Principal Financial Group Inc. Acquires 49,476 Shares of New Jersey Resources Co. (NYSE:NJR)

Principal Financial Group Inc. boosted its stake in shares of New Jersey Resources Co. (NYSE:NJRGet Rating) by 15.2% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 374,479 shares of the utilities provider’s stock after buying an additional 49,476 shares during the quarter. Principal Financial Group Inc.’s holdings in New Jersey Resources were worth $16,676,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in NJR. Venture Visionary Partners LLC purchased a new position in New Jersey Resources in the second quarter valued at about $28,000. Godsey & Gibb Associates bought a new stake in shares of New Jersey Resources in the 2nd quarter worth approximately $31,000. DekaBank Deutsche Girozentrale bought a new stake in shares of New Jersey Resources in the 2nd quarter worth approximately $61,000. Hazlett Burt & Watson Inc. bought a new stake in shares of New Jersey Resources in the 1st quarter worth approximately $121,000. Finally, CWM LLC raised its holdings in shares of New Jersey Resources by 18.2% in the 2nd quarter. CWM LLC now owns 3,296 shares of the utilities provider’s stock worth $147,000 after purchasing an additional 508 shares during the period. Hedge funds and other institutional investors own 73.94% of the company’s stock.

Insider Activity

In other news, COO Patrick J. Migliaccio sold 3,000 shares of the business’s stock in a transaction on Tuesday, November 22nd. The shares were sold at an average price of $49.16, for a total transaction of $147,480.00. Following the completion of the transaction, the chief operating officer now directly owns 40,169 shares in the company, valued at approximately $1,974,708.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.68% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on NJR. JPMorgan Chase & Co. cut shares of New Jersey Resources from a “neutral” rating to an “underweight” rating and lowered their price target for the stock from $47.00 to $46.00 in a report on Friday, September 9th. Mizuho lifted their price target on shares of New Jersey Resources from $45.00 to $46.00 and gave the stock a “neutral” rating in a report on Friday, November 18th. TheStreet raised shares of New Jersey Resources from a “c+” rating to a “b” rating in a report on Monday, August 29th. Wells Fargo & Company lifted their price target on shares of New Jersey Resources from $41.00 to $45.00 and gave the stock an “equal weight” rating in a report on Friday, November 18th. Finally, Guggenheim lowered their target price on shares of New Jersey Resources from $41.00 to $40.00 in a report on Monday, October 24th. Two analysts have rated the stock with a sell rating and two have assigned a hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $44.25.

New Jersey Resources Stock Down 1.3 %

NJR opened at $49.25 on Thursday. The company has a fifty day moving average price of $43.13 and a 200-day moving average price of $44.26. The firm has a market capitalization of $4.75 billion, a P/E ratio of 17.22, a price-to-earnings-growth ratio of 3.31 and a beta of 0.62. The company has a debt-to-equity ratio of 1.37, a current ratio of 0.68 and a quick ratio of 0.42. New Jersey Resources Co. has a one year low of $36.77 and a one year high of $50.11.

New Jersey Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 3rd. Stockholders 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 dividend on an annualized basis and a dividend yield of 3.17%. The ex-dividend date of this dividend is Tuesday, December 13th. New Jersey Resources’s payout ratio is 54.55%.

About New Jersey Resources

(Get Rating)

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.

Further Reading

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

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