NiSource, Inc (NYSE:NI) Position Boosted by Resona Asset Management Co. Ltd.

Key Points

• Resona Asset Management Co. Ltd. increased its stake in NiSource by 9.2% during Q1, now holding 148,323 shares worth approximately $5.94 million.
• Multiple analysts have adjusted their price targets for NiSource, with Wells Fargo raising it to $45.00 and two others setting it at $43.00, while one analyst downgraded the stock to a "sell" rating.
• NiSource announced a quarterly dividend of $0.28 per share, which will be paid to stockholders of record on October 31, yielding an annualized dividend of $1.12 with a payout ratio of 59.57%.

Resona Asset Management Co. Ltd. lifted its position in NiSource, Inc (NYSE:NI - Free Report) by 9.2% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 148,323 shares of the utilities provider's stock after buying an additional 12,553 shares during the quarter. Resona Asset Management Co. Ltd.'s holdings in NiSource were worth $5,942,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Raymond James Financial Inc. bought a new stake in NiSource during the fourth quarter worth approximately $15,522,000. Townsquare Capital LLC lifted its holdings in shares of NiSource by 4.6% during the fourth quarter. Townsquare Capital LLC now owns 7,408 shares of the utilities provider's stock worth $272,000 after buying an additional 323 shares during the last quarter. Mariner LLC lifted its holdings in shares of NiSource by 7.1% during the fourth quarter. Mariner LLC now owns 45,247 shares of the utilities provider's stock worth $1,663,000 after buying an additional 2,987 shares during the last quarter. Walleye Capital LLC raised its stake in shares of NiSource by 275.1% in the fourth quarter. Walleye Capital LLC now owns 68,244 shares of the utilities provider's stock valued at $2,509,000 after purchasing an additional 50,051 shares in the last quarter. Finally, Canada Post Corp Registered Pension Plan acquired a new position in shares of NiSource in the fourth quarter valued at $27,000. Institutional investors own 91.64% of the company's stock.

Insider Buying and Selling at NiSource

In other news, EVP Melanie B. Berman sold 6,227 shares of NiSource stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $39.42, for a total transaction of $245,468.34. Following the transaction, the executive vice president owned 28,882 shares in the company, valued at $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 is available at this hyperlink. 0.24% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of analysts have weighed in on NI shares. Wells Fargo & Company upped their price target on NiSource from $43.00 to $45.00 and gave the company an "overweight" rating in a research report on Thursday, May 8th. Wall Street Zen cut NiSource from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. BMO Capital Markets upped their price target on NiSource from $42.00 to $43.00 and gave the company an "outperform" rating in a research report on Monday, April 28th. Guggenheim upped their price target on NiSource from $42.00 to $43.00 and gave the company a "buy" rating in a research report on Thursday, May 8th. Finally, Barclays reiterated an "overweight" rating and issued a $44.00 price target (up from $42.00) on shares of NiSource in a research report on Monday, August 4th. One analyst has rated the stock with a sell rating and nine have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $42.56.

NiSource Price Performance

NiSource stock opened at $41.93 on Friday. The business's 50-day simple moving average is $40.74 and its 200 day simple moving average is $39.65. The stock has a market cap of $19.74 billion, a price-to-earnings ratio of 22.30, a P/E/G ratio of 2.88 and a beta of 0.53. NiSource, Inc has a 12-month low of $31.70 and a 12-month high of $43.51. The company has a quick ratio of 0.48, a current ratio of 0.59 and a debt-to-equity ratio of 1.32.

NiSource (NYSE:NI - Get Free Report) last released its earnings results on Wednesday, August 6th. The utilities provider reported $0.22 earnings per share for the quarter, beating the consensus estimate of $0.21 by $0.01. NiSource had a return on equity of 8.25% and a net margin of 14.46%. The firm had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.16 billion. During the same quarter in the prior year, the firm posted $0.21 earnings per share. As a group, research analysts anticipate that NiSource, Inc will post 1.91 earnings per share for the current year.

NiSource Dividend Announcement

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

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.