Magellan Asset Management Ltd Sells 8,138 Shares of NiSource, Inc (NYSE:NI)

Key Points

• Magellan Asset Management Ltd reduced its stake in NiSource, Inc by 2.3%, selling 8,138 shares during the first quarter, leaving it with approximately 0.07% ownership valued at $13.9 million.
• NiSource declared a quarterly dividend of $0.28 per share, representing a 2.7% yield and a payout ratio of 59.57%.
• Wall Street analysts have a consensus rating of "Moderate Buy" for NiSource, with several brokerages increasing target prices, reflecting a generally positive outlook on the stock's performance.

Magellan Asset Management Ltd trimmed its position in shares of NiSource, Inc (NYSE:NI - Free Report) by 2.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 346,694 shares of the utilities provider's stock after selling 8,138 shares during the quarter. Magellan Asset Management Ltd owned approximately 0.07% of NiSource worth $13,899,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in NI. Canada Post Corp Registered Pension Plan bought a new stake in shares of NiSource during the fourth quarter valued at approximately $27,000. MassMutual Private Wealth & Trust FSB grew its stake in shares of NiSource by 64.2% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 765 shares of the utilities provider's stock valued at $31,000 after purchasing an additional 299 shares during the last quarter. Larson Financial Group LLC grew its stake in shares of NiSource by 48.8% during the first quarter. Larson Financial Group LLC now owns 811 shares of the utilities provider's stock valued at $33,000 after purchasing an additional 266 shares during the last quarter. Quent Capital LLC grew its stake in shares of NiSource by 44.7% during the first quarter. Quent Capital LLC now owns 1,003 shares of the utilities provider's stock valued at $40,000 after purchasing an additional 310 shares during the last quarter. Finally, Optiver Holding B.V. grew its stake in shares of NiSource by 105.0% during the fourth quarter. Optiver Holding B.V. now owns 1,281 shares of the utilities provider's stock valued at $47,000 after purchasing an additional 656 shares during the last quarter. 91.64% of the stock is owned by institutional investors.

NiSource Price Performance

NI stock opened at $42.26 on Friday. The company has a fifty day moving average price of $40.43 and a 200-day moving average price of $39.48. The company has a market capitalization of $19.89 billion, a P/E ratio of 22.48, a PEG ratio of 2.86 and a beta of 0.53. NiSource, Inc has a 52-week low of $30.66 and a 52-week high of $43.51. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.45 and a current ratio of 0.59.

NiSource (NYSE:NI - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The utilities provider reported $0.22 EPS for the quarter, topping analysts' consensus estimates of $0.21 by $0.01. The business had revenue of $1.16 billion during the quarter, compared to analysts' expectations of $1.16 billion. NiSource had a net margin of 14.46% and a return on equity of 8.25%. During the same period last year, the company posted $0.21 earnings per share. As a group, equities analysts expect that NiSource, Inc will post 1.91 EPS for the current year.

NiSource Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on NI. Wall Street Zen cut shares of NiSource from a "hold" rating to a "sell" rating in a research note on Saturday. Guggenheim increased their target price on shares of NiSource from $42.00 to $43.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. Wells Fargo & Company increased their target price on shares of NiSource from $43.00 to $45.00 and gave the stock an "overweight" rating in a report on Thursday, May 8th. Barclays reiterated an "overweight" rating and issued a $44.00 target price (up from $42.00) on shares of NiSource in a report on Monday, August 4th. Finally, JPMorgan Chase & Co. increased their target price on shares of NiSource from $42.00 to $43.00 and gave the stock an "overweight" rating in a report on Thursday, April 24th. One research analyst has rated the stock with a sell rating and nine have given a buy rating to the company. According to data from MarketBeat.com, NiSource has a consensus rating of "Moderate Buy" and an average target price of $42.56.

Insider Activity

In related news, EVP Melanie B. Berman sold 6,227 shares of the business's stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $39.42, for a total transaction of $245,468.34. Following the transaction, the executive vice president directly owned 28,882 shares in the company, valued at approximately $1,138,528.44. The trade was a 17.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Michael E. Jesanis sold 6,178 shares of NiSource stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $37.81, for a total transaction of $233,590.18. Following the completion of the sale, the director directly owned 18,541 shares in the company, valued at approximately $701,035.21. This represents a 24.99% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 16,405 shares of company stock worth $631,939. 0.24% of the stock is owned by corporate insiders.

NiSource Profile

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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