Harbor Capital Advisors Inc. Invests $1.65 Million in MDU Resources Group, Inc. $MDU

Key Points

• Harbor Capital Advisors Inc. has acquired a new stake in MDU Resources Group by purchasing 98,768 shares, valued at approximately $1,646,000.
• MDU Resources Group recently faced a downgrade from Wall Street Zen, which cut its rating from "hold" to "sell," while maintaining a consensus rating of "Moderate Buy."
• The company announced an increase in its quarterly dividend to $0.14 per share, reflecting a 3.5% dividend yield for its investors.

Harbor Capital Advisors Inc. bought a new stake in MDU Resources Group, Inc. (NYSE:MDU - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 98,768 shares of the utilities provider's stock, valued at approximately $1,646,000.

Several other large investors have also recently added to or reduced their stakes in the company. Adage Capital Partners GP L.L.C. boosted its holdings in MDU Resources Group by 195.0% in the 1st quarter. Adage Capital Partners GP L.L.C. now owns 1,548,864 shares of the utilities provider's stock valued at $26,191,000 after purchasing an additional 1,023,864 shares in the last quarter. Jacobs Levy Equity Management Inc. acquired a new position in MDU Resources Group during the first quarter worth $14,636,000. Hotchkis & Wiley Capital Management LLC purchased a new position in MDU Resources Group in the first quarter worth $12,361,000. Invesco Ltd. boosted its position in shares of MDU Resources Group by 30.1% during the 1st quarter. Invesco Ltd. now owns 3,124,863 shares of the utilities provider's stock worth $52,841,000 after purchasing an additional 723,560 shares in the last quarter. Finally, Millennium Management LLC increased its holdings in shares of MDU Resources Group by 103.1% in the 1st quarter. Millennium Management LLC now owns 1,343,979 shares of the utilities provider's stock valued at $22,727,000 after purchasing an additional 682,098 shares in the last quarter. 71.44% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at MDU Resources Group

In other MDU Resources Group news, CFO Jason L. Vollmer acquired 5,000 shares of the firm's stock in a transaction dated Monday, September 8th. The shares were acquired at an average price of $16.07 per share, for a total transaction of $80,350.00. Following the completion of the acquisition, the chief financial officer directly owned 344,548 shares of the company's stock, valued at $5,536,886.36. This trade represents a 1.47% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.94% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. Wall Street Zen downgraded shares of MDU Resources Group from a "hold" rating to a "sell" rating in a report on Saturday, August 9th. Jefferies Financial Group raised MDU Resources Group from a "hold" rating to a "buy" rating and set a $20.00 price target on the stock in a research note on Friday. Three analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, MDU Resources Group has a consensus rating of "Buy" and an average target price of $18.67.

MDU Resources Group Price Performance

Shares of NYSE MDU traded up $0.01 during trading on Monday, reaching $16.72. The company had a trading volume of 3,265,889 shares, compared to its average volume of 1,678,064. The company has a current ratio of 0.74, a quick ratio of 0.71 and a debt-to-equity ratio of 0.75. MDU Resources Group, Inc. has a twelve month low of $14.91 and a twelve month high of $30.52. The stock has a 50-day moving average price of $16.61 and a two-hundred day moving average price of $16.72. The stock has a market capitalization of $3.42 billion, a PE ratio of 15.77, a price-to-earnings-growth ratio of 2.65 and a beta of 0.70.

MDU Resources Group (NYSE:MDU - Get Free Report) last released its earnings results on Thursday, August 7th. The utilities provider reported $0.07 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.13 by ($0.06). The firm had revenue of $351.20 million during the quarter, compared to analysts' expectations of $315.67 million. MDU Resources Group had a net margin of 8.25% and a return on equity of 8.29%. MDU Resources Group's revenue for the quarter was up 1.9% on a year-over-year basis. During the same quarter last year, the company posted $0.32 earnings per share. MDU Resources Group has set its FY 2025 guidance at 0.880-0.950 EPS. As a group, sell-side analysts predict that MDU Resources Group, Inc. will post 0.94 earnings per share for the current year.

MDU Resources Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Thursday, September 11th will be issued a $0.14 dividend. This is a boost from MDU Resources Group's previous quarterly dividend of $0.13. The ex-dividend date is Thursday, September 11th. This represents a $0.56 annualized dividend and a yield of 3.3%. MDU Resources Group's payout ratio is presently 52.83%.

About MDU Resources Group

MDU Resources Group, Inc engages in the regulated energy delivery, and construction materials and services businesses in the United States. It operates through four segments: Electric, Natural Gas Distribution, Pipeline, and Construction Services. The Electric segment generates, transmits, and distributes electricity for residential, commercial, industrial, and municipal customers in Montana, North Dakota, South Dakota, and Wyoming; and operates 3,400 miles of transmission lines, 4,800 miles of distribution lines, and 82 transmission and 298 distribution substations.