Bank of America Corp DE Boosts Stake in National Grid plc (NYSE:NGG)

Bank of America Corp DE lifted its holdings in shares of National Grid plc (NYSE:NGGGet Rating) by 2.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,044,643 shares of the utilities provider’s stock after purchasing an additional 75,723 shares during the quarter. Bank of America Corp DE’s holdings in National Grid were worth $234,041,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of NGG. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA acquired a new position in National Grid in the first quarter valued at about $31,000. JFS Wealth Advisors LLC raised its stake in shares of National Grid by 65.4% in the 1st quarter. JFS Wealth Advisors LLC now owns 425 shares of the utilities provider’s stock valued at $33,000 after acquiring an additional 168 shares during the period. Core Alternative Capital acquired a new position in shares of National Grid in the 1st quarter worth approximately $34,000. Fairfield Bush & CO. purchased a new position in shares of National Grid during the 1st quarter worth approximately $36,000. Finally, Ellis Investment Partners LLC acquired a new stake in National Grid in the 1st quarter valued at approximately $46,000. 3.68% of the stock is owned by institutional investors and hedge funds.

National Grid Price Performance

NGG opened at $58.95 on Wednesday. The business has a fifty day moving average price of $66.68 and a 200 day moving average price of $70.55. The company has a debt-to-equity ratio of 1.40, a current ratio of 0.73 and a quick ratio of 0.70. National Grid plc has a 12 month low of $58.69 and a 12 month high of $80.20.

Analysts Set New Price Targets

A number of research firms have commented on NGG. Credit Suisse Group upped their price target on National Grid from GBX 1,200 ($14.50) to GBX 1,225 ($14.80) in a research note on Friday, June 24th. Jefferies Financial Group cut National Grid from a “buy” rating to a “hold” rating in a report on Thursday, June 30th. Finally, StockNews.com downgraded National Grid from a “buy” rating to a “hold” rating in a research report on Monday, August 15th. Eleven research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $1,145.00.

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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