Wells Fargo & Company MN boosted its position in shares of MDU Resources Group Inc (NYSE:MDU) by 14.5% during the third quarter, HoldingsChannel.com reports. The firm owned 1,228,421 shares of the utilities provider’s stock after buying an additional 155,877 shares during the quarter. Wells Fargo & Company MN’s holdings in MDU Resources Group were worth $31,558,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of MDU. Whittier Trust Co. purchased a new position in MDU Resources Group during the second quarter worth about $105,000. Bruderman Asset Management LLC raised its stake in MDU Resources Group by 374.0% during the second quarter. Bruderman Asset Management LLC now owns 5,332 shares of the utilities provider’s stock worth $153,000 after purchasing an additional 4,207 shares during the period. Signition LP purchased a new position in MDU Resources Group during the third quarter worth about $207,000. Ferguson Wellman Capital Management Inc. purchased a new position in MDU Resources Group during the second quarter worth about $224,000. Finally, Itau Unibanco Holding S.A. purchased a new position in MDU Resources Group during the second quarter worth about $226,000. 63.81% of the stock is currently owned by institutional investors.
Separately, Citigroup boosted their price target on shares of MDU Resources Group from $28.00 to $29.00 and gave the company a “neutral” rating in a research note on Tuesday, July 31st. Two research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The company has an average rating of “Buy” and an average target price of $29.25.
MDU Resources Group (NYSE:MDU) last released its quarterly earnings results on Wednesday, October 31st. The utilities provider reported $0.55 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.01). The company had revenue of $1.28 billion during the quarter. MDU Resources Group had a net margin of 6.88% and a return on equity of 10.95%. The business’s revenue for the quarter was up .7% on a year-over-year basis. During the same quarter last year, the business earned $0.46 earnings per share. On average, research analysts forecast that MDU Resources Group Inc will post 1.37 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 1st. Stockholders of record on Thursday, December 13th will be paid a $0.2025 dividend. This represents a $0.81 dividend on an annualized basis and a dividend yield of 3.13%. This is an increase from MDU Resources Group’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Wednesday, December 12th. MDU Resources Group’s payout ratio is 63.20%.
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MDU Resources Group Company Profile
MDU Resources Group, Inc engages in regulated energy delivery, and construction materials and services businesses in the United States. The company operates through five segments: Electric, Natural Gas Distribution, Pipeline and Midstream, Construction Materials and Contracting, and Construction Services.
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