Shares of Mdu Resources Group Inc (NYSE:MDU) dropped 8.5% on Monday . The stock traded as low as $26.57 and last traded at $27.03, approximately 2,358,067 shares were traded during trading. An increase of 52% from the average daily volume of 1,552,728 shares. The stock had previously closed at $29.54.
MDU has been the topic of several recent research reports. ValuEngine cut Mdu Resources Group from a “hold” rating to a “sell” rating in a research report on Thursday, February 6th. Zacks Investment Research upgraded Mdu Resources Group from a “hold” rating to a “buy” rating and set a $31.00 price objective on the stock in a research report on Tuesday, March 3rd.
The company has a current ratio of 1.50, a quick ratio of 1.18 and a debt-to-equity ratio of 0.81. The stock has a market cap of $5.92 billion, a P/E ratio of 16.38, a PEG ratio of 2.81 and a beta of 0.71. The firm has a 50-day simple moving average of $30.29 and a two-hundred day simple moving average of $28.91.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Thursday, March 12th will be given a $0.2075 dividend. This represents a $0.83 dividend on an annualized basis and a dividend yield of 2.99%. The ex-dividend date is Wednesday, March 11th. Mdu Resources Group’s payout ratio is currently 49.11%.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. increased its position in shares of Mdu Resources Group by 12.2% in the second quarter. BlackRock Inc. now owns 21,236,316 shares of the utilities provider’s stock worth $547,896,000 after purchasing an additional 2,312,808 shares during the period. Acadian Asset Management LLC boosted its stake in Mdu Resources Group by 13.9% in the fourth quarter. Acadian Asset Management LLC now owns 3,664,859 shares of the utilities provider’s stock valued at $108,883,000 after buying an additional 446,430 shares in the last quarter. Parnassus Investments CA boosted its stake in Mdu Resources Group by 38.9% in the fourth quarter. Parnassus Investments CA now owns 3,117,568 shares of the utilities provider’s stock valued at $92,623,000 after buying an additional 873,359 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Mdu Resources Group by 5.9% in the fourth quarter. Bank of New York Mellon Corp now owns 2,986,421 shares of the utilities provider’s stock valued at $88,727,000 after buying an additional 165,906 shares in the last quarter. Finally, Norges Bank acquired a new stake in Mdu Resources Group in the fourth quarter valued at about $74,506,000. Institutional investors own 68.69% of the company’s stock.
About Mdu Resources Group (NYSE:MDU)
MDU Resources Group, Inc engages in regulated energy delivery, and construction materials and services businesses in the United States. It operates through five segments: Electric, Natural Gas Distribution, Pipeline and Midstream, Construction Materials and Contracting, and Construction Services. The Electric segment generates, transmits, and distributes electricity in Montana, North Dakota, South Dakota, and Wyoming.
Recommended Story: What are the benefits of a balanced fund?
Receive News & Ratings for Mdu Resources Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Mdu Resources Group and related companies with MarketBeat.com's FREE daily email newsletter.