment Research Advisors Inc. raised its position in National Grid Transco by 3.8% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 13,826 shares of the utilities provider's stock worth $907,000 after purchasing an additional 500 shares during the last quarter. Kingswood Wealth Advisors LLC raised its position in National Grid Transco by 25.5% in the 1st quarter. Kingswood Wealth Advisors LLC now owns 6,056 shares of the utilities provider's stock worth $398,000 after purchasing an additional 1,231 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in National Grid Transco by 97.3% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 9,481 shares of the utilities provider's stock worth $624,000 after buying an additional 4,675 shares in the last quarter. Finally, Two Sigma Investments LP boosted its position in National Grid Transco by 8.9% in the 4th quarter. Two Sigma Investments LP now owns 5,100 shares of the utilities provider's stock valued at $303,000 after buying an additional 417 shares during the last quarter. Institutional investors and hedge funds own 4.68% of the company's stock.

National Grid Transco Trading Down 0.3%

Shares of National Grid Transco stock traded down $0.24 during trading on Thursday, reaching $72.06. 643,488 shares of the company were exchanged, compared to its average volume of 883,636. The business has a 50-day moving average price of $71.76 and a 200-day moving average price of $67.97. The firm has a market capitalization of $70.64 billion, a price-to-earnings ratio of 13.86, a P/E/G ratio of 1.64 and a beta of 0.63. The company has a quick ratio of 1.30, a current ratio of 1.35 and a debt-to-equity ratio of 1.13. National Grid Transco, PLC has a twelve month low of $55.82 and a twelve month high of $74.82.

National Grid Transco Cuts Dividend

The business also recently announced a semi-annual dividend, which was paid on Monday, July 28th. Stockholders of record on Friday, May 30th were given a dividend of $2.0345 per share. This represents a dividend yield of 470.0%. The ex-dividend date was Friday, May 30th. National Grid Transco's payout ratio is presently 78.27%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on NGG. BNP Paribas Exane initiated coverage on National Grid Transco in a research report on Thursday, May 29th. They set an "outperform" rating and a $80.40 target price for the company. Wall Street Zen cut National Grid Transco from a "hold" rating to a "sell" rating in a report on Friday, May 16th. Deutsche Bank Aktiengesellschaft restated a "buy" rating on shares of National Grid Transco in a research report on Wednesday, May 21st. UBS Group cut shares of National Grid Transco from a "buy" rating to a "neutral" rating in a research report on Tuesday, April 29th. Finally, Barclays reissued an "overweight" rating on shares of National Grid Transco in a research note on Friday, May 16th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, National Grid Transco currently has an average rating of "Moderate Buy" and an average price target of $80.40.

National Grid Transco Company Profile

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.