Louisiana State Employees Retirement System cut its stake in shares of Black Hills Corp (NYSE:BKH) by 4.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 13,900 shares of the utilities provider’s stock after selling 600 shares during the period. Louisiana State Employees Retirement System’s holdings in Black Hills were worth $1,112,000 as of its most recent SEC filing.
Other institutional investors also recently made changes to their positions in the company. AdvisorNet Financial Inc raised its holdings in Black Hills by 333.3% during the second quarter. AdvisorNet Financial Inc now owns 2,600 shares of the utilities provider’s stock worth $203,000 after acquiring an additional 2,000 shares in the last quarter. Valeo Financial Advisors LLC increased its position in Black Hills by 14,705.9% during the second quarter. Valeo Financial Advisors LLC now owns 2,517 shares of the utilities provider’s stock worth $197,000 after buying an additional 2,500 shares during the last quarter. First PREMIER Bank increased its position in Black Hills by 1.1% during the second quarter. First PREMIER Bank now owns 28,200 shares of the utilities provider’s stock worth $2,204,000 after buying an additional 315 shares during the last quarter. Retirement Systems of Alabama increased its position in Black Hills by 0.5% during the second quarter. Retirement Systems of Alabama now owns 70,668 shares of the utilities provider’s stock worth $5,524,000 after buying an additional 369 shares during the last quarter. Finally, Dorsey Wright & Associates acquired a new position in Black Hills during the second quarter worth approximately $1,776,000. 88.01% of the stock is owned by institutional investors and hedge funds.
Black Hills stock opened at $76.61 on Friday. Black Hills Corp has a 12 month low of $56.42 and a 12 month high of $82.01. The stock’s 50 day moving average is $78.69 and its 200-day moving average is $74.91. The company has a current ratio of 0.76, a quick ratio of 0.55 and a debt-to-equity ratio of 1.26. The company has a market capitalization of $4.67 billion, a price-to-earnings ratio of 21.64, a PEG ratio of 5.29 and a beta of 0.30.
The company also recently announced a quarterly dividend, which will be paid on Sunday, September 1st. Stockholders of record on Monday, August 19th will be given a $0.505 dividend. This represents a $2.02 annualized dividend and a dividend yield of 2.64%. The ex-dividend date of this dividend is Friday, August 16th. Black Hills’s payout ratio is 57.06%.
In related news, Chairman David R. Emery sold 7,500 shares of the business’s stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $81.58, for a total value of $611,850.00. Following the completion of the sale, the chairman now directly owns 175,306 shares in the company, valued at $14,301,463.48. The sale was disclosed in a filing with the SEC, which is available at this link. Also, SVP Brian Iverson sold 6,469 shares of the business’s stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $77.89, for a total value of $503,870.41. Following the completion of the sale, the senior vice president now owns 26,108 shares of the company’s stock, valued at $2,033,552.12. The disclosure for this sale can be found here. Over the last quarter, insiders sold 34,385 shares of company stock valued at $2,694,823. 1.00% of the stock is currently owned by corporate insiders.
A number of equities analysts have weighed in on the company. Scotiabank raised Black Hills from an “underperform” rating to a “sector perform” rating and boosted their price target for the stock from $64.00 to $70.00 in a research report on Wednesday, May 8th. Zacks Investment Research downgraded Black Hills from a “hold” rating to a “sell” rating in a research report on Friday, August 9th. Finally, Credit Suisse Group decreased their target price on Black Hills from $79.00 to $78.00 and set a “neutral” rating on the stock in a research report on Friday, August 9th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company’s stock. Black Hills has an average rating of “Hold” and an average target price of $72.67.
About Black Hills
Black Hills Corporation, through its subsidiaries, operates as an electric and natural gas utility company in the United States. It operates through Electric Utilities, Gas Utilities, Power Generation, and Mining segments. The Electric Utilities segment generates, transmits, and distributes electricity to approximately 212,000 electric customers in Colorado, Montana, South Dakota, and Wyoming, as well as provides electrical system construction services to large industrial customers.
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