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

CIBC Asset Management Inc trimmed its stake in National Grid plc (NYSE:NGG) by 9.5% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 94,978 shares of the utilities provider’s stock after selling 9,984 shares during the period. CIBC Asset Management Inc’s holdings in National Grid were worth $5,392,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Leo Wealth LLC purchased a new stake in shares of National Grid in the 4th quarter worth $1,431,000. BNP Paribas Financial Markets purchased a new stake in National Grid in the 1st quarter worth $1,372,000. Stifel Financial Corp increased its stake in National Grid by 11.6% in the 4th quarter. Stifel Financial Corp now owns 247,902 shares of the utilities provider’s stock worth $16,855,000 after buying an additional 25,673 shares in the last quarter. Capital International Investors purchased a new stake in National Grid in the 1st quarter worth $86,218,000. Finally, Atria Investments Inc increased its stake in National Grid by 19.3% in the 1st quarter. Atria Investments Inc now owns 61,319 shares of the utilities provider’s stock worth $4,183,000 after buying an additional 9,931 shares in the last quarter. 4.68% of the stock is currently owned by hedge funds and other institutional investors.

National Grid Stock Performance

Shares of NYSE NGG opened at $66.82 on Thursday. The company has a debt-to-equity ratio of 1.41, a current ratio of 0.91 and a quick ratio of 0.84. National Grid plc has a 1 year low of $55.13 and a 1 year high of $73.40. The firm has a 50-day simple moving average of $63.01 and a two-hundred day simple moving average of $64.38.

Analysts Set New Price Targets

NGG has been the subject of a number of analyst reports. The Goldman Sachs Group upgraded National Grid from a “neutral” rating to a “buy” rating in a research note on Wednesday, June 12th. Citigroup raised shares of National Grid from a “neutral” rating to a “buy” rating in a report on Monday, June 3rd. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, National Grid currently has a consensus rating of “Moderate Buy”.

National Grid Profile

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, New York, National Grid Ventures, and Other segments. The UK Electricity Transmission segment provides electricity transmission and construction work services in England and Wales.