Municipal Employees Retirement System of Michigan reduced its position in shares of NorthWestern Corporation (NYSE:NWE) by 16.5% during the second quarter, Holdings Channel reports. The fund owned 18,700 shares of the utilities provider’s stock after selling 3,700 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in NorthWestern Corporation were worth $1,141,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in NorthWestern Corporation by 25.0% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,983 shares of the utilities provider’s stock worth $116,000 after buying an additional 397 shares during the last quarter. Meeder Asset Management Inc. bought a new position in NorthWestern Corporation during the second quarter worth $155,000. North Star Investment Management Corp. boosted its position in NorthWestern Corporation by 100.4% in the second quarter. North Star Investment Management Corp. now owns 3,295 shares of the utilities provider’s stock worth $201,000 after buying an additional 1,651 shares during the last quarter. Capstone Asset Management Co. boosted its position in NorthWestern Corporation by 8.2% in the first quarter. Capstone Asset Management Co. now owns 3,830 shares of the utilities provider’s stock worth $225,000 after buying an additional 290 shares during the last quarter. Finally, Envestnet Asset Management Inc. boosted its position in NorthWestern Corporation by 2.3% in the first quarter. Envestnet Asset Management Inc. now owns 3,956 shares of the utilities provider’s stock worth $232,000 after buying an additional 88 shares during the last quarter. Hedge funds and other institutional investors own 94.33% of the company’s stock.
Shares of NorthWestern Corporation (NYSE NWE) opened at 60.73 on Thursday. The stock has a market capitalization of $2.94 billion, a PE ratio of 17.61 and a beta of 0.36. The company’s 50 day moving average is $60.48 and its 200-day moving average is $59.58. NorthWestern Corporation has a 52 week low of $53.85 and a 52 week high of $63.86.
NorthWestern Corporation (NYSE:NWE) last announced its earnings results on Tuesday, July 25th. The utilities provider reported $0.47 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.62 by $0.15. The business had revenue of $283.86 million for the quarter, compared to the consensus estimate of $302.42 million. NorthWestern Corporation had a net margin of 13.17% and a return on equity of 9.31%. The business’s quarterly revenue was down 3.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.65 earnings per share. On average, equities analysts predict that NorthWestern Corporation will post $3.39 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be issued a dividend of $0.525 per share. This represents a $2.10 annualized dividend and a yield of 3.46%. The ex-dividend date of this dividend is Thursday, September 14th. NorthWestern Corporation’s dividend payout ratio is currently 60.34%.
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A number of research analysts have weighed in on NWE shares. Zacks Investment Research upgraded shares of NorthWestern Corporation from a “hold” rating to a “buy” rating and set a $67.00 target price on the stock in a research note on Tuesday, May 2nd. BidaskClub upgraded shares of NorthWestern Corporation from a “hold” rating to a “buy” rating in a research note on Saturday, June 17th. Three investment analysts have rated the stock with a sell rating and two have assigned a hold rating to the company. The stock currently has an average rating of “Sell” and a consensus price target of $60.00.
In other NorthWestern Corporation news, VP Patrick R. Corcoran sold 7,487 shares of NorthWestern Corporation stock in a transaction that occurred on Monday, June 5th. The shares were sold at an average price of $62.72, for a total transaction of $469,584.64. Following the transaction, the vice president now owns 13,259 shares of the company’s stock, valued at $831,604.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Robert C. Rowe sold 7,252 shares of NorthWestern Corporation stock in a transaction that occurred on Monday, May 15th. The shares were sold at an average price of $60.89, for a total transaction of $441,574.28. The disclosure for this sale can be found here. 1.33% of the stock is owned by insiders.
NorthWestern Corporation Company Profile
NorthWestern Corporation, doing business as North-Western Energy, provides electricity and natural gas. The Company’s segments are Electric operations, Natural gas operations and All other. As of December 31, 2016, the Company provided electricity and natural gas to approximately 709,600 customers in Montana, South Dakota and Nebraska.
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