Private Advisor Group LLC Takes Position in NiSource Inc. (NI)
Private Advisor Group LLC bought a new stake in shares of NiSource Inc. (NYSE:NI) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 8,769 shares of the utilities provider’s stock, valued at approximately $232,000.
Other institutional investors and hedge funds have also modified their holdings of the company. Piedmont Investment Advisors LLC bought a new stake in NiSource in the 2nd quarter worth approximately $104,000. Optimum Investment Advisors bought a new stake in NiSource in the 1st quarter worth approximately $121,000. Parallel Advisors LLC increased its stake in NiSource by 286.6% in the 2nd quarter. Parallel Advisors LLC now owns 4,701 shares of the utilities provider’s stock worth $123,000 after acquiring an additional 3,485 shares during the last quarter. Peapack Gladstone Financial Corp bought a new stake in NiSource in the 1st quarter worth approximately $210,000. Finally, Brookstone Capital Management bought a new stake in NiSource in the 2nd quarter worth approximately $213,000. 90.61% of the stock is currently owned by institutional investors.
In related news, CFO Donald Eugene Brown sold 2,400 shares of the business’s stock in a transaction on Wednesday, August 8th. The stock was sold at an average price of $26.50, for a total transaction of $63,600.00. Following the completion of the transaction, the chief financial officer now owns 49,167 shares in the company, valued at approximately $1,302,925.50. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Carrie J. Hightman sold 27,000 shares of the business’s stock in a transaction on Friday, August 10th. The shares were sold at an average price of $26.75, for a total value of $722,250.00. Following the transaction, the executive vice president now owns 325,066 shares of the company’s stock, valued at approximately $8,695,515.50. The disclosure for this sale can be found here. 0.37% of the stock is owned by insiders.
NiSource (NYSE:NI) last released its earnings results on Wednesday, August 1st. The utilities provider reported $0.07 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.09 by ($0.02). The company had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $999.39 million. NiSource had a net margin of 5.20% and a return on equity of 9.19%. During the same period in the prior year, the firm posted $0.10 EPS. equities analysts expect that NiSource Inc. will post 1.29 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 20th. Stockholders of record on Wednesday, October 31st will be given a dividend of $0.195 per share. This represents a $0.78 annualized dividend and a dividend yield of 2.78%. The ex-dividend date of this dividend is Tuesday, October 30th. NiSource’s dividend payout ratio is currently 64.46%.
A number of research firms have issued reports on NI. ValuEngine raised NiSource from a “sell” rating to a “hold” rating in a research note on Friday, June 22nd. Guggenheim downgraded NiSource from a “buy” rating to a “neutral” rating in a research report on Monday. They noted that the move was a valuation call. KeyCorp boosted their target price on NiSource from $26.00 to $27.00 and gave the company a “$26.15” rating in a research report on Thursday, July 19th. Barclays started coverage on NiSource in a research report on Tuesday, July 10th. They set an “equal weight” rating and a $27.00 target price on the stock. Finally, Zacks Investment Research raised NiSource from a “hold” rating to a “buy” rating and set a $30.00 target price on the stock in a research report on Tuesday, July 3rd. Six research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $26.70.
NiSource Inc, an energy holding company, operates as a regulated natural gas and electric utility company in the United States. The company operates in two segments, Gas Distribution Operations and Electric Operations. It provides natural gas service and transportation to residential, commercial, and industrial customers; generates, transmits, and distributes electricity; and offers wholesale and transmission transaction services.
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