Meeder Asset Management Inc. cut its stake in shares of NiSource, Inc (NYSE:NI) by 39.6% during the second quarter, Holdings Channel reports. The institutional investor owned 34,776 shares of the utilities provider’s stock after selling 22,761 shares during the period. Meeder Asset Management Inc.’s holdings in NiSource were worth $882,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. increased its stake in NiSource by 2,428.6% in the first quarter. BlackRock Inc. now owns 23,705,566 shares of the utilities provider’s stock valued at $563,954,000 after buying an additional 22,768,084 shares in the last quarter. JPMorgan Chase & Co. boosted its position in 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 last quarter. Neuberger Berman Group LLC boosted its position in 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 last quarter. Prudential Financial Inc. boosted its position in 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 last quarter. Finally, Highbridge Capital Management LLC boosted its position in 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 last quarter. 82.37% of the stock is currently owned by hedge funds and other institutional investors.
NiSource, Inc (NI) opened at 25.75 on Monday. NiSource, Inc has a one year low of $21.17 and a one year high of $26.56. The stock’s 50 day moving average is $25.56 and its 200 day moving average is $23.72. The firm has a market cap of $8.36 billion, a price-to-earnings ratio of 23.54 and a beta of 0.37.
NiSource (NYSE:NI) last released its quarterly earnings data on Wednesday, May 3rd. The utilities provider reported $0.71 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.06. NiSource had a net margin of 7.65% and a return on equity of 9.18%. The firm had revenue of $1.60 billion during the quarter, compared to analysts’ expectations of $1.51 billion. During the same period in the previous year, the company earned $0.62 earnings per share. On average, analysts predict that NiSource, Inc will post $1.18 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, August 18th. Investors of record on Monday, July 31st will be given a dividend of $0.175 per share. The ex-dividend date of this dividend is Thursday, July 27th. This represents a $0.70 annualized dividend and a yield of 2.72%. NiSource’s dividend payout ratio (DPR) is 64.22%.
NI has been the subject of a number of research analyst reports. Zacks Investment Research cut NiSource from a “buy” rating to a “hold” rating in a report on Wednesday, May 31st. Jefferies Group LLC restated a “hold” rating and set a $23.00 price objective on shares of NiSource in a research report on Friday, March 31st. Zelman & Associates downgraded shares of NiSource from a “buy” rating to a “hold” rating in a research report on Tuesday, May 30th. Ladenburg Thalmann Financial Services initiated coverage on shares of NiSource in a research report on Friday, May 19th. They issued a “buy” rating and a $27.00 price target for the company. Finally, Barclays PLC reiterated an “equal weight” rating and issued a $26.00 price target (up from $25.00) on shares of NiSource in a research report on Thursday, June 1st. One analyst has rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the company’s stock. NiSource has an average rating of “Hold” and a consensus target price of $25.60.
In related news, COO Jimmie L. Stanley sold 37,325 shares of the business’s stock in a transaction that occurred on Thursday, May 11th. The shares were sold at an average price of $24.11, for a total transaction of $899,905.75. Following the completion of the sale, the chief operating officer now directly owns 315,471 shares in the company, valued at $7,606,005.81. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Violet Sistovaris sold 38,550 shares of the business’s stock in a transaction that occurred on Friday, May 12th. The shares were sold at an average price of $24.25, for a total transaction of $934,837.50. Following the sale, the executive vice president now owns 185,186 shares of the company’s stock, valued at $4,490,760.50. The disclosure for this sale can be found here. Insiders have sold 89,981 shares of company stock valued at $2,191,779 over the last 90 days. 0.32% of the stock is currently owned by company insiders.
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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