Allspring Global Investments Holdings LLC lessened its position in Northwest Natural Holding (NYSE:NWN – Free Report) by 1.4% during the second quarter, Holdings Channel reports. The institutional investor owned 46,958 shares of the utilities provider’s stock after selling 680 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Northwest Natural were worth $2,022,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also bought and sold shares of NWN. Millennium Management LLC raised its position in Northwest Natural by 372.0% in the 2nd quarter. Millennium Management LLC now owns 445,329 shares of the utilities provider’s stock valued at $23,647,000 after buying an additional 350,988 shares during the last quarter. Norges Bank bought a new position in Northwest Natural in the fourth quarter valued at approximately $15,541,000. Vanguard Group Inc. grew its stake in Northwest Natural by 7.7% in the first quarter. Vanguard Group Inc. now owns 3,878,324 shares of the utilities provider’s stock valued at $200,586,000 after purchasing an additional 277,421 shares in the last quarter. Empower Advisory Group LLC bought a new position in Northwest Natural in the first quarter valued at approximately $12,541,000. Finally, State Street Corp grew its stake in Northwest Natural by 16.9% in the first quarter. State Street Corp now owns 1,562,357 shares of the utilities provider’s stock valued at $80,805,000 after purchasing an additional 226,118 shares in the last quarter. Institutional investors and hedge funds own 73.88% of the company’s stock.
Northwest Natural Price Performance
Shares of NYSE NWN opened at $37.77 on Tuesday. The stock has a market capitalization of $1.36 billion, a PE ratio of 13.73, a P/E/G ratio of 3.89 and a beta of 0.61. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.80 and a quick ratio of 0.68. The business has a fifty day moving average price of $38.94 and a two-hundred day moving average price of $41.81. Northwest Natural Holding has a fifty-two week low of $36.07 and a fifty-two week high of $52.39.
Northwest Natural Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Tuesday, October 31st will be paid a dividend of $0.488 per share. This is an increase from Northwest Natural’s previous quarterly dividend of $0.49. This represents a $1.95 dividend on an annualized basis and a yield of 5.17%. The ex-dividend date is Monday, October 30th. Northwest Natural’s dividend payout ratio is 70.91%.
Analyst Ratings Changes
Several research analysts have recently commented on NWN shares. Wells Fargo & Company reduced their target price on Northwest Natural from $50.00 to $46.00 and set an “equal weight” rating for the company in a research note on Friday, August 4th. TheStreet downgraded Northwest Natural from a “b-” rating to a “c+” rating in a research note on Tuesday, September 5th. StockNews.com began coverage on Northwest Natural in a research note on Thursday, October 5th. They issued a “sell” rating for the company. Royal Bank of Canada reduced their price target on Northwest Natural from $52.00 to $45.00 and set a “sector perform” rating for the company in a research note on Wednesday, September 6th. Finally, Guggenheim reduced their price target on Northwest Natural from $42.00 to $37.00 in a research note on Monday, October 9th. One research analyst has rated the stock with a sell rating and three have given a hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $46.75.
About Northwest Natural
Northwest Natural Holding Company, through its subsidiary, Northwest Natural Gas Company, provides regulated natural gas distribution services to residential, commercial, industrial, and transportation customers in Oregon and Southwest Washington. The company operates Mist gas storage facility contracted to other utilities and third-party marketers; offers natural gas asset management services; and operates an appliance retail center.
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