Black Hills Co. (NYSE:BKH) Shares Sold by Magellan Asset Management Ltd

Magellan Asset Management Ltd reduced its holdings in Black Hills Co. (NYSE:BKH) by 17.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 48,356 shares of the utilities provider’s stock after selling 10,533 shares during the quarter. Magellan Asset Management Ltd owned 0.07% of Black Hills worth $2,830,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. ExodusPoint Capital Management LP bought a new stake in shares of Black Hills during the 4th quarter worth $3,946,000. Geode Capital Management LLC boosted its position in shares of Black Hills by 2.1% in the 4th quarter. Geode Capital Management LLC now owns 1,698,234 shares of the utilities provider’s stock valued at $99,402,000 after purchasing an additional 35,077 shares during the period. Franklin Resources Inc. raised its holdings in Black Hills by 1.7% during the 4th quarter. Franklin Resources Inc. now owns 897,245 shares of the utilities provider’s stock worth $52,507,000 after buying an additional 14,599 shares during the period. O Shaughnessy Asset Management LLC boosted its holdings in shares of Black Hills by 17.5% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 11,615 shares of the utilities provider’s stock worth $680,000 after buying an additional 1,732 shares during the period. Finally, New Age Alpha Advisors LLC purchased a new position in shares of Black Hills in the fourth quarter worth approximately $71,000. 86.71% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, Scotiabank reduced their price target on shares of Black Hills from $67.00 to $66.00 and set a “sector perform” rating for the company in a research report on Friday, February 7th.

Black Hills Stock Up 0.6 %

NYSE:BKH opened at $61.23 on Thursday. The business’s fifty day moving average price is $59.78 and its 200 day moving average price is $60.10. The firm has a market capitalization of $4.41 billion, a price-to-earnings ratio of 15.62, a PEG ratio of 2.75 and a beta of 0.68. The company has a current ratio of 0.97, a quick ratio of 0.77 and a debt-to-equity ratio of 1.19. Black Hills Co. has a 1-year low of $50.73 and a 1-year high of $65.59.

Black Hills (NYSE:BKH) last issued its earnings results on Wednesday, February 5th. The utilities provider reported $1.37 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.17. Black Hills had a return on equity of 7.82% and a net margin of 12.84%. On average, sell-side analysts forecast that Black Hills Co. will post 4.12 earnings per share for the current fiscal year.

Black Hills Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Saturday, March 1st. Investors of record on Tuesday, February 18th were issued a dividend of $0.676 per share. This represents a $2.70 annualized dividend and a dividend yield of 4.42%. This is a positive change from Black Hills’s previous quarterly dividend of $0.65. The ex-dividend date of this dividend was Tuesday, February 18th. Black Hills’s dividend payout ratio (DPR) is currently 68.88%.

Black Hills Profile

Black Hills Corporation, through its subsidiaries, operates as an electric and natural gas utility company in the United States. The company operates in two segments: Electric Utilities and Gas Utilities. The Electric Utilities segment generates, transmits, and distributes electricity to approximately 222,000 electric utility customers in Colorado, Montana, South Dakota, and Wyoming; and owns and operates 1,394 megawatts of generation capacity and 9,106 miles of electric transmission and distribution lines.