Los Angeles Capital Management & Equity Research Inc. decreased its stake in New Jersey Resources Corp (NYSE:NJR) by 56.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,060 shares of the utilities provider’s stock after selling 5,170 shares during the quarter. Los Angeles Capital Management & Equity Research Inc.’s holdings in New Jersey Resources were worth $202,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in NJR. CX Institutional acquired a new stake in shares of New Jersey Resources in the first quarter valued at about $32,000. Oregon Public Employees Retirement Fund grew its position in shares of New Jersey Resources by 4,467.0% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 1,577,259 shares of the utilities provider’s stock valued at $35,000 after purchasing an additional 1,542,723 shares during the period. Liberty Wealth Management LLC acquired a new stake in shares of New Jersey Resources in the fourth quarter valued at about $81,000. Doyle Wealth Management acquired a new stake in shares of New Jersey Resources in the fourth quarter valued at about $145,000. Finally, Gateway Advisory LLC acquired a new stake in shares of New Jersey Resources in the first quarter valued at about $215,000. Institutional investors and hedge funds own 66.83% of the company’s stock.
NJR opened at $49.57 on Thursday. The stock has a market cap of $4.45 billion, a P/E ratio of 18.09, a price-to-earnings-growth ratio of 3.56 and a beta of 0.33. New Jersey Resources Corp has a twelve month low of $40.28 and a twelve month high of $51.83. The company has a current ratio of 1.04, a quick ratio of 0.91 and a debt-to-equity ratio of 0.75.
The firm also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Monday, June 17th will be given a dividend of $0.2925 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $1.17 dividend on an annualized basis and a yield of 2.36%. New Jersey Resources’s payout ratio is presently 42.70%.
In related news, Director M William Howard, Jr. sold 1,000 shares of the business’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $50.17, for a total transaction of $50,170.00. Following the transaction, the director now directly owns 16,713 shares in the company, valued at $838,491.21. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Patrick J. Migliaccio sold 2,068 shares of the business’s stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $49.96, for a total transaction of $103,317.28. The disclosure for this sale can be found here. Insiders have sold 26,068 shares of company stock worth $1,287,777 over the last 90 days. 1.30% of the stock is currently owned by company insiders.
Separately, Zacks Investment Research upgraded shares of New Jersey Resources from a “hold” rating to a “buy” rating and set a $52.00 target price on the stock in a research report on Tuesday, January 22nd. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $50.00.
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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 Midstream segments. The Natural Gas Distribution segment offers regulated retail natural gas services to approximately 538,700 residential and commercial customers in central and northern New Jersey; provides storage management services; and participates in the off-system sales and capacity release markets.
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