CIBC Asset Management Inc Trims Stock Position in National Grid plc (NYSE:NGG)

CIBC Asset Management Inc cut its stake in shares of National Grid plc (NYSE:NGG) by 4.9% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 90,345 shares of the utilities provider’s stock after selling 4,633 shares during the quarter. CIBC Asset Management Inc’s holdings in National Grid were worth $6,291,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of NGG. Profund Advisors LLC increased its holdings in National Grid by 3.0% in the second quarter. Profund Advisors LLC now owns 7,003 shares of the utilities provider’s stock valued at $398,000 after buying an additional 203 shares in the last quarter. Carr Financial Group Corp increased its holdings in National Grid by 3.9% in the third quarter. Carr Financial Group Corp now owns 5,416 shares of the utilities provider’s stock valued at $377,000 after buying an additional 205 shares in the last quarter. Concord Wealth Partners increased its stake in shares of National Grid by 11.2% during the third quarter. Concord Wealth Partners now owns 2,053 shares of the utilities provider’s stock worth $143,000 after purchasing an additional 206 shares in the last quarter. Bailard Inc. raised its position in shares of National Grid by 4.4% during the 2nd quarter. Bailard Inc. now owns 5,116 shares of the utilities provider’s stock worth $291,000 after purchasing an additional 217 shares during the last quarter. Finally, Bruce G. Allen Investments LLC raised its position in shares of National Grid by 26.0% during the 2nd quarter. Bruce G. Allen Investments LLC now owns 1,082 shares of the utilities provider’s stock worth $61,000 after purchasing an additional 223 shares during the last quarter. 4.68% of the stock is owned by hedge funds and other institutional investors.

National Grid Price Performance

Shares of NGG opened at $62.75 on Monday. National Grid plc has a twelve month low of $55.13 and a twelve month high of $73.40. The firm’s fifty day simple moving average is $66.92 and its 200-day simple moving average is $64.39. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.54 and a current ratio of 1.61.

National Grid Dividend Announcement

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

Analysts Set New Price Targets

A number of analysts have commented on the stock. Deutsche Bank Aktiengesellschaft assumed coverage on shares of National Grid in a report on Wednesday, October 2nd. They issued a “buy” rating for the company. Citigroup cut shares of National Grid from a “buy” rating to a “neutral” rating in a research note on Thursday, October 3rd. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, National Grid currently has a consensus 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.