38,723 Shares in NiSource, Inc $NI Purchased by Park Avenue Securities LLC

Key Points

• Park Avenue Securities LLC purchased 38,723 shares of NiSource, Inc, worth approximately $1,562,000, marking their entry into the company during the second quarter.
• NiSource recently declared a quarterly dividend of $0.28 per share, set to be paid on November 20th, representing a yield of 2.7%.
• The company reported a quarterly EPS of $0.22, exceeding the consensus estimate of $0.21, along with a revenue matching expectations at $1.16 billion.

Park Avenue Securities LLC bought a new position in shares of NiSource, Inc (NYSE:NI - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 38,723 shares of the utilities provider's stock, valued at approximately $1,562,000.

Several other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in NiSource by 5.3% in the first quarter. Vanguard Group Inc. now owns 60,844,001 shares of the utilities provider's stock valued at $2,439,236,000 after acquiring an additional 3,050,420 shares during the last quarter. T. Rowe Price Investment Management Inc. raised its position in NiSource by 12.4% in the first quarter. T. Rowe Price Investment Management Inc. now owns 24,020,859 shares of the utilities provider's stock valued at $962,997,000 after purchasing an additional 2,650,827 shares during the period. Jennison Associates LLC lifted its stake in shares of NiSource by 8.0% in the 1st quarter. Jennison Associates LLC now owns 11,577,832 shares of the utilities provider's stock valued at $464,155,000 after purchasing an additional 857,653 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of NiSource by 88.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 5,535,924 shares of the utilities provider's stock worth $221,935,000 after purchasing an additional 2,605,923 shares during the period. Finally, Northern Trust Corp increased its position in shares of NiSource by 4.7% during the 1st quarter. Northern Trust Corp now owns 4,638,973 shares of the utilities provider's stock worth $185,976,000 after purchasing an additional 206,448 shares during the last quarter. Hedge funds and other institutional investors own 91.64% of the company's stock.

NiSource Trading Down 1.4%

Shares of NI stock opened at $41.81 on Friday. NiSource, Inc has a fifty-two week low of $33.65 and a fifty-two week high of $43.51. The company has a 50 day moving average price of $41.74 and a 200 day moving average price of $40.12. The stock has a market capitalization of $19.68 billion, a P/E ratio of 22.24, a price-to-earnings-growth ratio of 2.87 and a beta of 0.60. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.48 and a current ratio of 0.59.

NiSource (NYSE:NI - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The utilities provider reported $0.22 EPS for the quarter, beating the consensus estimate of $0.21 by $0.01. NiSource had a net margin of 14.46% and a return on equity of 8.25%. The company had revenue of $1.16 billion during the quarter, compared to analysts' expectations of $1.16 billion. During the same quarter last year, the company posted $0.21 EPS. Equities research analysts predict that NiSource, Inc will post 1.91 EPS for the current fiscal year.

NiSource Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 20th. Shareholders of record on Friday, October 31st will be issued a dividend of $0.28 per share. The ex-dividend date is Friday, October 31st. This represents a $1.12 annualized dividend and a yield of 2.7%. NiSource's dividend payout ratio is 59.57%.

Wall Street Analysts Forecast Growth

NI has been the topic of a number of recent analyst reports. Zacks Research raised shares of NiSource to a "hold" rating in a research report on Monday, August 11th. Barclays reissued an "overweight" rating and issued a $44.00 price target (up from $42.00) on shares of NiSource in a research note on Monday, August 4th. Jefferies Financial Group downgraded shares of NiSource from a "buy" rating to a "hold" rating and dropped their target price for the company from $48.00 to $44.00 in a report on Friday, September 5th. Finally, Wall Street Zen lowered NiSource from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. Seven equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $43.88.

About NiSource

NiSource Inc, an energy holding company, operates as a regulated natural gas and electric utility company in the United States. It operates in two segments, Gas Distribution Operations and Electric Operations. The company distributes natural gas to approximately 3.3 million customers through approximately 55,000 miles of distribution main pipeline and the associated individual customer service lines; and 1,000 miles of transmission main pipeline in northern Indiana, Ohio, Pennsylvania, Virginia, Kentucky, and Maryland.

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