Great Lakes Advisors LLC reduced its position in shares of New Jersey Resources Co. (NYSE:NJR – Free Report) by 3.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 10,963 shares of the utilities provider’s stock after selling 433 shares during the period. Great Lakes Advisors LLC’s holdings in New Jersey Resources were worth $445,000 at the end of the most recent quarter.
A number of other large investors also recently made changes to their positions in NJR. American Century Companies Inc. raised its position in New Jersey Resources by 172.2% in the first quarter. American Century Companies Inc. now owns 14,056 shares of the utilities provider’s stock worth $645,000 after acquiring an additional 8,893 shares during the period. Bank of Montreal Can raised its position in New Jersey Resources by 3.3% in the first quarter. Bank of Montreal Can now owns 52,212 shares of the utilities provider’s stock worth $2,421,000 after acquiring an additional 1,664 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in New Jersey Resources by 10.1% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 35,205 shares of the utilities provider’s stock worth $1,615,000 after acquiring an additional 3,233 shares during the period. APG Asset Management N.V. bought a new stake in New Jersey Resources in the first quarter worth about $2,081,000. Finally, Great West Life Assurance Co. Can raised its position in New Jersey Resources by 12.7% in the first quarter. Great West Life Assurance Co. Can now owns 114,869 shares of the utilities provider’s stock worth $5,510,000 after acquiring an additional 12,945 shares during the period. 73.08% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
Separately, Mizuho reduced their target price on shares of New Jersey Resources from $47.00 to $45.00 and set a “neutral” rating for the company in a research note on Monday.
New Jersey Resources Price Performance
NJR opened at $40.91 on Wednesday. The company has a market capitalization of $4.00 billion, a price-to-earnings ratio of 15.04, a PEG ratio of 2.38 and a beta of 0.63. The company has a quick ratio of 0.38, a current ratio of 0.66 and a debt-to-equity ratio of 1.39. The firm has a 50-day moving average price of $43.31 and a 200-day moving average price of $42.79. New Jersey Resources Co. has a twelve month low of $38.92 and a twelve month high of $55.84.
New Jersey Resources (NYSE:NJR – Get Free Report) last issued its quarterly earnings data on Tuesday, November 21st. The utilities provider reported $0.30 EPS for the quarter, meeting the consensus estimate of $0.30. The company had revenue of $331.30 million during the quarter, compared to analysts’ expectations of $759.99 million. New Jersey Resources had a net margin of 13.49% and a return on equity of 13.24%. New Jersey Resources’s revenue for the quarter was down 56.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.50 earnings per share. Equities analysts expect that New Jersey Resources Co. will post 2.77 EPS for the current year.
New Jersey Resources Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 1st. Shareholders of record on Wednesday, March 13th will be given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 4.11%. The ex-dividend date of this dividend is Tuesday, March 12th. New Jersey Resources’s payout ratio is currently 61.76%.
Insider Buying and Selling at New Jersey Resources
In other New Jersey Resources news, COO Patrick J. Migliaccio sold 3,579 shares of the business’s stock in a transaction on Thursday, December 21st. The shares were sold at an average price of $44.29, for a total transaction of $158,513.91. Following the transaction, the chief operating officer now directly owns 41,886 shares of the company’s stock, valued at approximately $1,855,130.94. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 0.75% of the company’s stock.
New Jersey Resources Profile
New Jersey Resources Corporation, an energy services holding company, distributes natural gas. 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 576,000 customers in 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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