Lord Abbett & CO. LLC purchased a new position in shares of NiSource, Inc (NYSE:NI) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 2,518,710 shares of the utilities provider’s stock, valued at approximately $63,874,000. Lord Abbett & CO. LLC owned about 0.77% of NiSource as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Sentry Investment Management LLC increased its position in NiSource by 1.1% during the second quarter. Sentry Investment Management LLC now owns 24,853 shares of the utilities provider’s stock worth $630,000 after buying an additional 266 shares during the last quarter. Toronto Dominion Bank grew its position in shares of NiSource by 25.5% in the second quarter. Toronto Dominion Bank now owns 109,571 shares of the utilities provider’s stock valued at $2,779,000 after purchasing an additional 22,294 shares during the last quarter. Advisory Services Network LLC grew its position in shares of NiSource by 4.4% in the second quarter. Advisory Services Network LLC now owns 4,740 shares of the utilities provider’s stock valued at $120,000 after purchasing an additional 200 shares during the last quarter. Piedmont Investment Advisors LLC acquired a new position in shares of NiSource in the second quarter valued at approximately $6,448,000. Finally, Susquehanna International Group LLP grew its position in shares of NiSource by 211.9% in the second quarter. Susquehanna International Group LLP now owns 30,781 shares of the utilities provider’s stock valued at $781,000 after purchasing an additional 20,911 shares during the last quarter. 81.94% of the stock is currently owned by hedge funds and other institutional investors.
Several research firms have recently commented on NI. Credit Suisse Group raised NiSource from an “underperform” rating to an “outperform” rating and upped their target price for the company from $25.00 to $29.00 in a research report on Monday, August 14th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $23.00 target price on shares of NiSource in a research report on Friday, July 14th. Zacks Investment Research downgraded NiSource from a “buy” rating to a “hold” rating in a research report on Tuesday, September 26th. J P Morgan Chase & Co upped their target price on NiSource from $25.00 to $27.00 and gave the company a “neutral” rating in a research report on Thursday, October 12th. Finally, Wells Fargo & Company began coverage on NiSource in a research report on Wednesday, August 9th. They issued an “outperform” rating and a $30.00 target price on the stock. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $26.75.
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In related news, Director Michael E. Jesanis purchased 2,000 shares of the firm’s stock in a transaction dated Monday, August 14th. The stock was bought at an average price of $26.44 per share, for a total transaction of $52,880.00. Following the purchase, the director now directly owns 34,195 shares in the company, valued at approximately $904,115.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.35% of the company’s stock.
NiSource (NYSE:NI) last issued its quarterly earnings results on Wednesday, August 2nd. The utilities provider reported $0.10 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.10. NiSource had a net margin of 5.96% and a return on equity of 9.17%. The company had revenue of $990.70 million during the quarter, compared to analyst estimates of $934.95 million. During the same quarter last year, the business posted $0.09 EPS.
The business also recently declared a quarterly dividend, which will be paid on Monday, November 20th. Stockholders of record on Tuesday, October 31st will be paid a dividend of $0.175 per share. The ex-dividend date is Monday, October 30th. This represents a $0.70 annualized dividend and a dividend yield of 2.65%. NiSource’s payout ratio is currently 81.40%.
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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