Summit Global Investments Cuts Holdings in National Grid Transco, PLC $NGG

Key Points

• Summit Global Investments cut its National Grid Transco stake by 50.4% in the first quarter, leaving it with 15,678 shares valued at about $1.33 million.
• Analyst sentiment on NGG is mixed to cautious, with the stock carrying a consensus rating of “Reduce” and an average target price of $85.50.
• National Grid Transco shares were down 1.9% to $82.43, and the company recently declared a dividend of $2.1738 per share payable on July 23.

Summit Global Investments lowered its position in National Grid Transco, PLC (NYSE:NGG - Free Report) by 50.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 15,678 shares of the utilities provider's stock after selling 15,946 shares during the quarter. Summit Global Investments' holdings in National Grid Transco were worth $1,326,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in NGG. Root Financial Partners LLC boosted its position in shares of National Grid Transco by 88.2% in the fourth quarter. Root Financial Partners LLC now owns 318 shares of the utilities provider's stock worth $25,000 after buying an additional 149 shares during the period. Johnson Financial Group Inc. purchased a new stake in shares of National Grid Transco during the 3rd quarter valued at about $25,000. Cullen Frost Bankers Inc. raised its holdings in shares of National Grid Transco by 88.0% during the 4th quarter. Cullen Frost Bankers Inc. now owns 346 shares of the utilities provider's stock valued at $27,000 after buying an additional 162 shares during the period. Measured Wealth Private Client Group LLC purchased a new stake in shares of National Grid Transco during the 3rd quarter valued at about $28,000. Finally, Hilton Head Capital Partners LLC acquired a new position in National Grid Transco during the 4th quarter worth approximately $34,000. Institutional investors and hedge funds own 4.68% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on NGG shares. Weiss Ratings reiterated a "hold (c)" rating on shares of National Grid Transco in a research note on Friday. Morgan Stanley restated an "overweight" rating on shares of National Grid Transco in a research note on Friday, May 29th. Royal Bank Of Canada reaffirmed a "sector perform" rating on shares of National Grid Transco in a report on Monday, June 1st. The Goldman Sachs Group reiterated a "neutral" rating on shares of National Grid Transco in a research note on Monday, March 23rd. Finally, Deutsche Bank Aktiengesellschaft lowered shares of National Grid Transco from a "buy" rating to a "hold" rating in a report on Monday, June 8th. One research analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of "Reduce" and an average target price of $85.50.

National Grid Transco Trading Down 1.9%

NYSE:NGG opened at $82.43 on Tuesday. The business's 50 day moving average is $82.88 and its two-hundred day moving average is $85.14. The company has a quick ratio of 0.71, a current ratio of 0.76 and a debt-to-equity ratio of 1.09. National Grid Transco, PLC has a 52 week low of $67.51 and a 52 week high of $94.64.

National Grid Transco Dividend Announcement

The company also recently disclosed a dividend, which will be paid on Thursday, July 23rd. Investors of record on Friday, May 29th will be paid a dividend of $2.1738 per share. The ex-dividend date is Friday, May 29th. This represents a yield of 533.0%.

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.

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