NiSource, Inc $NI Stock Position Reduced by Summit Global Investments

Summit Global Investments reduced its holdings in NiSource, Inc (NYSE:NI) by 41.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 42,265 shares of the utilities provider’s stock after selling 29,719 shares during the period. Summit Global Investments’ holdings in NiSource were worth $1,648,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the business. BlackRock Inc. purchased a new position in shares of NiSource during the second quarter worth $2,613,234,000. Deutsche Bank AG acquired a new position in NiSource during the second quarter valued at $574,295,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in NiSource by 4.4% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,381,989 shares of the utilities provider’s stock valued at $208,364,000 after purchasing an additional 183,321 shares during the last quarter. Legal & General Group Plc purchased a new stake in NiSource in the second quarter valued at $179,838,000. Finally, Bank of America Corp DE purchased a new stake in NiSource in the second quarter valued at $172,516,000. 91.64% of the stock is owned by hedge funds and other institutional investors.

NiSource Price Performance

NYSE:NI opened at $44.56 on Monday. The company has a debt-to-equity ratio of 1.37, a current ratio of 0.50 and a quick ratio of 0.38. The company has a 50 day moving average price of $41.21 and a 200-day moving average price of $44.83. NiSource, Inc has a 1-year low of $38.42 and a 1-year high of $49.21. The firm has a market cap of $21.37 billion, a price-to-earnings ratio of 22.85, a price-to-earnings-growth ratio of 3.31 and a beta of 0.55.

NiSource (NYSE:NI) last announced its quarterly earnings results on Wednesday, October 28th. The utilities provider reported $0.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.23 by $0.04. The firm had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.34 billion. NiSource had a net margin of 13.56% and a return on equity of 8.16%. During the same period in the prior year, the firm posted $0.19 earnings per share. Equities research analysts forecast that NiSource, Inc will post 2.06 EPS for the current year.

NiSource Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 20th. Shareholders of record on Friday, October 30th will be given a $0.30 dividend. The ex-dividend date is Friday, October 30th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.7%. NiSource’s dividend payout ratio is 61.54%.

Insider Activity

In other news, EVP Melody Birmingham sold 37,509 shares of the stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $42.40, for a total transaction of $1,590,381.60. Following the sale, the executive vice president directly owned 78,527 shares of the company’s stock, valued at $3,329,544.80. This represents a 32.33% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.37% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

NI has been the topic of several analyst reports. Barclays cut their price target on NiSource from $45.00 to $44.00 and set an “overweight” rating on the stock in a research report on Monday, October 19th. Mizuho decreased their price objective on NiSource from $50.00 to $48.00 and set an “outperform” rating for the company in a report on Wednesday, August 26th. Citigroup restated a “buy” rating on shares of NiSource in a research note on Wednesday, October 21st. BMO Capital Markets upped their target price on NiSource from $45.00 to $48.00 and gave the stock an “outperform” rating in a research note on Monday, October 19th. Finally, LADENBURG THALM/SH SH dropped their target price on NiSource from $51.50 to $51.00 and set a “buy” rating on the stock in a report on Monday, August 17th. Twelve investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $48.58.

NiSource Company Profile

NiSource Inc is a regulated energy holding company based in Merrillville, Indiana. Through its operating companies, the company provides natural gas distribution and electric utility services to residential, commercial and industrial customers.

NiSource’s natural gas operations include Columbia Gas utilities serving customers in several states, including Kentucky, Maryland, Ohio, Pennsylvania and Virginia. Its electric utility, Northern Indiana Public Service Company (NIPSCO), serves customers in northern Indiana and provides both electric power and natural gas services.

The company’s operations include energy delivery infrastructure, utility system maintenance, customer services and investments intended to support reliability and the transition of its generation portfolio.