Patton Fund Management Inc. Reduces Position in NiSource, Inc $NI

Key Points

• Patton Fund Management sharply cut its NiSource stake by 91.4% in the first quarter, selling 75,078 shares and leaving it with 7,037 shares valued at about $328,000.
• Despite some mixed institutional activity, NiSource still has broad investor support, with 91.64% of shares held by institutional investors and hedge funds. Several analysts remain bullish, giving the stock an overall Moderate Buy rating with an average price target of $50.33.
• NiSource reported EPS of $1.06, matching expectations, and announced a quarterly dividend of $0.30 per share to be paid on August 20, implying an annualized yield of about 2.5%.

Patton Fund Management Inc. decreased its position in shares of NiSource, Inc (NYSE:NI - Free Report) by 91.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,037 shares of the utilities provider's stock after selling 75,078 shares during the period. Patton Fund Management Inc.'s holdings in NiSource were worth $328,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. NewEdge Advisors LLC raised its position in NiSource by 60.1% in the 1st quarter. NewEdge Advisors LLC now owns 30,494 shares of the utilities provider's stock valued at $1,223,000 after purchasing an additional 11,452 shares during the last quarter. Woodline Partners LP increased its stake in NiSource by 41.6% in the first quarter. Woodline Partners LP now owns 39,703 shares of the utilities provider's stock valued at $1,592,000 after purchasing an additional 11,671 shares during the period. Acadian Asset Management LLC acquired a new position in NiSource in the first quarter valued at $105,000. Bank of Nova Scotia raised its holdings in shares of NiSource by 0.5% in the second quarter. Bank of Nova Scotia now owns 49,220 shares of the utilities provider's stock valued at $1,986,000 after buying an additional 266 shares during the last quarter. Finally, AXA S.A. acquired a new stake in shares of NiSource during the second quarter worth about $1,054,000. 91.64% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on NI. BMO Capital Markets reissued an "outperform" rating and set a $51.00 price target on shares of NiSource in a report on Monday, April 20th. Wells Fargo & Company upped their price objective on NiSource from $51.00 to $52.00 and gave the company an "overweight" rating in a research note on Thursday, May 7th. KeyCorp initiated coverage on NiSource in a research report on Tuesday, March 31st. They set an "overweight" rating and a $52.00 price objective for the company. Barclays lifted their target price on NiSource from $45.00 to $49.00 and gave the company an "overweight" rating in a research note on Friday, April 17th. Finally, Weiss Ratings lowered NiSource from a "buy (b+)" rating to a "buy (b)" rating in a report on Friday, April 24th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat, NiSource presently has an average rating of "Moderate Buy" and an average target price of $50.33.

NiSource Stock Down 2.0%

NiSource stock opened at $48.08 on Tuesday. The stock's 50 day moving average price is $47.23 and its 200 day moving average price is $45.62. NiSource, Inc has a 1-year low of $38.45 and a 1-year high of $49.21. The company has a market cap of $23.05 billion, a PE ratio of 23.92, a price-to-earnings-growth ratio of 3.92 and a beta of 0.55. The company has a debt-to-equity ratio of 1.30, a current ratio of 0.65 and a quick ratio of 0.56.

NiSource (NYSE:NI - Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The utilities provider reported $1.06 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.06. NiSource had a return on equity of 8.31% and a net margin of 14.15%.The firm had revenue of $2.36 billion during the quarter, compared to analysts' expectations of $2.52 billion. During the same quarter in the prior year, the business posted $0.85 earnings per share. NiSource has set its FY 2026 guidance at 2.020-2.070 EPS. On average, sell-side analysts predict that NiSource, Inc will post 2.05 EPS for the current fiscal year.

NiSource Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 20th. Stockholders of record on Friday, July 31st will be paid a dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, July 31st. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.5%. NiSource's dividend payout ratio is 59.70%.

Insider Transactions at NiSource

In other news, EVP Melody Birmingham sold 10,000 shares of the stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $47.19, for a total value of $471,900.00. Following the completion of the transaction, the executive vice president owned 117,899 shares in the company, valued at $5,563,653.81. This trade represents a 7.82% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Melanie B. Berman sold 15,000 shares of the firm's stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $47.68, for a total transaction of $715,200.00. Following the completion of the sale, the executive vice president owned 35,990 shares of the company's stock, valued at $1,716,003.20. This trade represents a 29.42% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 27,500 shares of company stock valued at $1,305,675 in the last quarter. Insiders own 0.37% of the company's stock.

NiSource Profile

NiSource, Inc NYSE: NI is a publicly traded energy holding company headquartered in Merrillville, Indiana, that primarily owns and operates regulated local gas and electric utilities in the United States. Through its operating subsidiaries, the company delivers natural gas and electricity to residential, commercial and industrial customers and provides the associated distribution and transmission services that keep local energy systems functioning.

The company's core activities include natural gas distribution, electric transmission and distribution, system operations, maintenance and emergency response.

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