Mutual of America Capital Management LLC decreased its holdings in New Jersey Resources Co. (NYSE:NJR – Free Report) by 1.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 77,942 shares of the utilities provider’s stock after selling 1,101 shares during the quarter. Mutual of America Capital Management LLC owned about 0.08% of New Jersey Resources worth $4,147,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently bought and sold shares of NJR. Norges Bank purchased a new stake in New Jersey Resources in the 4th quarter valued at $39,226,000. Wellington Management Group LLP raised its position in New Jersey Resources by 22.6% in the 1st quarter. Wellington Management Group LLP now owns 3,203,151 shares of the utilities provider’s stock valued at $146,897,000 after purchasing an additional 589,747 shares during the last quarter. State Street Corp raised its position in New Jersey Resources by 4.5% in the 3rd quarter. State Street Corp now owns 10,661,984 shares of the utilities provider’s stock valued at $416,694,000 after purchasing an additional 456,306 shares during the last quarter. Invesco Ltd. raised its position in New Jersey Resources by 151.1% in the 1st quarter. Invesco Ltd. now owns 602,011 shares of the utilities provider’s stock valued at $27,609,000 after purchasing an additional 362,282 shares during the last quarter. Finally, Victory Capital Management Inc. raised its position in New Jersey Resources by 668.4% in the 1st quarter. Victory Capital Management Inc. now owns 341,632 shares of the utilities provider’s stock valued at $18,175,000 after purchasing an additional 297,174 shares during the last quarter. Hedge funds and other institutional investors own 75.15% of the company’s stock.
Insider Transactions at New Jersey Resources
In related news, CEO Stephen D. Westhoven sold 5,000 shares of the stock in a transaction dated Friday, May 12th. The shares were sold at an average price of $50.04, for a total value of $250,200.00. Following the sale, the chief executive officer now directly owns 180,372 shares of the company’s stock, valued at approximately $9,025,814.88. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.72% of the company’s stock.
New Jersey Resources Stock Performance
New Jersey Resources (NYSE:NJR – Get Free Report) last posted its quarterly earnings results on Thursday, August 3rd. The utilities provider reported $0.10 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.13. New Jersey Resources had a net margin of 11.77% and a return on equity of 14.64%. The business had revenue of $264.10 million for the quarter, compared to analysts’ expectations of $546.21 million. During the same period in the prior year, the company posted ($0.04) EPS. The business’s revenue for the quarter was down 52.2% on a year-over-year basis. Analysts expect that New Jersey Resources Co. will post 2.7 earnings per share for the current fiscal year.
New Jersey Resources Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Wednesday, September 20th will be paid a dividend of $0.39 per share. The ex-dividend date of this dividend is Tuesday, September 19th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.50%. New Jersey Resources’s dividend payout ratio (DPR) is presently 53.79%.
Analyst Ratings Changes
NJR has been the subject of several research reports. Mizuho reduced their price target on shares of New Jersey Resources from $51.00 to $49.00 in a research report on Thursday, July 27th. Wells Fargo & Company cut their price objective on shares of New Jersey Resources from $52.00 to $47.00 and set an “equal weight” rating for the company in a research report on Friday. StockNews.com assumed coverage on shares of New Jersey Resources in a research report on Thursday, May 18th. They set a “sell” rating for the company. Finally, Guggenheim upped their price objective on shares of New Jersey Resources from $46.00 to $47.00 in a research report on Monday, April 24th. Two analysts have rated the stock with a sell rating and two have assigned a hold rating to the company. Based on data from MarketBeat.com, New Jersey Resources has an average rating of “Hold” and an average target price of $47.25.
New Jersey Resources Company Profile
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 569,300 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.
Featured Articles
- Five stocks we like better than New Jersey Resources
- What Is WallStreetBets and What Stocks Are They Targeting?
- 3 Best Meme ETFs to Buy Now
- Bank Stocks – Best Bank Stocks to Invest In
- XPO Keeps Reaching New Highs: Markets Love the Stock
- Stock Dividend Cuts Happen Are You Ready?
- Starbucks Market at a Turning Point: Is a Breakout Imminent?
Want to see what other hedge funds are holding NJR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for New Jersey Resources Co. (NYSE:NJR – Free Report).
Receive News & Ratings for New Jersey Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for New Jersey Resources and related companies with MarketBeat.com's FREE daily email newsletter.
