MDU RES GROUP INC MDU
COM · Common Stock · CUSIP 552690109 · ISIN US5526901096
- SectorUtilities
- IndustryNatural Gas Distribution
- HeadquartersBismarck, ND
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($3.1m this quarter). Holder counts are more reliable. Shares outstanding: 204.3m as of 2025-07-31, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $16.68. Options: 5 managers hold calls ($771.2k notional), 2 hold puts ($38.3k).
Trends to Q2 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 377 |
| Q4 2022 | 403 |
| Q1 2023 | 412 |
| Q2 2023 | 380 |
| Q3 2023 | 378 |
| Q4 2023 | 375 |
| Q1 2024 | 392 |
| Q2 2024 | 385 |
| Q3 2024 | 404 |
| Q4 2024 | 399 |
| Q1 2025 | 404 |
| Q2 2025 | 407 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q3 2023 | 162 | 183 |
| Q4 2023 | 145 | 178 |
| Q1 2024 | 170 | 173 |
| Q2 2024 | 172 | 185 |
| Q3 2024 | 182 | 166 |
| Q4 2024 | 210 | 164 |
| Q1 2025 | 188 | 178 |
| Q2 2025 | 193 | 177 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2024 | $8.7m | $304.2k | 0.03 |
| Q4 2024 | $2.0m | $167.6k | 0.08 |
| Q1 2025 | $939.7k | $156.6k | 0.17 |
| Q2 2025 | $771.2k | $38.3k | 0.05 |
Biggest buyers
| DEROY & DEVEREAUX PRIVATE INVESTMENT COUNSEL INC | New | +1.6m |
| River Road Asset Management, LLC | New | +1.5m |
| DIMENSIONAL FUND ADVISORS LP | Added | +974.0k |
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC | Added | +806.6k |
| T. Rowe Price Investment Management, Inc. | New | +745.7k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | Added | +651.1k |
| FRONTIER CAPITAL MANAGEMENT CO LLC | Added | +460.2k |
| BANK OF AMERICA CORP /DE/ | Added | +390.5k |
| Gotham Asset Management, LLC | Added | +356.1k |
| JANE STREET GROUP, LLC | Added | +354.1k |
Biggest sellers
| FIRST TRUST ADVISORS LP | Reduced | -3.3m |
| Corvex Management LP | Reduced | -1.7m |
| Hood River Capital Management LLC | Sold out | -1.1m |
| JUPITER ASSET MANAGEMENT LTD | Sold out | -967.7k |
| MORGAN STANLEY | Reduced | -935.1k |
| Invesco Ltd. | Reduced | -786.4k |
| BlackRock, Inc. | Reduced | -771.5k |
| Nixon Capital, LLC | Sold out | -709.4k |
| PANAGORA ASSET MANAGEMENT INC | Sold out | -632.5k |
| AMERICAN CENTURY COMPANIES INC | Reduced | -494.7k |
Biggest calls
| JANE STREET GROUP, LLC | New | $500.1k30.0k shares |
| Walleye Trading LLC | New | $243.4k14.6k shares |
| GROUP ONE TRADING LLC | Reduced | $16.7k1.0k shares |
| SIMPLEX TRADING, LLC | Reduced | $11.0k700 shares |
| CONCOURSE FINANCIAL GROUP SECURITIES, INC. | Unchanged | $00 shares |
Biggest puts
| Walleye Trading LLC | New | $38.3k2.3k shares |
| CONCOURSE FINANCIAL GROUP SECURITIES, INC. | Unchanged | $00 shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| BARROW HANLEY MEWHINNEY & STRAUSS LLC 13G · institution -0.4 pts · filed 2026-08-12 | 6.3% |
| VANGUARD PORTFOLIO MANAGEMENT LLC 13G · institution new · filed 2026-04-29 | 6.1% |
| VANGUARD CAPITAL MANAGEMENT LLC 13G · institution new · filed 2026-04-30 | 5.3% |
| DIMENSIONAL FUND ADVISORS LP 13G · institution +0.1 pts · filed 2026-10-08 | 5.1% |
Fell to 5% or below in the last year: VANGUARD GROUP INC (0.0%, 2026-03-27; now reported by VANGUARD PORTFOLIO MANAGEMENT LLC)
Insider purchases and sales in Q2 2025
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q3 2023 | 0 | — | 0 | — | — |
| Q4 2023 | 0 | — | 0 | — | — |
| Q1 2024 | 1 | $8.5k | 0 | — | — |
| Q2 2024 | 1 | $924.0k | 0 | — | — |
| Q3 2024 | 0 | — | 0 | — | — |
| Q4 2024 | 0 | — | 0 | — | — |
| Q1 2025 | 1 | $499.2k | 0 | — | — |
| Q2 2025 | 0 | — | 0 | — | — |
None reported in Q2 2025.
Holders, Q2 2025
| Manager | Shares | Change |
|---|---|---|
| BlackRock, Inc. 0.01% of their portfolio | 25.0m $417.0m | Reduced -771.5k |
| VANGUARD GROUP INC 0.01% of their portfolio | 23.3m $388.4m | Reduced -107.3k |
| DIMENSIONAL FUND ADVISORS LP 0.04% of their portfolio | 9.4m $157.1m | Added +974.0k |
| BARROW HANLEY MEWHINNEY & STRAUSS LLC 0.49% of their portfolio | 8.8m $146.4m | Added +240.4k |
| STATE STREET CORP 0.00% of their portfolio | 6.5m $110.0m | Reduced -79.0k |
| Corvex Management LP 2.95% of their portfolio | 4.2m $69.7m | Reduced -1.7m |
| MORGAN STANLEY 0.00% of their portfolio | 3.6m $59.6m | Reduced -935.1k |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 3.4m $57.1m | Added +8.8k |
| MACQUARIE GROUP LTD 0.07% of their portfolio | 3.4m $56.1m | Added +5.7k |
| Pertento Partners LLP 5.94% of their portfolio | 3.2m $52.6m | Unchanged |
| FRONTIER CAPITAL MANAGEMENT CO LLC 0.43% of their portfolio | 2.8m $46.5m | Added +460.2k |
| AMERICAN CENTURY COMPANIES INC 0.02% of their portfolio | 2.6m $42.8m | Reduced -494.7k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.01% of their portfolio | 2.5m $41.0m | Added +129.0k |
| NORGES BANK 0.01% of their portfolio | 2.4m $40.1m | Added +59.6k |
| Invesco Ltd. 0.01% of their portfolio | 2.3m $39.0m | Reduced -786.4k |
| Allspring Global Investments Holdings, LLC 0.06% of their portfolio | 2.2m $37.1m | Reduced -64.6k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. 0.06% of their portfolio | 2.2m $36.7m | Added +651.1k |
| Bank of New York Mellon Corp 0.01% of their portfolio | 1.9m $32.1m | Reduced -99.2k |
| HENNESSY ADVISORS INC 1.00% of their portfolio | 1.8m $30.1m | Reduced -171.2k |
| US BANCORP \DE\ 0.04% of their portfolio | 1.7m $28.6m | Reduced -16.5k |
| DEROY & DEVEREAUX PRIVATE INVESTMENT COUNSEL INC 1.41% of their portfolio | 1.6m $26.1m | New |
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC 0.08% of their portfolio | 1.5m $25.6m | Added +806.6k |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.05% of their portfolio | 1.5m $25.6m | Reduced -33.7k |
| River Road Asset Management, LLC 0.33% of their portfolio | 1.5m $26.1m | New |
| NORTHERN TRUST CORP 0.00% of their portfolio | 1.5m $25.1m | Reduced -71.0k |
| Bragg Financial Advisors, Inc 0.78% of their portfolio | 1.3m $21.7m | Added +82.6k |
| NEUBERGER BERMAN GROUP LLC 0.02% of their portfolio | 1.2m $20.0m | Reduced -10.2k |
| AQR CAPITAL MANAGEMENT LLC 0.02% of their portfolio | 1.1m $18.5m | Reduced -425.5k |
| MILLENNIUM MANAGEMENT LLC 0.02% of their portfolio | 1.1m $17.9m | Reduced -272.9k |
| UBS Group AG 0.00% of their portfolio | 1.1m $17.6m | Added +38.4k |
| MANAGED ASSET PORTFOLIOS, LLC 2.28% of their portfolio | 1.1m $17.5m | Reduced -13.7k |
| PRINCIPAL FINANCIAL GROUP INC 0.01% of their portfolio | 1.0m $16.8m | Reduced -4.4k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 1.0m $16.7m | Added +390.5k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.01% of their portfolio | 964.5k $16.1m | Reduced -47.9k |
| JACOBS LEVY EQUITY MANAGEMENT, INC 0.06% of their portfolio | 872.3k $14.5m | Added +6.8k |
| T. Rowe Price Investment Management, Inc. 0.01% of their portfolio | 745.7k $12.4m | New |
| LOOMIS SAYLES & CO L P 0.01% of their portfolio | 705.6k $11.8m | Added +34.0k |
| Public Sector Pension Investment Board 0.05% of their portfolio | 696.6k $11.6m | Added +50.0k |
| Legal & General Group Plc 0.00% of their portfolio | 688.3k $11.5m | Reduced -2.4k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 660.1k $11.0m | Added +160.2k |
| Brandywine Global Investment Management, LLC 0.08% of their portfolio | 641.3k $10.7m | Reduced -25.0k |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 608.3k $10.1m | Reduced -25.0k |
| Ancora Advisors LLC 0.21% of their portfolio | 603.1k $10.1m | Added +7.4k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 583.4k $9.7m | Reduced -235.6k |
| FMR LLC 0.00% of their portfolio | 539.4k $9.0m | Added +307.3k |
| Gotham Asset Management, LLC 0.05% of their portfolio | 533.3k $8.9m | Added +356.1k |
| Nuveen, LLC 0.00% of their portfolio | 525.3k $8.8m | Reduced -114.9k |
| Squarepoint Ops LLC 0.02% of their portfolio | 519.5k $8.7m | Added +340.4k |
| Thrivent Financial for Lutherans 0.02% of their portfolio | 506.0k $8.4m | Added +115.6k |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 494.9k $8.2m | Reduced -7.9k |
| VICTORY CAPITAL MANAGEMENT INC 0.01% of their portfolio | 490.5k $8.2m | Added +10.1k |
| RHUMBLINE ADVISERS 0.01% of their portfolio | 486.5k $8.1m | Reduced -6.0k |
| Russell Investments Group, Ltd. 0.01% of their portfolio | 483.7k $8.1m | Added +1.4k |
| California Public Employees Retirement System 0.00% of their portfolio | 467.8k $7.8m | Added +46.0k |
| GABELLI FUNDS LLC 0.05% of their portfolio | 434.7k $7.2m | Added +299.2k |
| Baird Financial Group, Inc. 0.01% of their portfolio | 410.2k $6.8m | Reduced -1.5k |
| Treasurer of the State of North Carolina 0.02% of their portfolio | 394.4k $6.6m | Added +170.3k |
| JOHN G ULLMAN & ASSOCIATES INC 0.98% of their portfolio | 394.3k $6.6m | Reduced -1.9k |
| NEEDHAM INVESTMENT MANAGEMENT LLC 0.52% of their portfolio | 394.0k $6.6m | Reduced -65.0k |
| JANE STREET GROUP, LLC 0.01% of their portfolio | 382.1k $6.4m | Added +354.1k |
| Swiss National Bank 0.00% of their portfolio | 370.9k $6.2m | Reduced -4.4k |
| Hudson Value Partners, LLC 2.01% of their portfolio | 349.1k $5.8m | Added +5.7k |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.01% of their portfolio | 331.5k $5.5m | Added +581 |
| Quantinno Capital Management LP 0.02% of their portfolio | 319.0k $5.3m | Added +84.3k |
| M&T Bank Corp 0.02% of their portfolio | 317.6k $5.3m | Added +5.3k |
| KESTREL INVESTMENT MANAGEMENT CORP 3.09% of their portfolio | 309.6k $5.2m | Reduced -14.7k |
| Cubist Systematic Strategies, LLC 0.05% of their portfolio | 291.3k $4.9m | Reduced -227.8k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 284.7k $4.7m | Added +126.7k |
| CITADEL ADVISORS LLC 0.00% of their portfolio | 282.4k $4.7m | Added +233.9k |
| PRUDENTIAL FINANCIAL INC 0.01% of their portfolio | 272.3k $5.0m | Added +70.6k |
| Angeles Investment Advisors, LLC 0.24% of their portfolio | 258.3k $4.3m | Unchanged |
| Creative Planning 0.00% of their portfolio | 254.8k $4.2m | Added +159 |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.01% of their portfolio | 241.1k $4.0m | Reduced -19.6k |
| CAPTRUST FINANCIAL ADVISORS 0.01% of their portfolio | 230.5k $3.8m | Added +3.8k |
| PLUSTICK MANAGEMENT LLC 2.22% of their portfolio | 225.0k $3.8m | Reduced -40.0k |
| Advisors Asset Management, Inc. 0.06% of their portfolio | 213.7k $3.6m | Added +24.2k |
| ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio | 212.9k $3.5m | Added +130.1k |
| GAMCO INVESTORS, INC. ET AL 0.03% of their portfolio | 210.0k $3.5m | Added +192.4k |
| Connor, Clark & Lunn Investment Management Ltd. 0.01% of their portfolio | 205.8k $3.4m | New |
| LEUTHOLD GROUP, LLC 0.40% of their portfolio | 202.6k $3.4m | Added +20.6k |
| CAPITAL FUND MANAGEMENT S.A. 0.04% of their portfolio | 198.8k $3.3m | Added +60.4k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio | 193.6k $3.2m | Added +324 |
| RENAISSANCE TECHNOLOGIES LLC 0.00% of their portfolio | 185.8k $3.1m | Reduced -160.8k |
| Jump Financial, LLC 0.04% of their portfolio | 178.7k $3.0m | Added +139.5k |
| CANADA LIFE ASSURANCE Co 0.00% of their portfolio | 175.0k $2.9m | Reduced -9.2k |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 173.5k $2.9m | Reduced -8.2k |
| Campbell & CO Investment Adviser LLC 0.18% of their portfolio | 167.1k $2.8m | Added +2.4k |
| FIRST TRUST ADVISORS LP 0.00% of their portfolio | 166.7k $2.8m | Reduced -3.3m |
| STATE OF WISCONSIN INVESTMENT BOARD 0.01% of their portfolio | 161.0k $2.7m | Reduced -25.7k |
| LPL Financial LLC 0.00% of their portfolio | 160.7k $2.7m | Added +8.8k |
| GW&K Investment Management, LLC 0.02% of their portfolio | 159.3k $2.7m | Added +67.0k |
| TWO SIGMA ADVISERS, LP 0.01% of their portfolio | 157.5k $2.6m | Reduced -62.2k |
| COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio | 155.2k $2.6m | Reduced -3.6k |
| BOKF, NA 0.04% of their portfolio | 148.8k $2.5m | Reduced -40 |
| VIRGINIA RETIREMENT SYSTEMS ET Al 0.02% of their portfolio | 148.8k $2.5m | Added +135.6k |
| Cerity Partners LLC 0.00% of their portfolio | 145.1k $2.4m | Added +1.7k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 144.0k $2.4m | Added +5.1k |
| DARK FOREST CAPITAL MANAGEMENT LP 0.10% of their portfolio | 144.0k $2.4m | Reduced -37.0k |
| JONES FINANCIAL COMPANIES LLLP 0.00% of their portfolio | 139.2k $2.3m | Added +19.4k |
| STIFEL FINANCIAL CORP 0.00% of their portfolio | 138.0k $2.3m | Added +6.3k |