Associated Banc Corp Lowers Stake in Kinder Morgan, Inc. (KMI)
Associated Banc Corp cut its holdings in Kinder Morgan, Inc. (NYSE:KMI) by 39.0% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 168,134 shares of the pipeline company’s stock after selling 107,681 shares during the quarter. Associated Banc Corp’s holdings in Kinder Morgan were worth $3,221,000 at the end of the most recent reporting period.
Several other large investors have also made changes to their positions in KMI. Heritage Trust Co boosted its holdings in Kinder Morgan by 457.7% in the second quarter. Heritage Trust Co now owns 5,242 shares of the pipeline company’s stock valued at $101,000 after acquiring an additional 4,302 shares during the last quarter. Fiduciary Trust Co. bought a new position in Kinder Morgan in the second quarter valued at about $115,000. Trust Co. of Vermont boosted its holdings in Kinder Morgan by 71.5% in the first quarter. Trust Co. of Vermont now owns 6,522 shares of the pipeline company’s stock valued at $142,000 after acquiring an additional 2,719 shares during the last quarter. Parallel Advisors LLC boosted its holdings in Kinder Morgan by 14.0% in the second quarter. Parallel Advisors LLC now owns 6,673 shares of the pipeline company’s stock valued at $136,000 after acquiring an additional 819 shares during the last quarter. Finally, Guardian Life Insurance Co. of America boosted its holdings in Kinder Morgan by 0.8% in the first quarter. Guardian Life Insurance Co. of America now owns 7,416 shares of the pipeline company’s stock valued at $161,000 after acquiring an additional 60 shares during the last quarter. Institutional investors own 59.15% of the company’s stock.
In other Kinder Morgan news, Director William A. Smith purchased 4,903 shares of the firm’s stock in a transaction that occurred on Monday, July 31st. The stock was bought at an average cost of $20.24 per share, with a total value of $99,236.72. Following the completion of the transaction, the director now owns 14,587 shares of the company’s stock, valued at approximately $295,240.88. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 13.99% of the company’s stock.
Kinder Morgan, Inc. (NYSE KMI) remained flat at $19.36 on Wednesday. The company had a trading volume of 1,105,265 shares. Kinder Morgan, Inc. has a 1-year low of $18.23 and a 1-year high of $23.36. The firm’s 50 day moving average is $19.48 and its 200 day moving average is $20.03. The stock has a market capitalization of $43.24 billion, a PE ratio of 63.89 and a beta of 0.65.
Kinder Morgan (NYSE:KMI) last issued its quarterly earnings results on Wednesday, July 19th. The pipeline company reported $0.14 EPS for the quarter, missing the Zacks’ consensus estimate of $0.15 by ($0.01). The business had revenue of $3.37 billion for the quarter, compared to analysts’ expectations of $3.12 billion. Kinder Morgan had a net margin of 6.20% and a return on equity of 4.41%. The business’s revenue was up 7.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.15 earnings per share. Equities research analysts anticipate that Kinder Morgan, Inc. will post $0.64 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 15th. Investors of record on Monday, July 31st were given a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a dividend yield of 2.58%. The ex-dividend date was Thursday, July 27th. Kinder Morgan’s payout ratio is 161.29%.
Kinder Morgan announced that its Board of Directors has approved a share buyback plan on Wednesday, July 19th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the pipeline company to repurchase up to 4.6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.
KMI has been the topic of several recent research reports. Raymond James Financial, Inc. reiterated a “buy” rating on shares of Kinder Morgan in a report on Saturday, July 22nd. Zacks Investment Research upgraded Kinder Morgan from a “sell” rating to a “hold” rating in a report on Tuesday, June 13th. Wolfe Research cut Kinder Morgan from an “outperform” rating to a “market perform” rating and decreased their price target for the company from $26.00 to $21.00 in a report on Tuesday, May 30th. Morgan Stanley reiterated an “overweight” rating and issued a $25.00 price target on shares of Kinder Morgan in a report on Monday, July 3rd. Finally, Mizuho initiated coverage on Kinder Morgan in a report on Thursday, July 27th. They issued a “neutral” rating and a $22.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $23.91.
About Kinder Morgan
Kinder Morgan, Inc is an energy infrastructure company. It operates through five segments. Its Natural Gas Pipelines segment is engaged in the ownership and operation of interstate and intrastate natural gas pipeline and storage systems, and liquefied natural gas facilities, among others. Its CO2 segment is engaged in the production, transportation and marketing of carbon dioxide (CO2) to oil fields and the ownership and operation of a crude oil pipeline system, among others.
Want to see what other hedge funds are holding KMI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Kinder Morgan, Inc. (NYSE:KMI).
Receive News & Ratings for Kinder Morgan Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Kinder Morgan Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.