HighTower Advisors LLC Sells 12,423 Shares of NiSource, Inc $NI

Key Points

• HighTower Advisors LLC reduced its stake in NiSource, Inc. by 14.7%, now holding 72,282 shares valued at approximately $2.9 million.
• Several large investors, including Millennium Management and Vanguard Group, have increased their positions in NiSource, contributing to 91.64% of institutional ownership in the company.
• NiSource recently declared a quarterly dividend of $0.28, representing a 2.6% dividend yield, with the ex-dividend date set for October 31st.

HighTower Advisors LLC reduced its holdings in NiSource, Inc (NYSE:NI - Free Report) by 14.7% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 72,282 shares of the utilities provider's stock after selling 12,423 shares during the period. HighTower Advisors LLC's holdings in NiSource were worth $2,898,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Public Sector Pension Investment Board grew its stake in shares of NiSource by 3.7% in the 1st quarter. Public Sector Pension Investment Board now owns 125,621 shares of the utilities provider's stock worth $5,036,000 after buying an additional 4,519 shares in the last quarter. Nuveen LLC purchased a new position in shares of NiSource in the 1st quarter worth $71,839,000. Aigen Investment Management LP purchased a new position in shares of NiSource in the 1st quarter worth $1,654,000. Strengthening Families & Communities LLC grew its stake in shares of NiSource by 4.1% in the 1st quarter. Strengthening Families & Communities LLC now owns 27,593 shares of the utilities provider's stock worth $1,093,000 after buying an additional 1,088 shares in the last quarter. Finally, Virtu Financial LLC purchased a new position in shares of NiSource in the 1st quarter worth $1,223,000. 91.64% of the stock is owned by hedge funds and other institutional investors.

NiSource Stock Down 0.6%

Shares of NYSE:NI traded down $0.26 during trading hours on Tuesday, hitting $42.41. The company's stock had a trading volume of 4,133,365 shares, compared to its average volume of 4,467,979. NiSource, Inc has a 52 week low of $32.53 and a 52 week high of $43.51. The company has a debt-to-equity ratio of 1.32, a current ratio of 0.59 and a quick ratio of 0.48. The company has a market capitalization of $19.97 billion, a price-to-earnings ratio of 22.56, a P/E/G ratio of 2.90 and a beta of 0.53. The firm's fifty day moving average price is $41.09 and its 200 day moving average price is $39.88.

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, 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 business had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.16 billion. During the same quarter in the previous year, the business posted $0.21 EPS. As a group, research analysts expect that NiSource, Inc will post 1.91 EPS for the current year.

NiSource Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 20th. Stockholders of record on Friday, October 31st will be issued a $0.28 dividend. The ex-dividend date is Friday, October 31st. This represents a $1.12 annualized dividend and a dividend yield of 2.6%. NiSource's payout ratio is currently 59.57%.

Analysts Set New Price Targets

A number of equities analysts have commented on NI shares. Guggenheim lifted their price objective on shares of NiSource from $42.00 to $43.00 and gave the stock a "buy" rating in a research note on Thursday, May 8th. BMO Capital Markets lifted their price target on shares of NiSource from $42.00 to $43.00 and gave the stock an "outperform" rating in a research note on Monday, April 28th. Barclays reaffirmed an "overweight" rating and set a $44.00 price target (up from $42.00) on shares of NiSource in a research note on Monday, August 4th. Wells Fargo & Company lifted their price target on shares of NiSource from $43.00 to $45.00 and gave the stock an "overweight" rating in a research note on Thursday, May 8th. Finally, Wall Street Zen cut shares of NiSource from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Nine investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $42.56.

Insider Activity at NiSource

In other 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 value of $245,468.34. Following the completion of the sale, the executive vice president owned 28,882 shares in the company, valued at approximately $1,138,528.44. The trade was a 17.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.24% of the company's stock.

NiSource Company 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.