Municipal Employees Retirement System of Michigan lowered its stake in shares of Black Hills Corp (NYSE:BKH) by 21.7% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 16,170 shares of the utilities provider’s stock after selling 4,470 shares during the quarter. Municipal Employees Retirement System of Michigan’s holdings in Black Hills were worth $1,114,000 at the end of the most recent reporting period.
A number of other large investors also recently added to or reduced their stakes in BKH. Janus Henderson Group PLC bought a new stake in Black Hills during the 2nd quarter valued at $61,993,000. Renaissance Technologies LLC raised its stake in shares of Black Hills by 35.9% in the 2nd quarter. Renaissance Technologies LLC now owns 720,800 shares of the utilities provider’s stock worth $48,632,000 after buying an additional 190,500 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Black Hills by 7.4% in the 2nd quarter. Goldman Sachs Group Inc. now owns 2,494,071 shares of the utilities provider’s stock worth $168,275,000 after buying an additional 171,383 shares in the last quarter. Macquarie Group Ltd. raised its stake in shares of Black Hills by 19.1% in the 2nd quarter. Macquarie Group Ltd. now owns 974,182 shares of the utilities provider’s stock worth $65,728,000 after buying an additional 155,969 shares in the last quarter. Finally, Hennessy Advisors Inc. grew its holdings in shares of Black Hills by 165.4% in the 3rd quarter. Hennessy Advisors Inc. now owns 215,947 shares of the utilities provider’s stock worth $14,872,000 after acquiring an additional 134,588 shares during the last quarter. Institutional investors and hedge funds own 95.31% of the company’s stock.
A number of brokerages recently issued reports on BKH. Zacks Investment Research upgraded Black Hills from a “sell” rating to a “hold” rating in a report on Wednesday, September 6th. Royal Bank Of Canada reiterated a “buy” rating and set a $73.00 price target on shares of Black Hills in a report on Wednesday, August 9th. J P Morgan Chase & Co boosted their target price on Black Hills from $76.00 to $77.00 and gave the company an “overweight” rating in a research note on Thursday, October 12th. Wells Fargo & Company started coverage on Black Hills in a research note on Friday, October 27th. They issued a “market perform” rating and a $58.00 target price on the stock. Finally, Bank of America upgraded Black Hills from an “underperform” rating to a “neutral” rating and set a $61.00 target price on the stock in a research note on Monday, November 13th. Five equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $68.13.
Black Hills Corp (NYSE:BKH) traded up $1.02 during midday trading on Thursday, hitting $58.94. The company had a trading volume of 635,699 shares, compared to its average volume of 357,159. The company has a quick ratio of 0.47, a current ratio of 0.69 and a debt-to-equity ratio of 1.73. The firm has a market cap of $3,072.15, a PE ratio of 16.94, a PEG ratio of 3.08 and a beta of 0.73. Black Hills Corp has a fifty-two week low of $57.01 and a fifty-two week high of $72.02.
Black Hills (NYSE:BKH) last posted its quarterly earnings results on Thursday, November 2nd. The utilities provider reported $0.50 EPS for the quarter, missing the consensus estimate of $0.55 by ($0.05). The firm had revenue of $342.10 million during the quarter, compared to analyst estimates of $369.84 million. Black Hills had a net margin of 8.47% and a return on equity of 10.47%. The company’s revenue was up 2.5% on a year-over-year basis. During the same period last year, the company earned $0.48 EPS. sell-side analysts predict that Black Hills Corp will post 3.35 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, December 1st. Stockholders of record on Friday, November 17th were paid a $0.475 dividend. This is a positive change from Black Hills’s previous quarterly dividend of $0.45. This represents a $1.90 annualized dividend and a dividend yield of 3.22%. The ex-dividend date of this dividend was Thursday, November 16th. Black Hills’s dividend payout ratio is currently 72.52%.
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Black Hills Profile
Black Hills Corporation is a holding company. The Company is an integrated energy company, which is focused primarily on regulated utilities. The Company operates through segments, including Electric Utilities, Gas Utilities, Power Generation, Mining, Oil and Gas, and Corporate. As of December 31, 2016, the Electric Utilities segment generated, transmitted and distributed electricity to approximately 208,500 customers in South Dakota, Wyoming, Colorado and Montana.
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