Connor Clark & Lunn Investment Management Ltd. purchased a new stake in National Grid plc (NYSE:NGG) during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 26,200 shares of the utilities provider’s stock, valued at approximately $1,359,000.
Other institutional investors also recently added to or reduced their stakes in the company. Morgan Stanley boosted its stake in National Grid by 6.0% during the 2nd quarter. Morgan Stanley now owns 1,915,671 shares of the utilities provider’s stock worth $106,991,000 after purchasing an additional 108,547 shares during the last quarter. BTIM Corp. boosted its stake in National Grid by 2.2% during the 3rd quarter. BTIM Corp. now owns 73,175 shares of the utilities provider’s stock worth $3,795,000 after purchasing an additional 1,600 shares during the last quarter. Bank of Montreal Can boosted its stake in National Grid by 26.7% during the 3rd quarter. Bank of Montreal Can now owns 319,053 shares of the utilities provider’s stock worth $16,546,000 after purchasing an additional 67,261 shares during the last quarter. Iberiabank Corp acquired a new stake in National Grid during the 3rd quarter worth $247,000. Finally, Gradient Investments LLC raised its holdings in shares of National Grid by 14.5% during the 2nd quarter. Gradient Investments LLC now owns 42,779 shares of the utilities provider’s stock worth $2,389,000 after acquiring an additional 5,410 shares during the period. 5.50% of the stock is currently owned by hedge funds and other institutional investors.
NYSE NGG opened at $53.06 on Friday. National Grid plc has a 52 week low of $50.52 and a 52 week high of $59.82. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.79 and a current ratio of 0.85. The firm has a market cap of $35.57 billion, a PE ratio of 13.50, a P/E/G ratio of 6.27 and a beta of 0.22.
The business also recently declared a special dividend, which will be paid on Wednesday, January 9th. Stockholders of record on Friday, November 23rd will be issued a dividend of $1.0616 per share. The ex-dividend date is Wednesday, November 21st. This represents a dividend yield of 7.4%. National Grid’s dividend payout ratio is presently 53.44%.
Several research analysts have recently commented on NGG shares. Zacks Investment Research upgraded National Grid from a “sell” rating to a “hold” rating in a report on Thursday, August 23rd. ValuEngine upgraded National Grid from a “sell” rating to a “hold” rating in a report on Thursday, October 11th. One research analyst has rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company. National Grid has an average rating of “Hold” and a consensus price target of $65.00.
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About National Grid
National Grid Plc engages in the transmission and distribution of electricity and gas. It operates through the following segments: UK Electricity Transmission, UK Gas Transmission, and U.S. Regulated. The UK Electricity Transmission segment engages in electricity transmission in England and Wales. The UK Gas Transmission segment owns and operates the gas national transmission system in Great Britain, with day-to-day responsibility for balancing demand.
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