Bank of New York Mellon Corp Decreases Stake in NiSource, Inc (NYSE:NI)

Bank of New York Mellon Corp cut its holdings in NiSource, Inc (NYSE:NI - Free Report) by 6.1% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,001,600 shares of the utilities provider's stock after selling 259,978 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.85% of NiSource worth $160,424,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of NI. Lincoln Capital Corp acquired a new stake in shares of NiSource during the 1st quarter valued at $2,556,000. Capital International Inc. CA acquired a new position in shares of NiSource in the 4th quarter worth approximately $34,612,000. California Public Employees Retirement System lifted its position in shares of NiSource by 2.1% in the 4th quarter. California Public Employees Retirement System now owns 2,075,372 shares of the utilities provider's stock worth $76,291,000 after purchasing an additional 43,608 shares during the period. Asset Management One Co. Ltd. lifted its position in shares of NiSource by 14.0% in the 1st quarter. Asset Management One Co. Ltd. now owns 358,469 shares of the utilities provider's stock worth $14,371,000 after purchasing an additional 43,947 shares during the period. Finally, Summit Global Investments acquired a new stake in NiSource during the 4th quarter worth about $4,035,000. 91.64% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Guggenheim lifted their price target on shares of NiSource from $42.00 to $43.00 and gave the company a "buy" rating in a research report on Thursday, May 8th. BMO Capital Markets increased their price objective on NiSource from $42.00 to $43.00 and gave the stock an "outperform" rating in a report on Monday, April 28th. UBS Group boosted their price objective on NiSource from $40.00 to $45.00 and gave the stock a "buy" rating in a report on Friday, March 21st. JPMorgan Chase & Co. upped their price target on shares of NiSource from $42.00 to $43.00 and gave the company an "overweight" rating in a research report on Thursday, April 24th. Finally, Mizuho raised their price target on NiSource from $42.00 to $44.00 and gave the stock an "outperform" rating in a research note on Wednesday, March 26th. Ten analysts have rated the stock with a buy rating, According to MarketBeat.com, NiSource presently has an average rating of "Buy" and an average target price of $41.50.

NiSource Stock Down 0.1%

NI traded down $0.04 during trading on Friday, hitting $39.56. 4,008,390 shares of the company's stock traded hands, compared to its average volume of 4,133,108. NiSource, Inc has a 12-month low of $29.67 and a 12-month high of $41.45. The company has a current ratio of 0.52, a quick ratio of 0.45 and a debt-to-equity ratio of 1.17. The company's 50 day simple moving average is $39.36 and its two-hundred day simple moving average is $38.79. The stock has a market capitalization of $18.62 billion, a price-to-earnings ratio of 21.38, a PEG ratio of 2.68 and a beta of 0.54.

NiSource (NYSE:NI - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The utilities provider reported $0.98 EPS for the quarter, beating the consensus estimate of $0.90 by $0.08. The business had revenue of $2.03 billion for the quarter, compared to the consensus estimate of $2.32 billion. NiSource had a return on equity of 8.41% and a net margin of 14.67%. During the same period in the previous year, the business earned $0.85 earnings per share. Analysts predict that NiSource, Inc will post 1.91 earnings per share for the current fiscal year.

NiSource Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 20th. Investors of record on Thursday, July 31st will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.83%. The ex-dividend date is Thursday, July 31st. NiSource's payout ratio is currently 60.54%.

Insider Activity

In other NiSource 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 completion of the transaction, the executive vice president owned 28,882 shares in the company, valued at approximately $1,138,528.44. This trade represents a 17.74% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Michael E. Jesanis sold 6,178 shares of the company's stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $37.81, for a total value of $233,590.18. Following the completion of the sale, the director 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 sold 16,405 shares of company stock valued at $631,939. Company 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.