Liberty Mutual Group Asset Management Inc. cut its stake in NiSource, Inc (NYSE:NI) by 30.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 19,385 shares of the utilities provider’s stock after selling 8,300 shares during the period. Liberty Mutual Group Asset Management Inc.’s holdings in NiSource were worth $461,000 at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of NI. Highbridge Capital Management LLC raised its stake in shares of 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. Kentucky Retirement Systems Insurance Trust Fund acquired a new stake in shares of NiSource during the fourth quarter worth about $231,000. Kentucky Retirement Systems acquired a new stake in shares of NiSource during the fourth quarter worth about $518,000. Brookfield Asset Management Inc. raised its stake in shares of NiSource by 7.0% in the fourth quarter. Brookfield Asset Management Inc. now owns 2,575,579 shares of the utilities provider’s stock worth $57,023,000 after buying an additional 167,400 shares during the last quarter. Finally, Quadrature Capital Ltd acquired a new stake in shares of NiSource during the fourth quarter worth about $1,950,000. Hedge funds and other institutional investors own 82.37% of the company’s stock.
Shares of NiSource, Inc (NYSE:NI) traded up 0.62% during midday trading on Friday, reaching $25.98. 4,424,431 shares of the company’s stock traded hands. The stock has a market capitalization of $8.43 billion, a P/E ratio of 23.75 and a beta of 0.37. NiSource, Inc has a 1-year low of $21.17 and a 1-year high of $26.56. The firm’s 50-day moving average price is $25.78 and its 200 day moving average price is $24.06.
NiSource (NYSE:NI) last announced its quarterly earnings results on Wednesday, May 3rd. The utilities provider reported $0.71 earnings per share for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $1.51 billion. During the same period in the previous year, the company posted $0.62 earnings per share. On average, equities analysts predict that NiSource, Inc will post $1.18 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, August 18th. Shareholders of record on Monday, July 31st will be issued a $0.175 dividend. This represents a $0.70 dividend on an annualized basis and a yield of 2.69%. The ex-dividend date is Thursday, July 27th. NiSource’s payout ratio is 64.22%.
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NI has been the subject of several research reports. Zacks Investment Research raised shares of NiSource from a “hold” rating to a “buy” rating and set a $29.00 price objective for the company in a report on Tuesday, June 13th. Barclays PLC reissued an “equal weight” rating and set a $26.00 price objective (up previously from $25.00) on shares of NiSource in a report on Thursday, June 1st. Ladenburg Thalmann Financial Services initiated coverage on shares of NiSource in a report on Friday, May 19th. They set a “buy” rating and a $27.00 price objective for the company. Jefferies Group LLC reissued a “hold” rating and set a $23.00 price objective on shares of NiSource in a report on Friday, July 14th. Finally, Zelman & Associates downgraded shares of NiSource from a “buy” rating to a “hold” rating in a report on Tuesday, May 30th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the stock. NiSource has an average rating of “Hold” and an average price target of $25.60.
In other news, EVP Violet Sistovaris sold 38,550 shares of the stock in a transaction that occurred on Friday, May 12th. The stock was sold at an average price of $24.25, for a total value of $934,837.50. Following the completion of the sale, the executive vice president now directly owns 185,186 shares of the company’s stock, valued at $4,490,760.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Jimmie L. Stanley sold 37,325 shares of the stock in a transaction that occurred on Thursday, May 11th. The shares were sold at an average price of $24.11, for a total value of $899,905.75. Following the completion of the sale, the chief operating officer now directly owns 315,471 shares of the company’s stock, valued at $7,606,005.81. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 89,981 shares of company stock worth $2,191,779. Corporate insiders own 0.32% of the company’s stock.
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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