Patton Fund Management Inc. Sells 43,935 Shares of NiSource, Inc $NI

Key Points

• Patton Fund Management Inc. has reduced its stake in NiSource, Inc by 41.2% in the second quarter, selling 43,935 shares and now holding 62,738 shares valued at approximately $2.53 million.
• NiSource recently declared a quarterly dividend of $0.28 per share, with a payout date set for November 20th, and a dividend yield of 2.6%.
• Analysts have mixed views on NiSource, with ratings ranging from a "sell" to "overweight", and an average price target of $43.88.

Patton Fund Management Inc. lowered its stake in NiSource, Inc (NYSE:NI - Free Report) by 41.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 62,738 shares of the utilities provider's stock after selling 43,935 shares during the period. Patton Fund Management Inc.'s holdings in NiSource were worth $2,531,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in NI. MassMutual Private Wealth & Trust FSB grew its position in NiSource by 64.2% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 765 shares of the utilities provider's stock worth $31,000 after acquiring an additional 299 shares in the last quarter. Larson Financial Group LLC grew its position in NiSource by 48.8% in the first quarter. Larson Financial Group LLC now owns 811 shares of the utilities provider's stock worth $33,000 after acquiring an additional 266 shares in the last quarter. Quent Capital LLC raised its position in NiSource by 44.7% in the 1st quarter. Quent Capital LLC now owns 1,003 shares of the utilities provider's stock worth $40,000 after purchasing an additional 310 shares during the period. Brooklyn Investment Group lifted its stake in NiSource by 57.3% in the first quarter. Brooklyn Investment Group now owns 1,370 shares of the utilities provider's stock worth $55,000 after purchasing an additional 499 shares during the last quarter. Finally, Hemington Wealth Management lifted its stake in NiSource by 39.4% in the first quarter. Hemington Wealth Management now owns 1,551 shares of the utilities provider's stock worth $62,000 after purchasing an additional 438 shares during the last quarter. Hedge funds and other institutional investors own 91.64% of the company's stock.

NiSource Stock Performance

NiSource stock opened at $42.56 on Friday. The company has a 50 day moving average price of $41.77 and a 200-day moving average price of $40.15. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.48 and a current ratio of 0.59. NiSource, Inc has a fifty-two week low of $33.65 and a fifty-two week high of $43.51. The company has a market capitalization of $20.04 billion, a PE ratio of 22.64, a P/E/G ratio of 2.83 and a beta of 0.60.

NiSource (NYSE:NI - Get Free Report) last posted its quarterly 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 net margin of 14.46% and a return on equity of 8.25%. The firm had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter in the previous year, the firm posted $0.21 earnings per share. As a group, equities analysts forecast that NiSource, Inc will post 1.91 earnings per share for the current year.

NiSource Announces Dividend

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

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on NI. Wall Street Zen downgraded NiSource from a "hold" rating to a "sell" rating in a report on Saturday, August 9th. Jefferies Financial Group downgraded NiSource from a "buy" rating to a "hold" rating and reduced their price target for the stock from $48.00 to $44.00 in a report on Friday, September 5th. Zacks Research upgraded NiSource to a "hold" rating in a report on Monday, August 11th. Finally, Barclays reiterated an "overweight" rating and issued a $44.00 price target (up from $42.00) on shares of NiSource in a report on Monday, August 4th. Seven investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, NiSource currently has an average rating of "Moderate Buy" and a consensus price target of $43.88.

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.

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