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 ($27.2m this quarter). Holder counts are more reliable. Shares outstanding: 204.4m as of 2026-02-13, 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 ≈ $19.53. Options: 5 managers hold calls ($790.6k notional), 3 hold puts ($158.1k).
Trends to Q4 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 |
| Q3 2025 | 406 |
| Q4 2025 | 415 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q1 2024 | 170 | 173 |
| Q2 2024 | 172 | 185 |
| Q3 2024 | 182 | 166 |
| Q4 2024 | 210 | 164 |
| Q1 2025 | 188 | 178 |
| Q2 2025 | 193 | 177 |
| Q3 2025 | 186 | 174 |
| Q4 2025 | 211 | 171 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q1 2025 | $939.7k | $156.6k | 0.17 |
| Q2 2025 | $771.2k | $38.3k | 0.05 |
| Q3 2025 | $856.1k | $143.6k | 0.17 |
| Q4 2025 | $790.6k | $158.1k | 0.20 |
Biggest buyers
| EARNEST PARTNERS LLC | Added | +8.7m |
| BANK OF AMERICA CORP /DE/ | Added | +5.0m |
| SEI INVESTMENTS CO | Added | +4.3m |
| FIRST TRUST ADVISORS LP | Added | +4.3m |
| BARROW HANLEY MEWHINNEY & STRAUSS LLC | Added | +3.8m |
| WESTWOOD HOLDINGS GROUP INC | New | +1.8m |
| Yaupon Capital Management LP | New | +1.2m |
| Perpetual Ltd | New | +1.1m |
| NEW YORK STATE COMMON RETIREMENT FUND | Added | +1.1m |
| T. Rowe Price Investment Management, Inc. | Added | +700.5k |
Biggest sellers
| Corvex Management LP | Sold out | -4.2m |
| MACQUARIE GROUP LTD | Reduced | -3.1m |
| AMERICAN CENTURY COMPANIES INC | Reduced | -1.1m |
| MILLENNIUM MANAGEMENT LLC | Reduced | -773.4k |
| JUPITER ASSET MANAGEMENT LTD | Sold out | -707.4k |
| GOLDMAN SACHS GROUP INC | Reduced | -671.8k |
| River Road Asset Management, LLC | Reduced | -582.9k |
| JPMORGAN CHASE & CO | Reduced | -523.2k |
| Squarepoint Ops LLC | Sold out | -520.1k |
| Nuveen, LLC | Reduced | -503.5k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | New | $404.1k20.7k shares |
| CITADEL ADVISORS LLC | New | $220.6k11.3k shares |
| Walleye Trading LLC | Reduced | $132.7k6.8k shares |
| GROUP ONE TRADING LLC | Added | $29.3k1.5k shares |
| SIMPLEX TRADING, LLC | Reduced | $3.9k200 shares |
Biggest puts
| SIMPLEX TRADING, LLC | Unchanged | $101.5k5.2k shares |
| Walleye Trading LLC | Unchanged | $52.7k2.7k shares |
| GROUP ONE TRADING LLC | Unchanged | $3.9k200 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 Q4 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 |
|---|---|---|---|---|---|
| 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 | — | — |
| Q3 2025 | 1 | $161.8k | 0 | — | — |
| Q4 2025 | 0 | — | 0 | — | — |
None reported in Q4 2025.
Holders, Q4 2025
| Manager | Shares | Change |
|---|---|---|
| BlackRock, Inc. 0.01% of their portfolio | 26.2m $511.9m | Added +440.7k |
| VANGUARD GROUP INC 0.01% of their portfolio | 23.8m $465.1m | Added +571.0k |
| BARROW HANLEY MEWHINNEY & STRAUSS LLC 0.84% of their portfolio | 12.9m $251.7m | Added +3.8m |
| DIMENSIONAL FUND ADVISORS LP 0.04% of their portfolio | 10.0m $195.8m | Added +267.7k |
| EARNEST PARTNERS LLC 0.83% of their portfolio | 9.9m $194.1m | Added +8.7m |
| STATE STREET CORP 0.00% of their portfolio | 7.1m $140.0m | Added +281.0k |
| BANK OF AMERICA CORP /DE/ 0.01% of their portfolio | 6.1m $119.2m | Added +5.0m |
| SEI INVESTMENTS CO 0.10% of their portfolio | 5.3m $103.9m | Added +4.3m |
| River Road Asset Management, LLC 1.01% of their portfolio | 4.7m $91.9m | Reduced -582.9k |
| FIRST TRUST ADVISORS LP 0.06% of their portfolio | 4.4m $86.6m | Added +4.3m |
| MORGAN STANLEY 0.00% of their portfolio | 4.0m $78.3m | Added +353.2k |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 3.4m $66.7m | Added +21.5k |
| T. Rowe Price Investment Management, Inc. 0.02% of their portfolio | 3.2m $62.7m | Added +700.5k |
| NORGES BANK 0.01% of their portfolio | 3.1m $59.6m | Not comparable |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. 0.09% of their portfolio | 3.0m $58.6m | First filing |
| FRONTIER CAPITAL MANAGEMENT CO LLC 0.54% of their portfolio | 2.6m $51.1m | Reduced -376.0k |
| Bank of New York Mellon Corp 0.01% of their portfolio | 2.4m $47.7m | Reduced -150.4k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.01% of their portfolio | 2.2m $43.1m | Added +220.2k |
| Invesco Ltd. 0.00% of their portfolio | 1.9m $37.9m | Reduced -28.4k |
| WESTWOOD HOLDINGS GROUP INC 0.28% of their portfolio | 1.8m $34.2m | New |
| CITADEL ADVISORS LLC 0.02% of their portfolio | 1.7m $33.3m | Added +526.3k |
| US BANCORP \DE\ 0.04% of their portfolio | 1.7m $33.2m | Reduced -4.5k |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.05% of their portfolio | 1.6m $31.4m | Added +39.4k |
| Allspring Global Investments Holdings, LLC 0.05% of their portfolio | 1.6m $31.8m | Reduced -359.6k |
| UBS Group AG 0.01% of their portfolio | 1.6m $30.5m | Added +587.8k |
| DEROY & DEVEREAUX PRIVATE INVESTMENT COUNSEL INC 1.48% of their portfolio | 1.6m $30.4m | Reduced -21.6k |
| NORTHERN TRUST CORP 0.00% of their portfolio | 1.5m $29.1m | Reduced -94.3k |
| Bragg Financial Advisors, Inc 0.91% of their portfolio | 1.4m $28.1m | Added +127.7k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.04% of their portfolio | 1.4m $27.5m | Added +1.1m |
| ADAGE CAPITAL PARTNERS GP, L.L.C. 0.04% of their portfolio | 1.2m $23.4m | Added +200.0k |
| Yaupon Capital Management LP 1.15% of their portfolio | 1.2m $23.4m | New |
| NEUBERGER BERMAN GROUP LLC 0.02% of their portfolio | 1.2m $23.2m | Reduced -8.2k |
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC 0.07% of their portfolio | 1.2m $23.0m | Reduced -234.0k |
| Perpetual Ltd 0.32% of their portfolio | 1.1m $22.0m | New |
| NATIXIS ADVISORS, LLC 0.03% of their portfolio | 1.1m $22.0m | Added +89.7k |
| MANAGED ASSET PORTFOLIOS, LLC 2.52% of their portfolio | 1.1m $20.8m | Reduced -9.5k |
| PRINCIPAL FINANCIAL GROUP INC 0.01% of their portfolio | 970.6k $18.9m | Reduced -9.5k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.01% of their portfolio | 899.1k $17.6m | Reduced -32.2k |
| Legal & General Group Plc 0.00% of their portfolio | 874.6k $17.1m | Reduced -96.6k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 818.5k $16.0m | Added +654.5k |
| Thrivent Financial for Lutherans 0.03% of their portfolio | 797.6k $15.6m | Added +112.2k |
| Public Sector Pension Investment Board 0.05% of their portfolio | 707.2k $13.8m | Reduced -89.8k |
| HITE Hedge Asset Management LLC 0.86% of their portfolio | 690.0k $13.5m | New |
| LOOMIS SAYLES & CO L P 0.02% of their portfolio | 675.2k $13.2m | Added +1.8k |
| VICTORY CAPITAL MANAGEMENT INC 0.01% of their portfolio | 619.2k $12.1m | Reduced -28.4k |
| Brandywine Global Investment Management, LLC 0.08% of their portfolio | 596.7k $11.6m | Reduced -21.8k |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 593.5k $11.6m | Reduced -671.8k |
| AQR CAPITAL MANAGEMENT LLC 0.01% of their portfolio | 567.1k $11.1m | Reduced -248.0k |
| Alyeska Investment Group, L.P. 0.03% of their portfolio | 550.0k $10.7m | New |
| NEEDHAM INVESTMENT MANAGEMENT LLC 0.67% of their portfolio | 542.0k $10.6m | Added +22.0k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 539.3k $10.5m | Reduced -523.2k |
| Gotham Asset Management, LLC 0.04% of their portfolio | 515.9k $10.1m | Reduced -65.5k |
| Quantinno Capital Management LP 0.02% of their portfolio | 512.9k $10.0m | Added +171.6k |
| Covalis Capital LLP 0.76% of their portfolio | 500.0k $9.8m | New |
| RHUMBLINE ADVISERS 0.01% of their portfolio | 488.7k $9.5m | Added +7.6k |
| RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio | 485.7k $9.5m | Added +91.1k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 480.4k $9.4m | Reduced -80.1k |
| ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio | 474.8k $9.3m | Added +131.3k |
| Ghisallo Capital Management LLC 0.39% of their portfolio | 451.2k $8.8m | New |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 443.0k $8.6m | Reduced -106.8k |
| FMR LLC 0.00% of their portfolio | 435.5k $8.5m | Reduced -303.1k |
| California Public Employees Retirement System 0.00% of their portfolio | 427.5k $8.3m | Added +24.5k |
| GABELLI FUNDS LLC 0.06% of their portfolio | 417.3k $8.1m | Reduced -18.5k |
| Russell Investments Group, Ltd. 0.01% of their portfolio | 391.8k $7.7m | Reduced -43.5k |
| JOHN G ULLMAN & ASSOCIATES INC 1.01% of their portfolio | 389.4k $7.6m | Reduced -2.3k |
| COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS 0.04% of their portfolio | 384.3k $7.5m | Reduced -1.5k |
| Swiss National Bank 0.00% of their portfolio | 382.8k $7.5m | Added +6.4k |
| BARCLAYS PLC 0.00% of their portfolio | 367.3k $7.2m | Added +199.5k |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 364.0k $7.1m | Added +67.9k |
| MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio | 353.6k $6.9m | Reduced -773.4k |
| Hudson Value Partners, LLC 2.01% of their portfolio | 341.0k $6.7m | Added +2.0k |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.01% of their portfolio | 319.7k $6.2m | Reduced -9.4k |
| HRT FINANCIAL LP 0.02% of their portfolio | 317.6k $6.2m | Added +40.2k |
| M&T Bank Corp 0.02% of their portfolio | 317.4k $6.2m | Added +2.0k |
| RENAISSANCE TECHNOLOGIES LLC 0.01% of their portfolio | 313.1k $6.1m | Added +266.3k |
| Baird Financial Group, Inc. 0.01% of their portfolio | 312.8k $6.1m | Reduced -89.9k |
| JACOBS LEVY EQUITY MANAGEMENT, INC 0.02% of their portfolio | 311.3k $6.1m | Reduced -203.3k |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 300.7k $5.9m | Added +193.6k |
| Burkehill Global Management, LP 0.39% of their portfolio | 300.0k $5.9m | New |
| Nuveen, LLC 0.00% of their portfolio | 296.7k $5.8m | Reduced -503.5k |
| EXCHANGE TRADED CONCEPTS, LLC 0.05% of their portfolio | 294.6k $5.8m | Added +244.7k |
| Creative Planning 0.00% of their portfolio | 291.2k $5.7m | Added +21.2k |
| Ancora Advisors LLC 0.11% of their portfolio | 276.3k $5.4m | Reduced -169.5k |
| CAPTRUST FINANCIAL ADVISORS 0.01% of their portfolio | 272.9k $5.3m | Added +20.2k |
| Advisors Asset Management, Inc. 0.08% of their portfolio | 255.5k $5.0m | Added +30.1k |
| Angeles Investment Advisors, LLC 0.32% of their portfolio | 245.4k $4.8m | Reduced -12.9k |
| COMERICA BANK 0.02% of their portfolio | 243.1k $4.7m | Added +44.3k |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.01% of their portfolio | 238.7k $4.7m | Reduced -2.0k |
| Man Group plc 0.01% of their portfolio | 219.1k $4.3m | Added +107.7k |
| Phocas Financial Corp. 0.53% of their portfolio | 210.2k $4.1m | New |
| JONES FINANCIAL COMPANIES LLLP 0.00% of their portfolio | 202.2k $3.9m | Added +30.1k |
| TWO SIGMA INVESTMENTS, LP 0.01% of their portfolio | 199.1k $3.9m | Added +173.1k |
| BESSEMER GROUP INC 0.01% of their portfolio | 194.0k $3.8m | Added +193.3k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio | 193.4k $3.8m | Reduced -181 |
| PRUDENTIAL FINANCIAL INC 0.00% of their portfolio | 189.6k $3.7m | Reduced -202.4k |
| GAMCO INVESTORS, INC. ET AL 0.04% of their portfolio | 188.0k $3.7m | Reduced -10.0k |
| AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio | 181.8k $3.5m | Reduced -1.1m |
| HENNESSY ADVISORS INC 0.12% of their portfolio | 179.7k $3.5m | Reduced -5.2k |
| CANADA LIFE ASSURANCE Co 0.01% of their portfolio | 179.1k $3.5m | Added +6.9k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 164.8k $3.2m | Added +10.1k |