MDU Resources Group

MDU • NYSE

MDU Resources Group is a conglomerates company in the industrials sector on NYSE, led by Jeffrey S. Thiede, with a market cap of $4.0B. As of Q3 2025, 81% of shares are held by 400 institutional investors, with BlackRock, Inc. as the largest holder at 12.62%.

President and Chief Executive OfficerJeffrey S. Thiede

Market Cap$4.0B

Conglomerates

Industrials

Employees9.1K

Websitemdu.com

Country

United States of America

Overview

Overview of institutional ownership in MDU as of Q3 2025 with a market cap of $3.6B

All Institutions

Institutions: 400
Value Held: $3.0B
Shares Held: 166.1M
Avg Position: $7.4M
Median Position: $488.8K

Hedge Funds

Hedge Funds: 41
Value Held: $221.8M
Shares Held: 12.5M
Avg Position: $5.4M
Median Position: $1.2M

Ownership Breakdown

Institutional (non-HF)

75.22%

$2.7B

Hedge Funds

6.09%

$221.8M

Retail & Other

18.69%

$680.1M

Based on market cap of $3.6B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in MDU as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
B BlackRock, Inc. Institution	-	$459.2M 0.01% of portfolio	12.62% 25.8M shares	≤ Q2 2013 Held for 12y 5m+	$5.67T
VANGUARD GROUP INC Institution	Salim Ramji CEO	$414.2M 0.01% of portfolio	11.38% 23.3M shares	≤ Q2 2013 Held for 12y 5m+	$6.69T
DIMENSIONAL FUND ADVISORS LP Long Only Manager	David Paul Butler CEO	$173.9M 0.04% of portfolio	4.78% 9.8M shares	≤ Q2 2013 Held for 12y 5m+	$466.32B
BARROW HANLEY MEWHINNEY & STRAUSS LLC Long Only Manager	Cory Lawrence Martin CEO	$162.6M 0.52% of portfolio	4.47% 9.1M shares	Q4 2021 Held for 3y 11m	$31.4B
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$122.8M 0.00% of portfolio	3.35% 6.8M shares	≤ Q2 2013 Held for 12y 5m+	$2.88T
River Road Asset Management, LLC Long Only Manager	Richard Andrew Beck CEO	$94.2M 1.06% of portfolio	2.59% 5.3M shares	Q2 2025 Held for 5 months	$8.9B
Corvex Management LP Hedge Fund•Event Driven	Keith Arlyn Meister Managing Partner	$74.5M 2.82% of portfolio	2.05% 4.2M shares	Q2 2022 Held for 3y 5m	$2.6B
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$65.2M 0.00% of portfolio	1.79% 3.7M shares	≤ Q2 2013 Held for 12y 5m+	$1.65T
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$60.5M 0.00% of portfolio	1.66% 3.4M shares	≤ Q2 2013 Held for 12y 5m+	$1.57T
M MACQUARIE GROUP LTD Institution	-	$57.3M 0.07% of portfolio	1.58% 3.2M shares	Q4 2018 Held for 6y 11m	$82.9B

Net Capital Flow

Institutional buying and selling activity for MDU in Q3 2025

Traded: +$127.8M
Buyers: 192
Sellers: 169
Total Bought: +$371.1M
Total Sold: −$243.4M
Avg Position: $6.6M

Biggest Buyers

Institution	Net Bought	Current Position
River Road Asset Management, LLC Long Only Manager	+$67.3M +3.8M shares	$94.2M 5.3M shares
T T. Rowe Price Investment Management, Inc. Insurance Manager	+$31.4M +1.8M shares	$44.7M 2.5M shares
EARNEST PARTNERS LLC Long Only Manager	+$22.8M +1.3M shares	$22.8M 1.3M shares
NGAM ADVISORS, L.P. Long Only Manager	+$17.4M +979.8K shares	$18.5M 1.0M shares
S SEI INVESTMENTS CO Institution	+$16.5M +929.2K shares	$18.5M 1.0M shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	+$16.0M +895.9K shares	$21.0M 1.2M shares
GOLDMAN SACHS GROUP INC Institution	+$13.7M +770.4K shares	$22.5M 1.3M shares
B BlackRock, Inc. Institution	+$13.7M +768.9K shares	$459.2M 25.8M shares
JUPITER ASSET MANAGEMENT LTD Long Only Manager	+$12.6M +707.4K shares	$12.6M 707.4K shares
Bank of New York Mellon Corp Institution	+$11.9M +669.2K shares	$46.2M 2.6M shares

Biggest Sellers

Institution	Net Sold	Current Position
P Pertento Partners LLP Hedge Fund•Long/Short	−$52.6M −3.2M shares	Sold Off 0 shares
HENNESSY ADVISORS INC Institution	−$28.9M −1.6M shares	$3.3M 184.9K shares
A AMERICAN CENTURY COMPANIES INC Institution	−$23.2M −1.3M shares	$22.5M 1.3M shares
A ADAGE CAPITAL PARTNERS GP LLC Institution	−$21.4M −1.2M shares	$17.8M 1.0M shares
SCHWAB CHARLES INVESTMENT MANAGEMENT INC Long Only Manager	−$8.4M −471.2K shares	$35.4M 2.0M shares
Invesco Ltd. ETF Provider	−$6.5M −366.9K shares	$35.1M 2.0M shares
JACOBS LEVY EQUITY MANAGEMENT, INC Hedge Fund•Quant	−$6.4M −357.7K shares	$9.2M 514.6K shares
J JANE STREET GROUP, LLC Institution	−$6.4M −382.1K shares	Sold Off 0 shares
T Treasurer of the State of North Carolina Institution	−$5.4M −303.2K shares	$1.6M 91.2K shares
AQR CAPITAL MANAGEMENT LLC Hedge Fund•Multi-Strategy	−$5.3M −298.2K shares	$14.5M 815.1K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited MDU in Q3 2025

New Positions: 16
New Value: $9.5M
Exited Positions: 45
Exited Value: $85.5M

New Positions

Institution	Position Value
Sourcerock Group LLC Hedge Fund•Long/Short	$5.4M 300.5K shares
VAN ECK ASSOCIATES CORP ETF Provider	$1.3M 71.1K shares
ARMISTICE CAPITAL, LLC Hedge Fund•Long/Short	$1.2M 65.2K shares
B Bryce Point Capital, LLC Hedge Fund•Market Neutral	$593.5K 33.3K shares
Clear Creek Financial Management, LLC RIA/Wealth	$487.0K 27.3K shares
U Universal- Beteiligungs- und Servicegesellschaft mbH Institution	$283.6K 15.9K shares
IFM Investors Pty Ltd Real Assets	$255.2K 14.6K shares
S Salomon & Ludwin, LLC Institution	$25.1K 1.4K shares
Sontag Advisory, LLC RIA/Wealth	$17.2K 965.0 shares
R Root Financial Partners, LLC RIA/Wealth	$16.8K 946.0 shares

Exited Positions

Institution	Previous Position
P Pertento Partners LLP Hedge Fund•Long/Short	$52.6M 3.2M shares
J JANE STREET GROUP, LLC Institution	$6.4M 382.1K shares
C Cubist Systematic Strategies, LLC Institution	$4.9M 291.3K shares
P PLUSTICK MANAGEMENT LLC Hedge Fund•Distressed	$3.8M 225.0K shares
T TEXAS PERMANENT SCHOOL FUND Institution	$2.1M 123.2K shares
Q Qube Research & Technologies Ltd Institution	$1.9M 111.3K shares
Hudson Bay Capital Management LP Hedge Fund•Multi-Strategy	$1.8M 108.6K shares
X XTX Topco Ltd Institution	$1.7M 104.1K shares
D Dean Capital Investments Management, LLC Institution	$1.3M 76.0K shares
A AXQ CAPITAL, LP Hedge Fund•Market Neutral	$1.3M 75.9K shares

Options Activity

Institutions with the largest Call and Put options positions in MDU as of Q3 2025

Call Positions: 2
Call Value: $822.8K
Put Positions: 1
Put Value: $48.1K

Call Positions

Institution	Position Value
J JANE STREET GROUP, LLC Institution	$543.2K 305.0 contracts
Walleye Trading LLC RIA/Wealth	$279.6K 157.0 contracts

Put Positions

Institution	Position Value
Walleye Trading LLC RIA/Wealth	$48.1K 27.0 contracts

Most Committed Institutions

Institutions with MDU as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
KESTREL INVESTMENT MANAGEMENT CORP Hedge Fund•Event Driven	David J. Steirman President	3.11% $5.5M	0.15% 309.6K shares	Q4 2024 Held for 11 months	$177.4M
Corvex Management LP Hedge Fund•Event Driven	Keith Arlyn Meister Managing Partner	2.82% $74.5M	2.05% 4.2M shares	Q2 2022 Held for 3y 5m	$2.6B
MANAGED ASSET PORTFOLIOS, LLC Long Only Manager	Michael Stephen Dzialo President	2.45% $19.2M	0.53% 1.1M shares	Q3 2020 Held for 5y 2m	$781.9M
H Hudson Value Partners, LLC RIA/Wealth	Paul William Davis Managing Partner	1.89% $6.0M	0.17% 339.0K shares	Q2 2023 Held for 2y 5m	$318.6M
DEROY & DEVEREAUX PRIVATE INVESTMENT COUNSEL INC RIA/Wealth	Sean Adam Metrose President	1.41% $28.1M	0.77% 1.6M shares	Q2 2025 Held for 5 months	$2.0B
Cascade Investment Advisors, Inc. RIA/Wealth	Michelle H Rand CCO	1.11% $1.8M	0.05% 102.9K shares	Q4 2020 Held for 4y 11m	$165.1M
River Road Asset Management, LLC Long Only Manager	Richard Andrew Beck CEO	1.06% $94.2M	2.59% 5.3M shares	Q2 2025 Held for 5 months	$8.9B
JOHN G ULLMAN & ASSOCIATES INC RIA/Wealth	John Guy Ullman CEO	0.94% $7.0M	0.19% 391.7K shares	≤ Q2 2013 Held for 12y 5m+	$743.1M
Bragg Financial Advisors, Inc RIA/Wealth	Benton Sellers Bragg CEO	0.78% $23.3M	0.64% 1.3M shares	Q1 2023 Held for 2y 8m	$3.0B
B Bryce Point Capital, LLC Hedge Fund•Market Neutral	Gil Maor Managing Partner	0.72% $593.5K	0.02% 33.3K shares	Q3 2025 Held for 2 months	$81.9M

Hedge Fund Spotlight

Discover hedge funds investing in MDU

Quantinno Capital Management LP

Hedge Fund • Market Neutral

Portfolio ManagerHoon Nmn Kim

Portfolio Value: $36.6B
Positions: 2,911
Last Reported: Q3 2025

Sector Allocation

Position in MDU Resources Group

Market Value: $6.1M
Shares Held: 341.3K
Portfolio Weight: 0.02%
Owned Since: 2021-Q4

Top Holding	Sector	Market Value	Weight
1 Nvidia NVDA	Semiconductors Technology	$2.1B	5.71%
2 Apple AAPL	Consumer Electronics Technology	$1.9B	5.06%
3 Microsoft MSFT	Software - Infrastructure Technology	$1.4B	3.93%