Summit Global Investments Raises Stake in National Grid plc (NYSE:NGG)

Summit Global Investments increased its holdings in shares of National Grid plc (NYSE:NGG - Free Report) by 579.9% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 45,117 shares of the utilities provider's stock after purchasing an additional 38,481 shares during the period. Summit Global Investments' holdings in National Grid were worth $3,143,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. PDS Planning Inc bought a new stake in shares of National Grid during the third quarter valued at approximately $214,000. Janney Montgomery Scott LLC grew its position in National Grid by 2.2% in the 3rd quarter. Janney Montgomery Scott LLC now owns 90,718 shares of the utilities provider's stock valued at $6,320,000 after purchasing an additional 1,963 shares during the period. Optas LLC increased its stake in National Grid by 9.6% during the 3rd quarter. Optas LLC now owns 6,725 shares of the utilities provider's stock valued at $469,000 after purchasing an additional 591 shares in the last quarter. US Bancorp DE raised its holdings in National Grid by 2.8% during the third quarter. US Bancorp DE now owns 34,118 shares of the utilities provider's stock worth $2,377,000 after buying an additional 922 shares during the last quarter. Finally, First Trust Direct Indexing L.P. lifted its stake in shares of National Grid by 7.9% in the third quarter. First Trust Direct Indexing L.P. now owns 17,288 shares of the utilities provider's stock valued at $1,204,000 after buying an additional 1,259 shares in the last quarter. Institutional investors and hedge funds own 4.68% of the company's stock.

Analysts Set New Price Targets

NGG has been the topic of several recent analyst reports. Deutsche Bank Aktiengesellschaft assumed coverage on National Grid in a research note on Wednesday, October 2nd. They set a "buy" rating on the stock. Citigroup cut shares of National Grid from a "buy" rating to a "neutral" rating in a report on Thursday, October 3rd. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy".

National Grid Stock Down 0.5 %

National Grid stock traded down $0.34 during midday trading on Friday, hitting $63.96. 407,753 shares of the company's stock were exchanged, compared to its average volume of 528,325. National Grid plc has a 52-week low of $55.13 and a 52-week high of $73.40. The company has a debt-to-equity ratio of 1.41, a current ratio of 0.91 and a quick ratio of 0.84. The stock has a 50-day moving average price of $67.43 and a two-hundred day moving average price of $64.57.

National Grid Announces Dividend

The firm also recently declared a semi-annual dividend, which will be paid on Tuesday, January 14th. Shareholders of record on Friday, November 22nd will be given a dividend of $2.4939 per share. This represents a yield of 4%. The ex-dividend date of this dividend is Friday, November 22nd.

National Grid 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.