Mutual of America Capital Management LLC Trims Stock Position in New Jersey Resources Co. (NYSE:NJR)

Mutual of America Capital Management LLC lowered its position in shares of New Jersey Resources Co. (NYSE:NJRGet Rating) by 8.2% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 80,396 shares of the utilities provider’s stock after selling 7,207 shares during the period. Mutual of America Capital Management LLC’s holdings in New Jersey Resources were worth $3,580,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in NJR. Meeder Asset Management Inc. boosted its stake in New Jersey Resources by 54.9% during the 1st quarter. Meeder Asset Management Inc. now owns 4,373 shares of the utilities provider’s stock worth $201,000 after purchasing an additional 1,550 shares during the period. Comerica Bank boosted its stake in shares of New Jersey Resources by 2.4% during the first quarter. Comerica Bank now owns 45,275 shares of the utilities provider’s stock worth $2,118,000 after buying an additional 1,051 shares during the period. State Board of Administration of Florida Retirement System grew its holdings in shares of New Jersey Resources by 11.7% during the first quarter. State Board of Administration of Florida Retirement System now owns 55,522 shares of the utilities provider’s stock worth $2,546,000 after buying an additional 5,834 shares during the last quarter. Hightower 6M Holding LLC acquired a new position in New Jersey Resources in the 1st quarter valued at about $240,000. Finally, Hazlett Burt & Watson Inc. purchased a new stake in New Jersey Resources during the 1st quarter valued at approximately $121,000. Institutional investors and hedge funds own 73.94% of the company’s stock.

New Jersey Resources Price Performance

Shares of NYSE NJR opened at $47.95 on Monday. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.42 and a current ratio of 0.68. New Jersey Resources Co. has a one year low of $36.77 and a one year high of $47.98. The firm has a market capitalization of $4.61 billion, a P/E ratio of 16.77, a PEG ratio of 3.24 and a beta of 0.62. The company’s fifty day moving average is $42.86 and its two-hundred day moving average is $44.14.

New Jersey Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 3rd. Shareholders of record on Wednesday, December 14th will be given a dividend of $0.39 per share. This is a positive change from New Jersey Resources’s previous quarterly dividend of $0.36. This represents a $1.56 annualized dividend and a yield of 3.25%. The ex-dividend date of this dividend is Tuesday, December 13th. New Jersey Resources’s dividend payout ratio is presently 54.55%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Wells Fargo & Company boosted their target price on New Jersey Resources from $41.00 to $45.00 and gave the company an “equal weight” rating in a report on Friday. Guggenheim dropped their price objective on shares of New Jersey Resources from $41.00 to $40.00 in a research note on Monday, October 24th. TheStreet upgraded shares of New Jersey Resources from a “c+” rating to a “b” rating in a research note on Monday, August 29th. Mizuho boosted their price target on shares of New Jersey Resources from $45.00 to $46.00 and gave the stock a “neutral” rating in a research note on Friday. Finally, JPMorgan Chase & Co. downgraded shares of New Jersey Resources from a “neutral” rating to an “underweight” rating and reduced their price objective for the company from $47.00 to $46.00 in a research report on Friday, September 9th. Two equities research analysts have rated the stock with a sell rating and two have given a hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $44.25.

New Jersey Resources Profile

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New Jersey Resources Corporation, an energy services holding company, provides regulated gas distribution, and retail and wholesale energy services. The company operates through four segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services, and Storage and Transportation. The Natural Gas Distribution segment offers regulated natural gas utility services to approximately 564,000 residential and commercial customers throughout Burlington, Middlesex, Monmouth, Morris, Ocean, and Sussex counties in New Jersey; provides capacity and storage management services; and participates in the off-system sales and capacity release markets.

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Institutional Ownership by Quarter for New Jersey Resources (NYSE:NJR)

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