The Manufacturers Life Insurance Company Buys 71,833 Shares of National Grid plc (NYSE:NGG)

The Manufacturers Life Insurance Company increased its stake in National Grid plc (NYSE:NGG) by 17.6% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 480,271 shares of the utilities provider’s stock after purchasing an additional 71,833 shares during the quarter. The Manufacturers Life Insurance Company owned 0.06% of National Grid worth $27,279,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of NGG. Capital International Investors purchased a new stake in shares of National Grid in the 1st quarter worth $86,218,000. Hsbc Holdings PLC grew its position in shares of National Grid by 11,704.2% during the second quarter. Hsbc Holdings PLC now owns 650,060 shares of the utilities provider’s stock worth $36,917,000 after purchasing an additional 644,553 shares in the last quarter. Marshall Wace LLP bought a new stake in National Grid during the 2nd quarter valued at approximately $29,097,000. Bank of Montreal Can lifted its holdings in National Grid by 20.3% in the 2nd quarter. Bank of Montreal Can now owns 536,784 shares of the utilities provider’s stock worth $31,005,000 after purchasing an additional 90,722 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in National Grid by 128.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 148,184 shares of the utilities provider’s stock worth $8,417,000 after purchasing an additional 83,310 shares during the period. Institutional investors own 4.68% of the company’s stock.

Analysts Set New Price Targets

NGG has been the topic of several research analyst reports. The Goldman Sachs Group raised shares of National Grid from a “neutral” rating to a “buy” rating in a report on Wednesday, June 12th. Citigroup raised National Grid from a “neutral” rating to a “buy” rating in a research note on Monday, June 3rd. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy”.

National Grid Price Performance

National Grid stock opened at $69.67 on Tuesday. The firm has a market capitalization of $55.28 billion, a PE ratio of 14.22, a price-to-earnings-growth ratio of 4.89 and a beta of 0.61. National Grid plc has a 12-month low of $55.13 and a 12-month high of $73.40. The firm has a 50-day moving average price of $66.38 and a 200-day moving average price of $64.66. The company has a current ratio of 0.91, a quick ratio of 0.84 and a debt-to-equity ratio of 1.41.

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.