Envestnet Asset Management Inc. lowered its stake in shares of MDU Resources Group, Inc. (NYSE:MDU – Get Rating) by 37.6% during the second quarter, Holdings Channel reports. The institutional investor owned 64,387 shares of the utilities provider’s stock after selling 38,853 shares during the period. Envestnet Asset Management Inc.’s holdings in MDU Resources Group were worth $1,738,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. Nisa Investment Advisors LLC lifted its holdings in shares of MDU Resources Group by 21.3% in the second quarter. Nisa Investment Advisors LLC now owns 68,400 shares of the utilities provider’s stock valued at $1,846,000 after purchasing an additional 12,000 shares in the last quarter. Janney Montgomery Scott LLC increased its position in MDU Resources Group by 10.2% during the second quarter. Janney Montgomery Scott LLC now owns 54,439 shares of the utilities provider’s stock worth $1,498,000 after purchasing an additional 5,026 shares during the last quarter. Aigen Investment Management LP increased its position in MDU Resources Group by 71.6% during the second quarter. Aigen Investment Management LP now owns 123,920 shares of the utilities provider’s stock worth $3,345,000 after purchasing an additional 51,710 shares during the last quarter. Treasurer of the State of North Carolina increased its position in MDU Resources Group by 15.1% during the second quarter. Treasurer of the State of North Carolina now owns 85,446 shares of the utilities provider’s stock worth $2,306,000 after purchasing an additional 11,194 shares during the last quarter. Finally, Artemis Wealth Advisors LLC acquired a new position in MDU Resources Group during the second quarter worth approximately $69,000. Hedge funds and other institutional investors own 71.32% of the company’s stock.
Wall Street Analyst Weigh In
MDU has been the subject of several recent research reports. Citigroup increased their price objective on shares of MDU Resources Group to $31.00 in a research report on Monday, August 15th. Bank of America downgraded shares of MDU Resources Group from a “neutral” rating to an “underperform” rating in a research note on Monday, October 24th. Finally, StockNews.com began coverage on shares of MDU Resources Group in a research note on Wednesday, October 12th. They set a “hold” rating on the stock.
MDU Resources Group Stock Up 2.2 %
MDU Resources Group Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Sunday, January 1st. Shareholders of record on Thursday, December 8th will be paid a dividend of $0.2225 per share. This is a boost from MDU Resources Group’s previous quarterly dividend of $0.22. The ex-dividend date is Wednesday, December 7th. This represents a $0.89 annualized dividend and a yield of 2.91%. MDU Resources Group’s dividend payout ratio (DPR) is presently 52.41%.
About MDU Resources Group
MDU Resources Group, Inc engages in the regulated energy delivery, and construction materials and services businesses in the United States. The company's Electric segment generates, transmits, and distributes electricity for residential, commercial, industrial, and municipal customers in Montana, North Dakota, South Dakota, and Wyoming, as well as operates 3,500 miles of transmission lines and 4,800 miles of distribution lines.
- Get a free copy of the StockNews.com research report on MDU Resources Group (MDU)
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