Weiss Ratings Reiterates Sell (D) Rating for NI (NASDAQ:NODK)

Key Points

• Weiss Ratings has reaffirmed a "sell (D)" rating for NI (NASDAQ:NODK), reflecting ongoing concerns about the company's stock performance.
• NI recently reported a quarterly loss of ($0.57) EPS and revealed a share buyback program to repurchase $5 million of outstanding shares, indicating management's belief that the stock is undervalued.
• Institutional investors own 21.89% of NI's stock, with several firms recently increasing their positions in the company.

NI (NASDAQ:NODK - Get Free Report)'s stock had its "sell (d)" rating reaffirmed by Weiss Ratings in a research report issued on Wednesday,Weiss Ratings reports.

NI Stock Up 2.3%

NASDAQ:NODK opened at $13.52 on Wednesday. NI has a 12 month low of $12.01 and a 12 month high of $17.24. The firm has a market cap of $279.46 million, a price-to-earnings ratio of 169.00 and a beta of 0.37. The company's 50 day moving average is $13.15 and its 200-day moving average is $13.09.

NI (NASDAQ:NODK - Get Free Report) last released its quarterly earnings results on Friday, August 8th. The company reported ($0.57) EPS for the quarter. NI had a net margin of 0.50% and a return on equity of 0.63%. The firm had revenue of $76.06 million during the quarter.

NI declared that its Board of Directors has initiated a share buyback program on Monday, August 25th that authorizes the company to buyback $5.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 1.9% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's management believes its stock is undervalued.

Hedge Funds Weigh In On NI

A number of institutional investors and hedge funds have recently bought and sold shares of NODK. M3F Inc. increased its position in NI by 5.5% during the first quarter. M3F Inc. now owns 1,409,844 shares of the company's stock worth $20,104,000 after acquiring an additional 73,514 shares during the period. Newtyn Management LLC increased its position in NI by 4.5% during the first quarter. Newtyn Management LLC now owns 659,988 shares of the company's stock worth $9,411,000 after acquiring an additional 28,161 shares during the period. Nuveen LLC bought a new position in NI during the first quarter worth $368,000. AQR Capital Management LLC bought a new position in NI during the first quarter worth $143,000. Finally, Philadelphia Financial Management of San Francisco LLC increased its position in NI by 5.8% during the first quarter. Philadelphia Financial Management of San Francisco LLC now owns 125,678 shares of the company's stock worth $1,792,000 after acquiring an additional 6,856 shares during the period. Institutional investors own 21.89% of the company's stock.

NI Company Profile

NI Holdings, Inc underwrites property and casualty insurance products in the United States. Its products include private passenger auto, non-standard automobile, homeowners, farm owners, crop hail and multi-peril crop, and liability insurance policies. The company was founded in 1946 and is headquartered in Fargo, North Dakota.

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