Summit Wealth & Retirement Planning Inc. Buys New Position in National Grid plc (NYSE:NGG)

Summit Wealth & Retirement Planning Inc. bought a new position in shares of National Grid plc (NYSE:NGG) in the 2nd quarter, Holdings Channel.com reports. The institutional investor bought 10,908 shares of the utilities provider’s stock, valued at approximately $580,000.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Plimoth Trust Co. LLC boosted its stake in shares of National Grid by 8.8% during the 2nd quarter. Plimoth Trust Co. LLC now owns 15,672 shares of the utilities provider’s stock worth $833,000 after acquiring an additional 1,274 shares during the period. Lester Murray Antman dba SimplyRich bought a new stake in National Grid in the 2nd quarter valued at $460,000. Gabelli Funds LLC boosted its stake in National Grid by 0.6% in the 2nd quarter. Gabelli Funds LLC now owns 164,016 shares of the utilities provider’s stock valued at $8,722,000 after purchasing an additional 1,000 shares during the period. Comerica Bank boosted its stake in National Grid by 1.0% in the 2nd quarter. Comerica Bank now owns 59,274 shares of the utilities provider’s stock valued at $3,054,000 after purchasing an additional 604 shares during the period. Finally, Envestnet Asset Management Inc. boosted its stake in National Grid by 3.1% in the 2nd quarter. Envestnet Asset Management Inc. now owns 521,038 shares of the utilities provider’s stock valued at $27,709,000 after purchasing an additional 15,607 shares during the period. Institutional investors own 5.86% of the company’s stock.

Several analysts recently issued reports on NGG shares. Sanford C. Bernstein upgraded National Grid from a “market perform” rating to an “outperform” rating in a research note on Friday, June 14th. Deutsche Bank upgraded National Grid from a “hold” rating to a “buy” rating in a research note on Tuesday, July 23rd. Zacks Investment Research upgraded National Grid from a “sell” rating to a “hold” rating in a research note on Wednesday, July 24th. Finally, Macquarie started coverage on National Grid in a research note on Monday, June 17th. They issued an “outperform” rating for the company. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $61.00.

NYSE NGG traded down $0.15 during midday trading on Thursday, hitting $51.76. The company had a trading volume of 33,572 shares, compared to its average volume of 447,452. The company has a market capitalization of $35.68 billion, a PE ratio of 13.57, a P/E/G ratio of 10.14 and a beta of 0.46. The company has a current ratio of 0.87, a quick ratio of 0.83 and a debt-to-equity ratio of 1.25. The firm has a 50-day moving average price of $52.17 and a 200-day moving average price of $53.81. National Grid plc has a twelve month low of $46.36 and a twelve month high of $59.01.

About National Grid

National Grid plc transmits and distributes electricity and natural gas. It operates through UK Electricity Transmission, UK Gas Transmission, US Regulated, and National Grid Ventures and Other Activities segments. The UK Electricity Transmission segment owns and operates electricity transmission networks, which comprise approximately 7,200 kilometers of overhead lines; 1,560 kilometers of underground cables; and 346 substations in England and Wales, as well as Scottish electricity transmission systems.

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Institutional Ownership by Quarter for National Grid (NYSE:NGG)

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