Summit Global Investments Has $2.95 Million Stock Position in National Grid plc (NYSE:NGG)

Summit Global Investments reduced its stake in shares of National Grid plc (NYSE:NGG - Free Report) by 62.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 44,956 shares of the utilities provider's stock after selling 75,371 shares during the quarter. Summit Global Investments' holdings in National Grid were worth $2,950,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of NGG. SG Americas Securities LLC acquired a new position in National Grid during the 4th quarter valued at $166,000. Kingswood Wealth Advisors LLC acquired a new position in National Grid during the 4th quarter valued at $287,000. Blue Trust Inc. raised its stake in National Grid by 92.9% during the 4th quarter. Blue Trust Inc. now owns 9,774 shares of the utilities provider's stock valued at $581,000 after purchasing an additional 4,707 shares during the last quarter. Pacer Advisors Inc. raised its stake in National Grid by 4.1% during the 4th quarter. Pacer Advisors Inc. now owns 8,620 shares of the utilities provider's stock valued at $512,000 after purchasing an additional 340 shares during the last quarter. Finally, Optas LLC raised its stake in National Grid by 17.0% during the 4th quarter. Optas LLC now owns 7,866 shares of the utilities provider's stock valued at $467,000 after purchasing an additional 1,141 shares during the last quarter. 4.68% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have recently commented on NGG. Sanford C. Bernstein raised shares of National Grid from a "market perform" rating to an "outperform" rating in a report on Monday, March 17th. Royal Bank of Canada downgraded shares of National Grid from an "outperform" rating to a "sector perform" rating in a report on Wednesday. Wall Street Zen downgraded shares of National Grid from a "hold" rating to a "sell" rating in a report on Friday, May 16th. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating on shares of National Grid in a report on Wednesday, May 21st. Finally, BNP Paribas Exane began coverage on shares of National Grid in a report on Thursday. They set an "outperform" rating and a $80.40 price objective for the company. One analyst has rated the stock with a sell rating, three have assigned a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $80.40.

National Grid Price Performance

Shares of National Grid stock traded down $1.17 during mid-day trading on Friday, reaching $71.40. 785,260 shares of the stock were exchanged, compared to its average volume of 733,191. The company has a market cap of $69.86 billion, a price-to-earnings ratio of 13.73, a price-to-earnings-growth ratio of 5.64 and a beta of 0.63. The company has a current ratio of 1.61, a quick ratio of 1.54 and a debt-to-equity ratio of 1.18. The firm has a 50-day simple moving average of $69.91 and a 200 day simple moving average of $64.12. National Grid plc has a fifty-two week low of $54.24 and a fifty-two week high of $74.82.

National Grid Cuts Dividend

The company also recently announced a semi-annual dividend, which will be paid on Monday, July 28th. Investors of record on Friday, May 30th will be given a dividend of $2.0345 per share. This represents a dividend yield of 4.7%. The ex-dividend date is Friday, May 30th. National Grid's dividend payout ratio (DPR) is currently 78.08%.

About National Grid

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.