State of Alaska Department of Revenue reduced its position in shares of NiSource, Inc (NYSE:NI) by 14.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 16,361 shares of the utilities provider’s stock after selling 2,720 shares during the period. State of Alaska Department of Revenue’s holdings in NiSource were worth $414,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. BlackRock Inc. increased its position in shares of NiSource by 2,428.6% in the first quarter. BlackRock Inc. now owns 23,705,566 shares of the utilities provider’s stock worth $563,954,000 after buying an additional 22,768,084 shares during the period. JPMorgan Chase & Co. increased its position in shares of NiSource by 70.3% in the first quarter. JPMorgan Chase & Co. now owns 17,428,785 shares of the utilities provider’s stock worth $414,632,000 after buying an additional 7,194,018 shares during the period. Neuberger Berman Group LLC increased its position in shares of NiSource by 218.4% in the first quarter. Neuberger Berman Group LLC now owns 2,319,929 shares of the utilities provider’s stock worth $55,191,000 after buying an additional 1,591,281 shares during the period. Prudential Financial Inc. increased its position in shares of NiSource by 281.9% in the first quarter. Prudential Financial Inc. now owns 1,727,593 shares of the utilities provider’s stock worth $41,099,000 after buying an additional 1,275,260 shares during the period. Finally, Highbridge Capital Management LLC increased its position in shares of NiSource by 796.4% in the fourth quarter. Highbridge Capital Management LLC now owns 1,241,052 shares of the utilities provider’s stock worth $27,477,000 after buying an additional 1,102,597 shares during the period. 82.87% of the stock is owned by institutional investors and hedge funds.
Shares of NiSource, Inc (NI) traded down 0.08% during trading on Friday, hitting $26.35. 1,378,390 shares of the stock traded hands. The stock has a 50-day moving average of $25.88 and a 200 day moving average of $24.49. NiSource, Inc has a 1-year low of $21.17 and a 1-year high of $26.69. The company has a market cap of $8.59 billion, a P/E ratio of 30.57 and a beta of 0.37.
NiSource (NYSE:NI) last issued its earnings results on Wednesday, August 2nd. The utilities provider reported $0.10 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.10. NiSource had a net margin of 5.96% and a return on equity of 9.17%. The firm had revenue of $990.70 million for the quarter, compared to analysts’ expectations of $934.95 million. During the same quarter last year, the business earned $0.09 earnings per share. On average, equities research analysts predict that NiSource, Inc will post $1.19 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, November 20th. Investors of record on Tuesday, October 31st will be issued a $0.175 dividend. This represents a $0.70 annualized dividend and a yield of 2.66%. The ex-dividend date is Monday, October 30th. NiSource’s dividend payout ratio (DPR) is currently 81.40%.
NI has been the subject of a number of analyst reports. Zacks Investment Research raised shares of NiSource from a “hold” rating to a “buy” rating and set a $29.00 price objective for the company in a research report on Tuesday, June 13th. Barclays PLC reaffirmed an “equal weight” rating and set a $26.00 target price (up previously from $25.00) on shares of NiSource in a report on Thursday, June 1st. Ladenburg Thalmann Financial Services began coverage on shares of NiSource in a report on Friday, May 19th. They set a “buy” rating and a $27.00 target price for the company. Wells Fargo & Company began coverage on shares of NiSource in a report on Wednesday. They set an “outperform” rating and a $30.00 target price for the company. Finally, Jefferies Group LLC reiterated a “hold” rating and issued a $23.00 price objective on shares of NiSource in a research note on Friday, July 14th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the company. NiSource presently has a consensus rating of “Hold” and an average price target of $25.89.
In related news, CFO Donald Eugene Brown sold 6,906 shares of NiSource stock in a transaction on Thursday, May 25th. The shares were sold at an average price of $25.51, for a total value of $176,172.06. Following the sale, the chief financial officer now owns 141,168 shares in the company, valued at $3,601,195.68. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Pablo Vegas sold 7,200 shares of the business’s stock in a transaction on Tuesday, May 23rd. The shares were sold at an average price of $25.12, for a total transaction of $180,864.00. Following the sale, the executive vice president now owns 94,885 shares in the company, valued at approximately $2,383,511.20. The disclosure for this sale can be found here. Insiders own 0.32% of the company’s stock.
NiSource Company Profile
NiSource Inc is an energy holding company. The Company is engaged in the distribution of natural gas. The Company operates through two business segments: Gas Distribution Operations and Electric Operations. The Company’s Gas Distribution Operations segment provides natural gas service and transportation for residential, commercial and industrial customers in Ohio, Pennsylvania, Virginia, Kentucky, Maryland, Indiana and Massachusetts.
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