Crossmark Global Holdings Inc. bought a new position in shares of NewJersey Resources Corporation (NYSE:NJR) in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor bought 7,968 shares of the utilities provider’s stock, valued at approximately $336,000.
Several other hedge funds have also made changes to their positions in NJR. Raymond James Financial Services Advisors Inc. raised its stake in NewJersey Resources by 18.1% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 88,725 shares of the utilities provider’s stock valued at $3,740,000 after purchasing an additional 13,629 shares during the last quarter. Deroy & Devereaux Private Investment Counsel Inc. acquired a new position in NewJersey Resources in the 3rd quarter valued at $202,000. Aperio Group LLC raised its stake in NewJersey Resources by 4.5% in the 3rd quarter. Aperio Group LLC now owns 62,323 shares of the utilities provider’s stock valued at $2,627,000 after purchasing an additional 2,685 shares during the last quarter. First Trust Advisors LP raised its stake in NewJersey Resources by 2.7% in the 3rd quarter. First Trust Advisors LP now owns 503,854 shares of the utilities provider’s stock valued at $21,237,000 after purchasing an additional 13,264 shares during the last quarter. Finally, Personal Capital Advisors Corp raised its stake in NewJersey Resources by 68.6% in the 3rd quarter. Personal Capital Advisors Corp now owns 23,188 shares of the utilities provider’s stock valued at $977,000 after purchasing an additional 9,438 shares during the last quarter. 63.60% of the stock is owned by institutional investors and hedge funds.
NewJersey Resources Corporation (NJR) traded down $1.00 during mid-day trading on Wednesday, reaching $43.30. The company’s stock had a trading volume of 605,900 shares, compared to its average volume of 426,792. The company has a quick ratio of 0.46, a current ratio of 0.72 and a debt-to-equity ratio of 0.81. NewJersey Resources Corporation has a 52 week low of $33.70 and a 52 week high of $45.45. The firm has a market cap of $3,848.18, a price-to-earnings ratio of 25.76, a P/E/G ratio of 4.05 and a beta of 0.43.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Friday, December 15th will be given a dividend of $0.2725 per share. This represents a $1.09 annualized dividend and a dividend yield of 2.52%. The ex-dividend date of this dividend is Thursday, December 14th. This is a positive change from NewJersey Resources’s previous quarterly dividend of $0.26. NewJersey Resources’s dividend payout ratio (DPR) is 71.71%.
In related news, VP Amanda Mullan sold 920 shares of the firm’s stock in a transaction that occurred on Monday, December 4th. The stock was sold at an average price of $44.64, for a total transaction of $41,068.80. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Lawrence R. Codey sold 6,000 shares of NewJersey Resources stock in a transaction that occurred on Tuesday, November 28th. The shares were sold at an average price of $43.13, for a total value of $258,780.00. Following the completion of the transaction, the director now owns 13,266 shares in the company, valued at $572,162.58. The disclosure for this sale can be found here. Company insiders own 1.50% of the company’s stock.
Several analysts have issued reports on NJR shares. Argus upped their target price on NewJersey Resources from $46.00 to $49.00 and gave the company a “buy” rating in a report on Monday, August 28th. Janney Montgomery Scott upgraded NewJersey Resources from a “neutral” rating to a “buy” rating in a report on Wednesday, November 22nd. ValuEngine cut NewJersey Resources from a “buy” rating to a “hold” rating in a report on Friday, December 1st. Zacks Investment Research cut NewJersey Resources from a “buy” rating to a “hold” rating in a report on Tuesday, October 10th. Finally, BidaskClub upgraded NewJersey Resources from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 26th. One research analyst has rated the stock with a sell rating, three have given a hold rating, two have issued a buy rating and two have given a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $42.00.
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About NewJersey Resources
New Jersey Resources Corporation is an energy services holding company. The Company’s business is the distribution of natural gas through a regulated utility, which provides other retail and wholesale energy services to customers and investing in clean energy projects and midstream assets. It operates in four business segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services and Midstream.
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