Clearbridge Investments LLC Cuts Position in National Grid plc (NYSE:NGG)

Clearbridge Investments LLC trimmed its position in National Grid plc (NYSE:NGGGet Rating) by 1.3% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 104,891 shares of the utilities provider’s stock after selling 1,419 shares during the quarter. Clearbridge Investments LLC’s holdings in National Grid were worth $6,785,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of NGG. ACG Wealth purchased a new position in shares of National Grid in the 2nd quarter worth about $25,000. Core Alternative Capital purchased a new position in shares of National Grid in the 1st quarter worth about $34,000. Fairfield Bush & CO. purchased a new position in shares of National Grid in the 1st quarter worth about $36,000. Clearstead Advisors LLC raised its holdings in shares of National Grid by 97.7% in the 1st quarter. Clearstead Advisors LLC now owns 678 shares of the utilities provider’s stock worth $52,000 after purchasing an additional 335 shares during the period. Finally, Curi Wealth Management LLC acquired a new stake in shares of National Grid in the second quarter valued at about $56,000. 3.68% of the stock is currently owned by hedge funds and other institutional investors.

National Grid Stock Performance

Shares of NYSE NGG opened at $61.48 on Friday. National Grid plc has a fifty-two week low of $47.22 and a fifty-two week high of $80.20. The business has a 50 day moving average price of $54.85 and a two-hundred day moving average price of $63.62. The company has a debt-to-equity ratio of 1.52, a quick ratio of 0.66 and a current ratio of 0.71.

National Grid Increases Dividend

The company also recently announced a semi-annual dividend, which will be paid on Wednesday, January 11th. Shareholders of record on Friday, November 25th will be issued a dividend of $2.0929 per share. This represents a yield of 7.1%. The ex-dividend date of this dividend is Wednesday, November 23rd. This is an increase from National Grid’s previous semi-annual dividend of $1.16.

Analysts Set New Price Targets

NGG has been the subject of a number of recent research reports. Citigroup upgraded National Grid from a “sell” rating to a “neutral” rating in a research note on Tuesday, October 4th. StockNews.com upgraded National Grid from a “hold” rating to a “buy” rating in a research note on Wednesday, November 16th. Credit Suisse Group lowered their target price on National Grid from GBX 1,225 ($14.49) to GBX 1,150 ($13.60) in a research note on Friday, October 28th. Societe Generale upgraded National Grid from a “hold” rating to a “buy” rating in a research note on Tuesday, November 15th. Finally, JPMorgan Chase & Co. initiated coverage on National Grid in a research note on Tuesday, November 8th. They issued an “overweight” rating for the company. Eight equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $1,120.00.

About National Grid

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National Grid plc transmits and distributes electricity and gas. The company operates through UK Electricity Transmission, UK Electricity Distribution, UK Electricity System Operator, New England, and New York segments. The UK Electricity Transmission segment provides electricity transmission and construction work services in England and Wales.

See Also

Institutional Ownership by Quarter for National Grid (NYSE:NGG)

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