Allspring Global Investments Holdings LLC Sells 468 Shares of New Jersey Resources Co. (NYSE:NJR)

Allspring Global Investments Holdings LLC decreased its holdings in shares of New Jersey Resources Co. (NYSE:NJRGet Rating) by 2.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 17,438 shares of the utilities provider’s stock after selling 468 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in New Jersey Resources were worth $674,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the business. Wipfli Financial Advisors LLC acquired a new position in shares of New Jersey Resources in the third quarter valued at approximately $26,000. Venture Visionary Partners LLC purchased a new stake in New Jersey Resources in the 2nd quarter valued at $28,000. Godsey & Gibb Associates purchased a new stake in New Jersey Resources in the 2nd quarter valued at $31,000. DekaBank Deutsche Girozentrale purchased a new stake in shares of New Jersey Resources during the 2nd quarter valued at $61,000. Finally, CWM LLC increased its position in shares of New Jersey Resources by 18.2% during the 2nd quarter. CWM LLC now owns 3,296 shares of the utilities provider’s stock valued at $147,000 after purchasing an additional 508 shares during the last quarter. Institutional investors and hedge funds own 74.09% of the company’s stock.

New Jersey Resources Stock Up 0.9 %

NJR stock opened at $49.54 on Monday. New Jersey Resources Co. has a 1-year low of $37.79 and a 1-year high of $51.59. The business has a fifty day moving average price of $49.22 and a 200-day moving average price of $45.73. The company has a debt-to-equity ratio of 1.37, a current ratio of 0.68 and a quick ratio of 0.42. The stock has a market capitalization of $4.78 billion, a P/E ratio of 17.32, a P/E/G ratio of 3.33 and a beta of 0.63.

New Jersey Resources (NYSE:NJRGet Rating) last posted its quarterly earnings data on Thursday, November 17th. The utilities provider reported $0.50 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.04. The company had revenue of $765.49 million during the quarter, compared to analysts’ expectations of $602.80 million. New Jersey Resources had a return on equity of 13.56% and a net margin of 9.46%. Equities analysts forecast that New Jersey Resources Co. will post 2.48 earnings per share for the current fiscal year.

New Jersey Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, January 3rd. Stockholders of record on Wednesday, December 14th were paid a $0.39 dividend. This is a positive change from New Jersey Resources’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend was Tuesday, December 13th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.15%. New Jersey Resources’s dividend payout ratio is 54.55%.

Analyst Ratings Changes

NJR has been the subject of several research analyst reports. JPMorgan Chase & Co. raised their target price on New Jersey Resources from $40.00 to $46.00 and gave the company an “underweight” rating in a research report on Monday, January 9th. Mizuho increased their price target on New Jersey Resources from $45.00 to $46.00 and gave the stock a “neutral” rating in a research note on Friday, November 18th. StockNews.com upgraded New Jersey Resources from a “sell” rating to a “hold” rating in a research note on Friday, January 13th. Guggenheim cut their price target on New Jersey Resources from $41.00 to $40.00 in a research note on Monday, October 24th. Finally, Wells Fargo & Company cut their price target on New Jersey Resources from $51.00 to $50.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 10th. One investment analyst has rated the stock with a sell rating and three have assigned a hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $45.50.

Insider Activity at New Jersey Resources

In other news, COO Patrick J. Migliaccio sold 3,000 shares of the stock in a transaction that occurred on Tuesday, November 22nd. The stock was sold at an average price of $49.16, for a total value of $147,480.00. Following the sale, the chief operating officer now directly owns 40,169 shares in the company, valued at $1,974,708.04. The sale was disclosed in a document filed with the SEC, which is available at this link. 0.72% of the stock is owned by corporate insiders.

New Jersey Resources Company Profile

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New Jersey Resources Corp. is a holding company. The firm provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. It operates through the following segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services, Storage and Transportation, and Home Services and Other.

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

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