Sasco Capital Inc. CT Reduces Stock Position in NiSource Inc. (NYSE:NI)
Sasco Capital Inc. CT lowered its stake in NiSource Inc. (NYSE:NI) by 26.1% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 20,128 shares of the utilities provider’s stock after selling 7,120 shares during the quarter. Sasco Capital Inc. CT’s holdings in NiSource were worth $580,000 at the end of the most recent quarter.
Other hedge funds also recently modified their holdings of the company. Jennison Associates LLC raised its position in NiSource by 73.1% in the first quarter. Jennison Associates LLC now owns 5,626,608 shares of the utilities provider’s stock worth $161,259,000 after acquiring an additional 2,375,299 shares during the period. Commonwealth Bank of Australia raised its position in NiSource by 32.7% in the first quarter. Commonwealth Bank of Australia now owns 5,318,979 shares of the utilities provider’s stock worth $152,428,000 after acquiring an additional 1,309,337 shares during the period. JPMorgan Chase & Co. raised its position in NiSource by 3.9% in the first quarter. JPMorgan Chase & Co. now owns 15,148,835 shares of the utilities provider’s stock worth $434,165,000 after acquiring an additional 567,988 shares during the period. Renaissance Technologies LLC raised its position in NiSource by 254.4% in the second quarter. Renaissance Technologies LLC now owns 647,200 shares of the utilities provider’s stock worth $18,639,000 after acquiring an additional 464,600 shares during the period. Finally, Geode Capital Management LLC raised its position in NiSource by 8.4% in the fourth quarter. Geode Capital Management LLC now owns 4,703,532 shares of the utilities provider’s stock worth $119,026,000 after acquiring an additional 363,894 shares during the period. Institutional investors own 92.17% of the company’s stock.
Shares of NI stock traded down $0.01 on Monday, hitting $29.04. 1,550,525 shares of the stock traded hands, compared to its average volume of 2,892,898. The firm has a market cap of $10.87 billion, a price-to-earnings ratio of 22.34, a PEG ratio of 4.16 and a beta of 0.23. NiSource Inc. has a 52 week low of $24.19 and a 52 week high of $30.34. The firm has a 50 day simple moving average of $29.27 and a two-hundred day simple moving average of $28.52. The company has a debt-to-equity ratio of 1.40, a current ratio of 0.41 and a quick ratio of 0.33.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 20th. Stockholders of record on Thursday, October 31st will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Wednesday, October 30th. This represents a $0.80 annualized dividend and a dividend yield of 2.75%. NiSource’s payout ratio is 61.54%.
Several research analysts have weighed in on the stock. Credit Suisse Group downgraded shares of NiSource from an “outperform” rating to a “neutral” rating in a research report on Wednesday, August 7th. Zacks Investment Research downgraded shares of NiSource from a “hold” rating to a “sell” rating and set a $30.00 price target on the stock. in a research report on Wednesday, May 29th. Argus upgraded shares of NiSource from a “hold” rating to a “buy” rating and set a $32.00 price target on the stock in a research report on Wednesday, July 24th. Finally, Wolfe Research downgraded shares of NiSource from an “outperform” rating to a “peer perform” rating in a research report on Monday, August 5th. Two analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company’s stock. NiSource currently has a consensus rating of “Hold” and an average price target of $28.32.
In other NiSource news, EVP Violet Sistovaris sold 40,405 shares of NiSource stock in a transaction on Monday, August 5th. The shares were sold at an average price of $29.16, for a total value of $1,178,209.80. Following the sale, the executive vice president now directly owns 105,927 shares in the company, valued at approximately $3,088,831.32. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Michael E. Jesanis sold 4,000 shares of NiSource stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $29.96, for a total transaction of $119,840.00. Following the completion of the sale, the director now owns 38,997 shares in the company, valued at $1,168,350.12. The disclosure for this sale can be found here. Insiders have sold a total of 94,405 shares of company stock worth $2,768,990 over the last 90 days. Insiders own 0.35% of the company’s stock.
NiSource Company Profile
NiSource Inc, an energy holding company, operates as a regulated natural gas and electric utility company in the United States. The company operates in two segments, Gas Distribution Operations and Electric Operations. It provides natural gas service and transportation for residential, commercial, and industrial customers; generates, transmits, and distributes electricity; and wholesale and transmission transaction services.
Read More: How Do You Make Money With Penny Stocks?
Receive News & Ratings for NiSource Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for NiSource and related companies with MarketBeat.com's FREE daily email newsletter.