State Street Corp Cuts Stake in National Grid plc (NYSE:NGG)

State Street Corp reduced its position in National Grid plc (NYSE:NGG) by 4.4% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 11,013 shares of the utilities provider’s stock after selling 509 shares during the period. State Street Corp’s holdings in National Grid were worth $767,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. FMR LLC raised its holdings in shares of National Grid by 77.3% in the 3rd quarter. FMR LLC now owns 3,989,726 shares of the utilities provider’s stock valued at $277,964,000 after purchasing an additional 1,739,566 shares in the last quarter. Merewether Investment Management LP purchased a new position in National Grid during the third quarter valued at approximately $66,535,000. Ausbil Investment Management Ltd bought a new position in National Grid in the third quarter worth approximately $62,421,000. Hsbc Holdings PLC lifted its holdings in National Grid by 11,704.2% during the second quarter. Hsbc Holdings PLC now owns 650,060 shares of the utilities provider’s stock worth $36,917,000 after buying an additional 644,553 shares during the period. Finally, Bank of Montreal Can boosted its position in National Grid by 3.1% during the 3rd quarter. Bank of Montreal Can now owns 553,394 shares of the utilities provider’s stock valued at $38,588,000 after acquiring an additional 16,610 shares in the last quarter. 4.68% of the stock is owned by hedge funds and other institutional investors.

National Grid Price Performance

NYSE NGG opened at $59.54 on Friday. National Grid plc has a 12-month low of $55.13 and a 12-month high of $73.40. The firm’s fifty day simple moving average is $61.95 and its two-hundred day simple moving average is $63.61. 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 market capitalization of $58.18 billion, a P/E ratio of 12.33, a P/E/G ratio of 5.49 and a beta of 0.62.

National Grid Announces Dividend

The firm also recently announced a semi-annual dividend, which will be paid on Tuesday, January 14th. Investors 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’s dividend payout ratio is currently 41.61%.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on NGG. Citigroup lowered National Grid from a “buy” rating to a “neutral” rating in a research report on Thursday, October 3rd. Deutsche Bank Aktiengesellschaft began coverage on shares of National Grid in a research report on Wednesday, October 2nd. They set a “buy” rating for the company. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy”.

National Grid 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.