Park Place Capital Corp Sells 2,097 Shares of National Grid plc (NYSE:NGG)

Park Place Capital Corp trimmed its holdings in shares of National Grid plc (NYSE:NGG) by 15.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 11,907 shares of the utilities provider’s stock after selling 2,097 shares during the quarter. Park Place Capital Corp’s holdings in National Grid were worth $812,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in NGG. Federated Hermes Inc. raised its position in shares of National Grid by 8.1% during the 4th quarter. Federated Hermes Inc. now owns 2,945,746 shares of the utilities provider’s stock valued at $200,281,000 after buying an additional 220,504 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in shares of National Grid during the 4th quarter valued at about $11,446,000. Wells Fargo & Company MN raised its position in National Grid by 10.3% in the 4th quarter. Wells Fargo & Company MN now owns 1,215,723 shares of the utilities provider’s stock worth $82,657,000 after purchasing an additional 113,208 shares during the period. Jennison Associates LLC purchased a new stake in National Grid in the 4th quarter worth about $6,123,000. Finally, Envestnet Asset Management Inc. raised its position in National Grid by 5.8% in the 4th quarter. Envestnet Asset Management Inc. now owns 1,286,459 shares of the utilities provider’s stock worth $87,466,000 after purchasing an additional 70,730 shares during the period. 4.68% of the stock is currently owned by hedge funds and other institutional investors.

National Grid Stock Up 0.6 %

Shares of NYSE NGG traded up $0.35 during midday trading on Monday, reaching $57.15. 1,031,488 shares of the company’s stock traded hands, compared to its average volume of 517,635. The company has a quick ratio of 0.84, a current ratio of 0.91 and a debt-to-equity ratio of 1.41. The stock’s 50 day simple moving average is $63.16 and its 200-day simple moving average is $65.71. National Grid plc has a one year low of $55.13 and a one year high of $73.40. The company has a market cap of $45.34 billion, a price-to-earnings ratio of 11.93, a P/E/G ratio of 4.96 and a beta of 0.61.

National Grid Increases Dividend

The firm also recently disclosed a semi-annual dividend, which will be paid on Friday, July 19th. Stockholders of record on Friday, June 7th will be paid a dividend of $2.4939 per share. The ex-dividend date is Friday, June 7th. This is an increase from National Grid’s previous semi-annual dividend of $1.19. This represents a dividend yield of 6%. National Grid’s dividend payout ratio (DPR) is currently 103.34%.

Wall Street Analyst Weigh In

NGG has been the topic of a number of recent analyst reports. StockNews.com raised shares of National Grid from a “sell” rating to a “hold” rating in a research report on Wednesday, April 3rd. Citigroup raised shares of National Grid from a “neutral” rating to a “buy” rating in a research report on Monday, June 3rd. The Goldman Sachs Group raised shares of National Grid from a “neutral” rating to a “buy” rating in a research report on Wednesday, June 12th. Finally, BNP Paribas raised shares of National Grid from an “underperform” rating to an “outperform” rating in a research report on Tuesday, April 2nd. One analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, National Grid presently has an average rating of “Moderate Buy”.

About National Grid

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.