Cornerstone Wealth Management LLC Boosts Stock Position in Black Hills Co. (NYSE:BKH)

Cornerstone Wealth Management LLC grew its stake in shares of Black Hills Co. (NYSE:BKH) by 27.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,241 shares of the utilities provider’s stock after buying an additional 3,468 shares during the period. Cornerstone Wealth Management LLC’s holdings in Black Hills were worth $950,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in BKH. Zimmer Partners LP purchased a new position in shares of Black Hills during the 3rd quarter valued at about $96,374,000. Franklin Resources Inc. lifted its position in shares of Black Hills by 109.8% during the 3rd quarter. Franklin Resources Inc. now owns 882,646 shares of the utilities provider’s stock valued at $53,356,000 after buying an additional 461,894 shares in the last quarter. AQR Capital Management LLC lifted its position in shares of Black Hills by 31.7% during the 2nd quarter. AQR Capital Management LLC now owns 1,147,939 shares of the utilities provider’s stock valued at $62,425,000 after buying an additional 275,994 shares in the last quarter. Invenomic Capital Management LP purchased a new position in shares of Black Hills during the 3rd quarter valued at about $8,260,000. Finally, Mackenzie Financial Corp lifted its position in shares of Black Hills by 324.7% during the 2nd quarter. Mackenzie Financial Corp now owns 127,243 shares of the utilities provider’s stock valued at $6,919,000 after buying an additional 97,285 shares in the last quarter. 86.71% of the stock is owned by hedge funds and other institutional investors.

Black Hills Stock Up 0.5 %

Shares of BKH opened at $57.59 on Friday. The business’s 50 day moving average is $59.91 and its 200 day moving average is $59.51. The company has a market capitalization of $4.12 billion, a PE ratio of 15.48, a price-to-earnings-growth ratio of 4.13 and a beta of 0.72. Black Hills Co. has a 12-month low of $49.33 and a 12-month high of $65.59. The company has a current ratio of 1.12, a quick ratio of 0.83 and a debt-to-equity ratio of 1.20.

Black Hills Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Saturday, March 1st. Shareholders of record on Tuesday, February 18th will be paid a $0.676 dividend. This is an increase from Black Hills’s previous quarterly dividend of $0.65. This represents a $2.70 dividend on an annualized basis and a yield of 4.70%. Black Hills’s payout ratio is presently 69.89%.

Wall Street Analyst Weigh In

Separately, Scotiabank lifted their target price on Black Hills from $63.00 to $67.00 and gave the company a “sector perform” rating in a research note on Thursday, December 12th. Five investment analysts have rated the stock with a hold rating, Based on data from MarketBeat, Black Hills currently has a consensus rating of “Hold” and an average target price of $61.25.

Black Hills Profile

Black Hills Corporation, through its subsidiaries, operates as an electric and natural gas utility company in the United States. The company operates in two segments: Electric Utilities and Gas Utilities. The Electric Utilities segment generates, transmits, and distributes electricity to approximately 222,000 electric utility customers in Colorado, Montana, South Dakota, and Wyoming; and owns and operates 1,394 megawatts of generation capacity and 9,106 miles of electric transmission and distribution lines.