World Asset Management Inc bought a new stake in shares of Black Hills Corp (NYSE:BKH) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 2,604 shares of the utilities provider’s stock, valued at approximately $204,000.
A number of other institutional investors have also made changes to their positions in BKH. South Dakota Investment Council raised its stake in shares of Black Hills by 67.9% in the 1st quarter. South Dakota Investment Council now owns 51,200 shares of the utilities provider’s stock worth $3,792,000 after buying an additional 20,700 shares in the last quarter. Oregon Public Employees Retirement Fund grew its holdings in shares of Black Hills by 3.1% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 21,573 shares of the utilities provider’s stock worth $1,598,000 after acquiring an additional 648 shares during the last quarter. American Investment Services Inc. acquired a new position in shares of Black Hills in the 1st quarter worth $996,000. Nordea Investment Management AB acquired a new position in shares of Black Hills in the 4th quarter worth $2,775,000. Finally, State of Wisconsin Investment Board grew its holdings in shares of Black Hills by 29.6% in the 1st quarter. State of Wisconsin Investment Board now owns 203,806 shares of the utilities provider’s stock worth $15,096,000 after acquiring an additional 46,600 shares during the last quarter. 87.45% of the stock is currently owned by hedge funds and other institutional investors.
Shares of BKH stock traded down $0.09 on Wednesday, reaching $76.58. 26,153 shares of the company’s stock traded hands, compared to its average volume of 304,923. Black Hills Corp has a 12-month low of $56.42 and a 12-month high of $82.01. The company has a quick ratio of 0.67, a current ratio of 0.82 and a debt-to-equity ratio of 1.24. The company has a market capitalization of $4.74 billion, a P/E ratio of 21.63, a P/E/G ratio of 5.22 and a beta of 0.30. The company has a 50 day moving average of $79.34.
The company also recently announced a quarterly dividend, which will be paid on Sunday, September 1st. Shareholders of record on Monday, August 19th will be paid a $0.505 dividend. The ex-dividend date of this dividend is Friday, August 16th. This represents a $2.02 dividend on an annualized basis and a yield of 2.64%. Black Hills’s dividend payout ratio (DPR) is currently 57.06%.
In other Black Hills news, SVP Brian Iverson sold 6,469 shares of the business’s stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $77.89, for a total value of $503,870.41. Following the transaction, the senior vice president now owns 26,108 shares in the company, valued at $2,033,552.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman David R. Emery sold 7,500 shares of the business’s stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $76.16, for a total value of $571,200.00. Following the completion of the transaction, the chairman now owns 182,806 shares in the company, valued at approximately $13,922,504.96. The disclosure for this sale can be found here. Insiders sold 28,969 shares of company stock worth $2,272,970 in the last 90 days. Corporate insiders own 1.00% of the company’s stock.
BKH has been the topic of a number of recent research reports. Scotiabank upgraded Black Hills from an “underperform” rating to a “sector perform” rating and lifted their target price for the stock from $64.00 to $70.00 in a report on Wednesday, May 8th. Zacks Investment Research cut Black Hills from a “buy” rating to a “hold” rating in a report on Monday, July 22nd. Six analysts have rated the stock with a hold rating and one has given a buy rating to the company. Black Hills presently has a consensus rating of “Hold” and an average price target of $71.67.
Black Hills Profile
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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