Procyon Advisors LLC Trims Stock Position in National Grid plc (NYSE:NGG)

Procyon Advisors LLC cut its stake in shares of National Grid plc (NYSE:NGG) by 3.7% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 8,824 shares of the utilities provider’s stock after selling 338 shares during the quarter. Procyon Advisors LLC’s holdings in National Grid were worth $615,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of NGG. Capital International Investors purchased a new position in shares of National Grid during the first quarter worth approximately $86,218,000. Hsbc Holdings PLC boosted its stake 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 valued at $36,917,000 after purchasing an additional 644,553 shares in the last quarter. Marshall Wace LLP bought a new position in shares of National Grid during the second quarter valued at approximately $29,097,000. Bank of Montreal Can boosted its stake in shares of National Grid by 20.3% during the second quarter. Bank of Montreal Can now owns 536,784 shares of the utilities provider’s stock valued at $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 shares of National Grid by 128.4% during the second quarter. Bank of New York Mellon Corp now owns 148,184 shares of the utilities provider’s stock valued at $8,417,000 after purchasing an additional 83,310 shares in the last quarter. 4.68% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

NGG has been the topic of a number of recent research reports. Deutsche Bank Aktiengesellschaft initiated coverage on shares of National Grid in a research note on Wednesday, October 2nd. They set a “buy” rating on the stock. Citigroup downgraded shares of National Grid from a “buy” rating to a “neutral” rating in a research note on Thursday, October 3rd. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy”.

National Grid Price Performance

Shares of NGG opened at $67.16 on Wednesday. National Grid plc has a twelve month low of $55.13 and a twelve month 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. The company has a 50 day moving average of $67.14 and a two-hundred day moving average of $64.59.

National Grid Company Profile

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.