Mirae Asset Global Investments Co. Ltd. trimmed its position in shares of MDU Resources Group, Inc. (NYSE:MDU – Get Rating) by 7.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,112,963 shares of the utilities provider’s stock after selling 92,350 shares during the period. Mirae Asset Global Investments Co. Ltd. owned about 0.55% of MDU Resources Group worth $29,660,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Comprehensive Financial Consultants Institutional Inc. bought a new position in shares of MDU Resources Group during the fourth quarter valued at about $27,000. City State Bank bought a new position in shares of MDU Resources Group during the fourth quarter valued at about $30,000. Cyrus J. Lawrence LLC bought a new position in shares of MDU Resources Group during the first quarter valued at about $30,000. Westside Investment Management Inc. raised its stake in shares of MDU Resources Group by 367.4% during the first quarter. Westside Investment Management Inc. now owns 1,318 shares of the utilities provider’s stock valued at $35,000 after acquiring an additional 1,036 shares during the last quarter. Finally, Fifth Third Bancorp raised its stake in shares of MDU Resources Group by 28.9% during the first quarter. Fifth Third Bancorp now owns 1,880 shares of the utilities provider’s stock valued at $50,000 after acquiring an additional 422 shares during the last quarter. 71.32% of the stock is owned by institutional investors.
Analyst Upgrades and Downgrades
A number of equities analysts recently issued reports on MDU shares. Bank of America downgraded shares of MDU Resources Group from a “buy” rating to a “neutral” rating and increased their price target for the stock from $29.00 to $30.00 in a research note on Friday, August 5th. Citigroup increased their price target on shares of MDU Resources Group to $31.00 in a research note on Monday, August 15th.
MDU Resources Group Price Performance
MDU Resources Group (NYSE:MDU – Get Rating) last announced its quarterly earnings data on Thursday, August 4th. The utilities provider reported $0.35 earnings per share for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.16). The business had revenue of $1.70 billion during the quarter, compared to analysts’ expectations of $1.48 billion. MDU Resources Group had a return on equity of 9.74% and a net margin of 5.32%. MDU Resources Group’s revenue for the quarter was up 19.6% compared to the same quarter last year. During the same quarter last year, the company posted $0.50 EPS. On average, sell-side analysts forecast that MDU Resources Group, Inc. will post 1.85 EPS for the current year.
MDU Resources Group Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, October 1st. Shareholders of record on Thursday, September 8th will be issued a $0.2175 dividend. This represents a $0.87 dividend on an annualized basis and a yield of 2.95%. The ex-dividend date of this dividend is Wednesday, September 7th. MDU Resources Group’s dividend payout ratio (DPR) is presently 54.04%.
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.
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