JPMorgan Chase & Co. Sells 87,170 Shares of National Grid plc (NYSE:NGG)

JPMorgan Chase & Co. reduced its holdings in National Grid plc (NYSE:NGGGet Rating) by 7.2% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,125,665 shares of the utilities provider’s stock after selling 87,170 shares during the quarter. JPMorgan Chase & Co.’s holdings in National Grid were worth $72,819,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of National Grid by 298.0% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 578,504 shares of the utilities provider’s stock valued at $44,470,000 after purchasing an additional 433,158 shares during the last quarter. Goldman Sachs Group Inc. increased its position in shares of National Grid by 17.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,613,446 shares of the utilities provider’s stock valued at $124,025,000 after purchasing an additional 242,081 shares during the last quarter. Twin Tree Management LP bought a new position in shares of National Grid during the 1st quarter valued at about $8,847,000. Aaron Wealth Advisors LLC bought a new position in shares of National Grid during the 1st quarter valued at about $990,000. Finally, Bank of America Corp DE increased its position in shares of National Grid by 2.6% during the 1st quarter. Bank of America Corp DE now owns 3,044,643 shares of the utilities provider’s stock valued at $234,041,000 after purchasing an additional 75,723 shares during the last quarter. 3.68% of the stock is currently owned by institutional investors.

National Grid Stock Up 2.0 %

NYSE NGG opened at $61.48 on Thursday. 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 plc has a twelve month low of $47.22 and a twelve month high of $80.20. The stock’s 50 day moving average is $54.86 and its 200 day moving average is $63.64.

National Grid Increases Dividend

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

Wall Street Analysts Forecast Growth

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

National Grid Company Profile

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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.

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

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