Bornite Capital Management LP Makes New Investment in MDU Resources Group, Inc. (NYSE:MDU)

Bornite Capital Management LP bought a new position in shares of MDU Resources Group, Inc. (NYSE:MDU) during the first quarter, HoldingsChannel.com reports. The firm bought 350,000 shares of the utilities provider’s stock, valued at approximately $8,820,000. MDU Resources Group makes up approximately 1.5% of Bornite Capital Management LP’s holdings, making the stock its 27th largest holding.

A number of other hedge funds also recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP raised its holdings in shares of MDU Resources Group by 16.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 6,181,092 shares of the utilities provider’s stock valued at $122,386,000 after purchasing an additional 858,100 shares in the last quarter. River Road Asset Management LLC raised its holdings in shares of MDU Resources Group by 49.6% in the 4th quarter. River Road Asset Management LLC now owns 2,931,590 shares of the utilities provider’s stock valued at $58,045,000 after purchasing an additional 972,540 shares in the last quarter. First Trust Advisors LP raised its holdings in shares of MDU Resources Group by 1.8% in the 4th quarter. First Trust Advisors LP now owns 2,561,113 shares of the utilities provider’s stock valued at $50,710,000 after purchasing an additional 44,067 shares in the last quarter. Frontier Capital Management Co. LLC raised its holdings in shares of MDU Resources Group by 3.2% in the 4th quarter. Frontier Capital Management Co. LLC now owns 2,141,514 shares of the utilities provider’s stock valued at $42,402,000 after purchasing an additional 67,273 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of MDU Resources Group in the 4th quarter valued at $38,971,000. 71.44% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other MDU Resources Group news, insider Rob L. Johnson acquired 36,291 shares of the stock in a transaction on Tuesday, May 7th. The shares were bought at an average cost of $25.46 per share, with a total value of $923,968.86. Following the transaction, the insider now owns 41,934 shares of the company’s stock, valued at approximately $1,067,639.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.00% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

MDU has been the topic of a number of recent analyst reports. Argus raised shares of MDU Resources Group from a “hold” rating to a “buy” rating and set a $30.00 target price on the stock in a research report on Monday, May 20th. StockNews.com downgraded shares of MDU Resources Group from a “buy” rating to a “hold” rating in a research report on Friday.

MDU Resources Group Stock Down 0.6 %

Shares of NYSE MDU traded down $0.18 during mid-day trading on Monday, reaching $27.01. The company had a trading volume of 762,045 shares, compared to its average volume of 1,218,004. MDU Resources Group, Inc. has a 52-week low of $18.04 and a 52-week high of $27.30. The company has a current ratio of 1.43, a quick ratio of 1.37 and a debt-to-equity ratio of 0.78. The stock has a market cap of $5.51 billion, a P/E ratio of 11.54, a PEG ratio of 2.92 and a beta of 0.77. The firm has a 50 day simple moving average of $25.30 and a two-hundred day simple moving average of $23.54.

MDU Resources Group (NYSE:MDU) last issued its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.47 by $0.05. MDU Resources Group had a net margin of 10.74% and a return on equity of 11.42%. The company had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.33 billion. During the same period last year, the firm posted $0.23 EPS. MDU Resources Group’s revenue for the quarter was down 15.1% on a year-over-year basis. Sell-side analysts predict that MDU Resources Group, Inc. will post 1.55 earnings per share for the current year.

MDU Resources Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 1st. Shareholders of record on Thursday, June 13th were given a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a yield of 1.85%. The ex-dividend date was Thursday, June 13th. MDU Resources Group’s payout ratio is currently 21.37%.

MDU Resources Group Company Profile

MDU Resources Group, Inc engages in the regulated energy delivery, and construction materials and services businesses in the United States. It operates through four segments: Electric, Natural Gas Distribution, Pipeline, and Construction Services. The Electric segment generates, transmits, and distributes electricity for residential, commercial, industrial, and municipal customers in Montana, North Dakota, South Dakota, and Wyoming; and operates 3,400 miles of transmission lines, 4,800 miles of distribution lines, and 82 transmission and 298 distribution substations.