First Merchants Corp boosted its stake in shares of MDU Resources Group, Inc. (NYSE:MDU) by 3.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 57,375 shares of the utilities provider’s stock after buying an additional 2,150 shares during the period. First Merchants Corp’s holdings in MDU Resources Group were worth $1,503,000 at the end of the most recent quarter.
Several other large investors have also recently bought and sold shares of MDU. BlackRock Inc. increased its stake in MDU Resources Group by 3,744.8% in 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. Vanguard Group Inc. increased its stake in MDU Resources Group by 17.7% in 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. Bank of New York Mellon Corp increased its stake in MDU Resources Group by 29.0% in the first quarter. Bank of New York Mellon Corp now owns 4,564,740 shares of the utilities provider’s stock valued at $124,937,000 after buying an additional 1,025,203 shares in the last quarter. Copper Rock Capital Partners LLC purchased a new stake in MDU Resources Group during the second quarter valued at about $24,866,000. Finally, Parnassus Investments CA increased its stake in MDU Resources Group by 5.4% in the first quarter. Parnassus Investments CA now owns 14,628,855 shares of the utilities provider’s stock valued at $388,561,000 after buying an additional 753,328 shares in the last quarter. Hedge funds and other institutional investors own 62.93% of the company’s stock.
MDU Resources Group, Inc. (NYSE MDU) opened at 25.85 on Friday. The firm has a market capitalization of $5.05 billion, a PE ratio of 22.48 and a beta of 0.91. MDU Resources Group, Inc. has a 1-year low of $23.06 and a 1-year high of $29.92. The company’s 50-day moving average price is $25.90 and its 200 day moving average price is $26.64.
MDU Resources Group (NYSE:MDU) last announced its earnings results on Tuesday, August 1st. The utilities provider reported $0.22 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.25 by $0.03. MDU Resources Group had a return on equity of 10.24% and a net margin of 5.37%. The business had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $1.10 billion. During the same period in the previous year, the firm posted $0.24 earnings per share. The firm’s revenue was up 2.3% compared to the same quarter last year. On average, equities analysts anticipate that MDU Resources Group, Inc. will post $1.21 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Sunday, October 1st. Stockholders of record on Thursday, September 14th will be given a dividend of $0.1925 per share. This represents a $0.77 dividend on an annualized basis and a dividend yield of 2.98%. The ex-dividend date is Wednesday, September 13th. MDU Resources Group’s payout ratio is 66.96%.
MDU has been the topic of several research analyst reports. Zacks Investment Research upgraded MDU Resources Group from a “sell” rating to a “hold” rating in a report on Wednesday, July 12th. BidaskClub downgraded MDU Resources Group from a “hold” rating to a “sell” rating in a report on Wednesday, July 12th. One analyst has rated the stock with a sell rating and four have given a hold rating to the company. MDU Resources Group currently has an average rating of “Hold” and a consensus price target of $32.33.
In other MDU Resources Group news, CEO David L. Goodin bought 5,000 shares of the company’s stock in a transaction dated Friday, August 11th. The shares were acquired at an average cost of $25.57 per share, with a total value of $127,850.00. Following the completion of the transaction, the chief executive officer now owns 95,210 shares in the company, valued at $2,434,519.70. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.95% of the stock is currently owned by insiders.
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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