Old Mutual Global Investors UK Ltd. Cuts Holdings in MDU Resources Group, Inc. (MDU)
Old Mutual Global Investors UK Ltd. lowered its position in shares of MDU Resources Group, Inc. (NYSE:MDU) by 31.9% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 233,616 shares of the utilities provider’s stock after selling 109,585 shares during the quarter. Old Mutual Global Investors UK Ltd. owned about 0.12% of MDU Resources Group worth $6,120,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Vanguard Group Inc. raised its stake in MDU Resources Group by 17.7% during the first quarter. Vanguard Group Inc. now owns 22,988,073 shares of the utilities provider’s stock valued at $629,183,000 after buying an additional 3,465,196 shares in the last quarter. BlackRock Inc. raised its stake in MDU Resources Group by 3,744.8% during the first quarter. BlackRock Inc. now owns 16,186,762 shares of the utilities provider’s stock valued at $443,033,000 after buying an additional 15,765,763 shares in the last quarter. Frontier Capital Management Co. LLC raised its stake in MDU Resources Group by 2.8% during the first quarter. Frontier Capital Management Co. LLC now owns 1,798,118 shares of the utilities provider’s stock valued at $49,214,000 after buying an additional 48,910 shares in the last quarter. Geode Capital Management LLC raised its stake in MDU Resources Group by 12.8% during the first quarter. Geode Capital Management LLC now owns 1,747,572 shares of the utilities provider’s stock valued at $47,830,000 after buying an additional 198,452 shares in the last quarter. Finally, First Trust Advisors LP raised its stake in MDU Resources Group by 55.7% during the second quarter. First Trust Advisors LP now owns 1,162,242 shares of the utilities provider’s stock valued at $30,451,000 after buying an additional 415,563 shares in the last quarter. Hedge funds and other institutional investors own 63.59% of the company’s stock.
In related news, CEO David L. Goodin acquired 5,000 shares of the firm’s stock in a transaction on Friday, August 11th. The shares were bought at an average cost of $25.57 per share, with a total value of $127,850.00. Following the completion of the acquisition, the chief executive officer now owns 95,210 shares of the company’s stock, valued at $2,434,519.70. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.95% of the stock is currently owned by insiders.
Shares of MDU Resources Group, Inc. (MDU) opened at 27.43 on Friday. MDU Resources Group, Inc. has a 12 month low of $23.06 and a 12 month high of $29.92. The firm has a market capitalization of $5.36 billion, a PE ratio of 23.85 and a beta of 0.92. The stock’s 50 day moving average price is $26.30 and its 200-day moving average price is $26.65.
MDU Resources Group (NYSE:MDU) last released its quarterly earnings data on Tuesday, August 1st. The utilities provider reported $0.22 earnings per share for the quarter, missing analysts’ consensus estimates of $0.25 by $0.03. The company had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.10 billion. MDU Resources Group had a net margin of 5.37% and a return on equity of 10.24%. The firm’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.24 earnings per share. On average, equities analysts anticipate that MDU Resources Group, Inc. will post $1.21 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Sunday, October 1st. Shareholders of record on Thursday, September 14th will be issued a dividend of $0.1925 per share. This represents a $0.77 dividend on an annualized basis and a yield of 2.81%. The ex-dividend date of this dividend is Wednesday, September 13th. MDU Resources Group’s payout ratio is 66.96%.
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Several analysts have issued reports on MDU shares. Zacks Investment Research upgraded MDU Resources Group from a “sell” rating to a “hold” rating in a research note on Wednesday, July 12th. BidaskClub cut MDU Resources Group from a “hold” rating to a “sell” rating in a research report on Wednesday, July 12th. Finally, KeyCorp reiterated a “buy” rating and set a $28.00 price target on shares of MDU Resources Group in a research report on Friday, September 1st. One analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $31.25.
About MDU Resources Group
MDU Resources Group, Inc is engaged in regulated energy delivery and construction materials and services business. The Company’s businesses segments are electric, natural gas distribution, pipeline and midstream, construction materials and contracting, and construction services. The electric segment generates, transmits and distributes electricity.
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