Pictet Asset Management Holding SA Sells 493,749 Shares of NiSource, Inc $NI

Key Points

• Pictet Asset Management cut its NiSource stake by 9.9%, selling 493,749 shares in the third quarter; it retained 4.51 million shares, worth about $175.8 million.
• NiSource reported quarterly EPS of $0.27, beating the $0.23 consensus, on revenue of $1.35 billion. The company also declared a $0.30 quarterly dividend, equivalent to a 2.7% yield.
• Analysts’ consensus rating was Moderate Buy, with an average price target of $48.58; 12 analysts rated the stock Buy and one rated it Hold.

Pictet Asset Management Holding SA lowered its stake in shares of NiSource, Inc (NYSE:NI - Free Report) by 9.9% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,507,633 shares of the utilities provider's stock after selling 493,749 shares during the period. Pictet Asset Management Holding SA owned about 0.94% of NiSource worth $175,798,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. BlackRock Inc. purchased a new position in NiSource in the 2nd quarter valued at about $2,613,234,000. Deutsche Bank AG acquired a new stake in NiSource in the 2nd quarter worth about $574,295,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in NiSource by 4.4% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,381,989 shares of the utilities provider's stock worth $208,364,000 after buying an additional 183,321 shares during the last quarter. Legal & General Group Plc purchased a new stake in NiSource during the 2nd quarter worth approximately $179,838,000. Finally, Bank of America Corp DE purchased a new stake in NiSource during the 2nd quarter worth approximately $172,516,000. Hedge funds and other institutional investors own 91.64% of the company's stock.

Insider Buying and Selling

In related news, CFO Shawn Anderson sold 6,500 shares of the company's stock in a transaction that occurred on Friday, October 30th. The stock was sold at an average price of $45.00, for a total value of $292,500.00. Following the transaction, the chief financial officer directly owned 160,080 shares in the company, valued at approximately $7,203,600. This represents a 3.90% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Melody Birmingham sold 37,509 shares of the stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $42.40, for a total value of $1,590,381.60. Following the completion of the transaction, the executive vice president owned 78,527 shares of the company's stock, valued at $3,329,544.80. The trade was a 32.33% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.37% of the stock is owned by company insiders.

NiSource Stock Down 0.1%

NYSE NI opened at $44.10 on Monday. The business's fifty day simple moving average is $41.59 and its 200-day simple moving average is $44.87. The company has a quick ratio of 0.38, a current ratio of 0.50 and a debt-to-equity ratio of 1.37. The firm has a market cap of $21.16 billion, a PE ratio of 22.62, a P/E/G ratio of 3.28 and a beta of 0.53. NiSource, Inc has a 52 week low of $38.42 and a 52 week high of $49.21.

NiSource (NYSE:NI - Get Free Report) last announced its quarterly earnings data on Wednesday, October 28th. The utilities provider reported $0.27 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.23 by $0.04. NiSource had a net margin of 13.56% and a return on equity of 8.16%. The firm had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.34 billion. During the same quarter in the prior year, the firm posted $0.19 earnings per share. As a group, equities analysts anticipate that NiSource, Inc will post 2.06 earnings per share for the current year.

NiSource Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 20th. Stockholders of record on Friday, October 30th will be issued a dividend of $0.30 per share. The ex-dividend date is Friday, October 30th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.7%. NiSource's dividend payout ratio (DPR) is currently 61.54%.

Analyst Ratings Changes

A number of brokerages have commented on NI. BMO Capital Markets increased their target price on NiSource from $45.00 to $48.00 and gave the company an "outperform" rating in a report on Monday, October 19th. KeyCorp lowered their price target on NiSource from $50.00 to $48.00 and set an "overweight" rating on the stock in a research note on Tuesday, October 13th. Weiss Ratings cut NiSource from a "buy (b)" rating to a "buy (b-)" rating in a research report on Tuesday, September 22nd. HSBC started coverage on NiSource in a research report on Thursday, October 22nd. They set a "buy" rating and a $49.50 price target for the company. Finally, Wall Street Zen downgraded NiSource from a "hold" rating to a "sell" rating in a research note on Sunday. Twelve investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $48.58.

NiSource Company Profile

NiSource Inc is a regulated energy holding company that delivers natural gas and electricity through its local utility subsidiaries. Its businesses focus on operating and maintaining energy infrastructure and providing service to residential, commercial and industrial customers.

The company's natural gas utilities serve customers in Indiana, Kentucky, Maryland, Ohio, Pennsylvania and Virginia. Its electric utility, Northern Indiana Public Service Company (NIPSCO), serves customers in northern Indiana.

NiSource traces its roots to Northern Indiana Public Service Company, established in 1912.

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