National Grid plc (NYSE:NGG) Sees Significant Decline in Short Interest

National Grid plc (NYSE:NGG) was the target of a significant decrease in short interest during the month of March. As of March 15th, there was short interest totalling 1,030,000 shares, a decrease of 29.5% from the February 28th total of 1,460,000 shares. Currently, 0.1% of the shares of the stock are short sold. Based on an average daily volume of 687,900 shares, the days-to-cover ratio is presently 1.5 days.

Institutional Investors Weigh In On National Grid

A number of institutional investors have recently made changes to their positions in NGG. FMR LLC raised its position in shares of National Grid by 77.3% during the third quarter. FMR LLC now owns 3,989,726 shares of the utilities provider’s stock worth $277,964,000 after purchasing an additional 1,739,566 shares during the period. Raymond James Financial Inc. bought a new position in National Grid in the fourth quarter valued at approximately $67,324,000. Merewether Investment Management LP acquired a new position in shares of National Grid in the third quarter valued at approximately $66,535,000. ABC Arbitrage SA bought a new stake in shares of National Grid during the fourth quarter worth $21,706,000. Finally, D. E. Shaw & Co. Inc. raised its holdings in shares of National Grid by 5,134.3% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 330,706 shares of the utilities provider’s stock worth $19,651,000 after acquiring an additional 324,388 shares during the period. 4.68% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts recently weighed in on NGG shares. StockNews.com upgraded shares of National Grid from a “sell” rating to a “hold” rating in a research report on Friday, March 7th. Sanford C. Bernstein upgraded National Grid from a “market perform” rating to an “outperform” rating in a research report on Monday, March 17th. Finally, Citigroup raised National Grid from a “neutral” rating to a “buy” rating in a research note on Tuesday, January 21st. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy”.

National Grid Trading Up 0.1 %

Shares of NGG traded up $0.09 on Monday, reaching $65.66. 422,583 shares of the company’s stock were exchanged, compared to its average volume of 613,875. The business has a 50 day moving average price of $62.04 and a two-hundred day moving average price of $62.96. National Grid has a 12 month low of $54.24 and a 12 month high of $72.21. The stock has a market capitalization of $64.25 billion, a P/E ratio of 12.63, a price-to-earnings-growth ratio of 5.64 and a beta of 0.63. The company has a current ratio of 1.61, a quick ratio of 1.54 and a debt-to-equity ratio of 1.18.

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.