Formidable Asset Management LLC Trims Holdings in National Grid plc (NYSE:NGG)

Formidable Asset Management LLC reduced its position in shares of National Grid plc (NYSE:NGG) by 21.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,905 shares of the utilities provider’s stock after selling 1,647 shares during the period. Formidable Asset Management LLC’s holdings in National Grid were worth $351,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. SG Americas Securities LLC purchased a new position in shares of National Grid during the fourth quarter valued at approximately $166,000. Kingswood Wealth Advisors LLC acquired a new position in National Grid in the 4th quarter valued at $287,000. Blue Trust Inc. lifted its stake in shares of National Grid by 92.9% during the 4th quarter. Blue Trust Inc. now owns 9,774 shares of the utilities provider’s stock worth $581,000 after purchasing an additional 4,707 shares during the period. Pacer Advisors Inc. boosted its holdings in shares of National Grid by 4.1% during the fourth quarter. Pacer Advisors Inc. now owns 8,620 shares of the utilities provider’s stock worth $512,000 after purchasing an additional 340 shares during the last quarter. Finally, Barry Investment Advisors LLC grew its position in shares of National Grid by 21.2% in the fourth quarter. Barry Investment Advisors LLC now owns 9,074 shares of the utilities provider’s stock valued at $548,000 after purchasing an additional 1,587 shares during the period. 4.68% of the stock is currently owned by hedge funds and other institutional investors.

National Grid Trading Up 1.6%

NYSE NGG opened at $74.78 on Monday. The firm has a market capitalization of $73.17 billion, a price-to-earnings ratio of 14.38, a PEG ratio of 5.64 and a beta of 0.63. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.54 and a current ratio of 1.61. National Grid plc has a one year low of $54.24 and a one year high of $74.82. The company’s 50 day moving average price is $68.96 and its 200 day moving average price is $63.78.

National Grid Cuts Dividend

The firm also recently announced a semi-annual dividend, which will be paid on Monday, July 28th. Investors of record on Friday, May 30th will be issued a dividend of $2.0345 per share. The ex-dividend date is Friday, May 30th. This represents a dividend yield of 4.7%. National Grid’s payout ratio is 78.08%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on NGG. Sanford C. Bernstein raised National Grid from a “market perform” rating to an “outperform” rating in a research note on Monday, March 17th. UBS Group cut shares of National Grid from a “buy” rating to a “neutral” rating in a research report on Tuesday, April 29th. Wall Street Zen lowered shares of National Grid from a “hold” rating to a “sell” rating in a research report on Friday, May 16th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of National Grid in a research note on Wednesday. Finally, Barclays restated an “overweight” rating on shares of National Grid in a report on Friday, May 16th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, National Grid presently has an average rating of “Hold”.

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.