NiSource, Inc $NI Shares Newly Purchased by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. purchased a new position in NiSource, Inc (NYSE:NI) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 122,575 shares of the utilities provider’s stock, valued at approximately $4,780,000.

Other hedge funds have also recently made changes to their positions in the company. Compass Financial Management LLC purchased a new stake in NiSource in the second quarter worth approximately $26,000. Keating Financial Advisory Services Inc. bought a new stake in NiSource in the 2nd quarter worth approximately $33,000. Western Wealth Management LLC bought a new stake in NiSource in the 1st quarter worth approximately $34,000. Fiduciary Financial Advisors purchased a new stake in NiSource during the 2nd quarter valued at $35,000. Finally, Transamerica Financial Advisors LLC purchased a new stake in NiSource during the 2nd quarter valued at $39,000. 91.64% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

NI has been the topic of several research analyst reports. Weiss Ratings cut NiSource from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, September 22nd. BMO Capital Markets lifted their price objective on NiSource from $45.00 to $48.00 and gave the stock an “outperform” rating in a report on Monday, October 19th. Mizuho reduced their price objective on NiSource from $50.00 to $48.00 and set an “outperform” rating for the company in a research report on Wednesday, August 26th. JPMorgan Chase & Co. lowered their target price on NiSource from $52.00 to $51.00 and set an “overweight” rating on the stock in a report on Tuesday, October 20th. Finally, HSBC initiated coverage on NiSource in a report on Thursday, October 22nd. They issued a “buy” rating and a $49.50 target price on the stock. Twelve equities research 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, NiSource has a consensus rating of “Moderate Buy” and a consensus target price of $48.58.

NiSource Stock Performance

Shares of NYSE NI opened at $44.50 on Friday. NiSource, Inc has a 12-month low of $38.42 and a 12-month high of $49.21. The firm has a market capitalization of $21.35 billion, a price-to-earnings ratio of 22.82, a price-to-earnings-growth ratio of 3.36 and a beta of 0.53. The company has a current ratio of 0.50, a quick ratio of 0.38 and a debt-to-equity ratio of 1.37. The firm has a 50 day moving average of $41.53 and a 200 day moving average of $44.86.

NiSource (NYSE:NI) last released its quarterly earnings results on Wednesday, October 28th. The utilities provider reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.04. The business had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.34 billion. NiSource had a net margin of 13.56% and a return on equity of 8.16%. During the same period last year, the firm earned $0.19 earnings per share. On average, research analysts anticipate that NiSource, Inc will post 2.06 earnings per share for the current year.

NiSource Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 20th. Stockholders of record on Friday, October 30th will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.7%. The ex-dividend date is Friday, October 30th. NiSource’s dividend payout ratio is 61.54%.

Insiders Place Their Bets

In related news, EVP Melody Birmingham sold 37,509 shares of the firm’s stock in a transaction 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 transaction, the executive vice president directly owned 78,527 shares of the company’s stock, valued at approximately $3,329,544.80. This trade represents a 32.33% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Shawn Anderson sold 6,500 shares of NiSource stock in a transaction on Friday, October 30th. The shares were sold at an average price of $45.00, for a total value of $292,500.00. Following the transaction, the chief financial officer owned 160,080 shares in the company, valued at $7,203,600. This trade represents a 3.90% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.37% of the stock is currently owned by company insiders.

NiSource Profile

NiSource Inc is a regulated energy holding company based in Merrillville, Indiana. Through its operating companies, the company provides natural gas distribution and electric utility services to residential, commercial and industrial customers.

NiSource’s natural gas operations include Columbia Gas utilities serving customers in several states, including Kentucky, Maryland, Ohio, Pennsylvania and Virginia. Its electric utility, Northern Indiana Public Service Company (NIPSCO), serves customers in northern Indiana and provides both electric power and natural gas services.

The company’s operations include energy delivery infrastructure, utility system maintenance, customer services and investments intended to support reliability and the transition of its generation portfolio.