Summit Global Investments Increases Stake in National Grid plc (NYSE:NGG)

Summit Global Investments increased its position in shares of National Grid plc (NYSE:NGG) by 579.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 45,117 shares of the utilities provider’s stock after purchasing an additional 38,481 shares during the period. Summit Global Investments’ holdings in National Grid were worth $3,143,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in NGG. Allspring Global Investments Holdings LLC boosted its position in shares of National Grid by 7,995.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,862 shares of the utilities provider’s stock valued at $127,000 after buying an additional 1,839 shares during the period. BNP Paribas Financial Markets purchased a new position in National Grid during the 1st quarter valued at $1,372,000. Csenge Advisory Group bought a new position in National Grid in the 1st quarter valued at $209,000. Quantbot Technologies LP purchased a new stake in National Grid in the first quarter worth $375,000. Finally, SG Americas Securities LLC bought a new stake in shares of National Grid during the first quarter worth $355,000. 4.68% of the stock is currently owned by institutional investors.

National Grid Trading Up 0.3 %

NYSE:NGG opened at $64.34 on Friday. The firm has a 50-day simple moving average of $67.43 and a 200-day simple moving average of $64.57. National Grid plc has a one year low of $55.13 and a one year high of $73.40. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.84 and a current ratio of 0.91.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on NGG. Citigroup cut shares of National Grid from a “buy” rating to a “neutral” rating in a report on Thursday, October 3rd. Deutsche Bank Aktiengesellschaft initiated coverage on shares of National Grid in a research report on Wednesday, October 2nd. They set a “buy” rating on the stock. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, National Grid currently has an average rating of “Moderate Buy”.

About National Grid

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.