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

National Grid plc (NYSE:NGG) saw a large decrease in short interest in the month of September. As of September 30th, there was short interest totalling 899,700 shares, a decrease of 25.6% from the September 15th total of 1,210,000 shares. Based on an average daily volume of 561,600 shares, the short-interest ratio is presently 1.6 days.

Wall Street Analyst Weigh In

NGG has been the topic of a number of research reports. Deutsche Bank Aktiengesellschaft initiated coverage on shares of National Grid in a research report 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 report on Thursday, October 3rd. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy”.

National Grid Stock Up 1.0 %

Shares of NYSE:NGG opened at $66.89 on Tuesday. The firm’s 50 day simple moving average is $67.05 and its 200 day simple moving average is $64.59. The company has a current ratio of 0.91, a quick ratio of 0.84 and a debt-to-equity ratio of 1.41. National Grid has a fifty-two week low of $55.13 and a fifty-two week high of $73.40.

Institutional Trading of National Grid

A number of hedge funds have recently modified their holdings of the company. Capital International Investors acquired a new stake in shares of National Grid in the 1st quarter valued at approximately $86,218,000. Hsbc Holdings PLC increased its stake in National Grid by 11,704.2% during the 2nd 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. Bank of Montreal Can increased its stake in National Grid by 20.3% during 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. Marshall Wace LLP bought a new stake in National Grid during the 2nd quarter worth approximately $29,097,000. Finally, The Manufacturers Life Insurance Company increased its stake in National Grid by 17.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 480,271 shares of the utilities provider’s stock worth $27,279,000 after purchasing an additional 71,833 shares in the last quarter. 4.68% of the stock is currently owned by institutional investors and hedge funds.

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.