Corvex Management LP Reduces Stock Position in MDU Resources Group, Inc. (NYSE:MDU)

Corvex Management LP reduced its stake in shares of MDU Resources Group, Inc. (NYSE:MDU - Free Report) by 29.9% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 7,108,829 shares of the utilities provider's stock after selling 3,038,212 shares during the period. MDU Resources Group makes up 3.6% of Corvex Management LP's investment portfolio, making the stock its 8th biggest position. Corvex Management LP owned about 3.49% of MDU Resources Group worth $128,101,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Principal Securities Inc. lifted its stake in MDU Resources Group by 164.4% during the fourth quarter. Principal Securities Inc. now owns 1,470 shares of the utilities provider's stock worth $26,000 after purchasing an additional 914 shares during the last quarter. V Square Quantitative Management LLC boosted its stake in MDU Resources Group by 99.6% in the fourth quarter. V Square Quantitative Management LLC now owns 1,834 shares of the utilities provider's stock worth $33,000 after buying an additional 915 shares in the last quarter. Crews Bank & Trust bought a new position in MDU Resources Group during the fourth quarter valued at approximately $39,000. Atlas Capital Advisors Inc. raised its stake in shares of MDU Resources Group by 84.4% during the fourth quarter. Atlas Capital Advisors Inc. now owns 2,487 shares of the utilities provider's stock worth $45,000 after acquiring an additional 1,138 shares in the last quarter. Finally, Johnson Financial Group Inc. bought a new stake in shares of MDU Resources Group in the 4th quarter worth approximately $54,000. 71.44% of the stock is currently owned by hedge funds and other institutional investors.

MDU Resources Group Trading Down 0.8 %

Shares of MDU Resources Group stock traded down $0.14 on Friday, hitting $17.36. The stock had a trading volume of 1,369,450 shares, compared to its average volume of 2,466,325. The company has a quick ratio of 1.07, a current ratio of 1.15 and a debt-to-equity ratio of 0.73. MDU Resources Group, Inc. has a one year low of $13.23 and a one year high of $20.39. The stock's 50-day simple moving average is $16.79 and its two-hundred day simple moving average is $18.12. The stock has a market cap of $3.55 billion, a price-to-earnings ratio of 12.58, a PEG ratio of 2.76 and a beta of 0.72.

MDU Resources Group (NYSE:MDU - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The utilities provider reported $0.40 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.36 by $0.04. The firm had revenue of $674.80 million for the quarter, compared to analysts' expectations of $653.13 million. MDU Resources Group had a net margin of 7.31% and a return on equity of 10.20%. The company's revenue for the quarter was up 14.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.52 earnings per share. As a group, sell-side analysts predict that MDU Resources Group, Inc. will post 0.94 EPS for the current year.

MDU Resources Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Thursday, March 13th were paid a dividend of $0.13 per share. The ex-dividend date of this dividend was Thursday, March 13th. This represents a $0.52 annualized dividend and a dividend yield of 3.00%. MDU Resources Group's dividend payout ratio (DPR) is presently 37.68%.

Analyst Upgrades and Downgrades

Separately, StockNews.com cut shares of MDU Resources Group from a "hold" rating to a "sell" rating in a research report on Thursday, February 20th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $21.00.

Insider Activity at MDU Resources Group

In other news, Director Dennis W. Johnson purchased 30,000 shares of MDU Resources Group stock in a transaction that occurred on Monday, February 10th. The shares were bought at an average cost of $16.64 per share, with a total value of $499,200.00. Following the completion of the purchase, the director now directly owns 180,166 shares in the company, valued at approximately $2,997,962.24. This trade represents a 19.98 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.94% of the stock is owned by corporate insiders.

MDU Resources Group Profile

MDU Resources Group, Inc engages in the regulated energy delivery, and construction materials and services businesses in the United States. It operates through four segments: Electric, Natural Gas Distribution, Pipeline, and Construction Services. The Electric segment generates, transmits, and distributes electricity for residential, commercial, industrial, and municipal customers in Montana, North Dakota, South Dakota, and Wyoming; and operates 3,400 miles of transmission lines, 4,800 miles of distribution lines, and 82 transmission and 298 distribution substations.