Summit Global Investments Sells 16,042 Shares of New Jersey Resources Co. (NYSE:NJR)

Summit Global Investments decreased its stake in New Jersey Resources Co. (NYSE:NJR) by 51.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 15,208 shares of the utilities provider’s stock after selling 16,042 shares during the period. Summit Global Investments’ holdings in New Jersey Resources were worth $718,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the stock. Dimensional Fund Advisors LP increased its position in New Jersey Resources by 5.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,956,772 shares of the utilities provider’s stock valued at $126,372,000 after purchasing an additional 154,441 shares during the period. Bank of New York Mellon Corp raised its stake in New Jersey Resources by 3.2% during the second quarter. Bank of New York Mellon Corp now owns 1,284,245 shares of the utilities provider’s stock worth $54,889,000 after buying an additional 40,094 shares during the last quarter. ProShare Advisors LLC lifted its holdings in New Jersey Resources by 1.0% in the first quarter. ProShare Advisors LLC now owns 917,203 shares of the utilities provider’s stock valued at $39,357,000 after buying an additional 8,843 shares during the period. AQR Capital Management LLC boosted its position in New Jersey Resources by 39.9% during the second quarter. AQR Capital Management LLC now owns 618,379 shares of the utilities provider’s stock valued at $26,430,000 after acquiring an additional 176,396 shares during the last quarter. Finally, Energy Income Partners LLC grew its holdings in New Jersey Resources by 54.9% during the 1st quarter. Energy Income Partners LLC now owns 537,636 shares of the utilities provider’s stock worth $23,070,000 after acquiring an additional 190,500 shares during the period. 70.98% of the stock is currently owned by institutional investors.

New Jersey Resources Stock Up 0.9 %

Shares of NYSE:NJR opened at $46.82 on Friday. The firm has a market cap of $4.64 billion, a P/E ratio of 19.59 and a beta of 0.59. New Jersey Resources Co. has a 52-week low of $39.44 and a 52-week high of $48.68. The business’s 50 day simple moving average is $46.51 and its two-hundred day simple moving average is $44.95. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.41 and a current ratio of 0.60.

New Jersey Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Wednesday, December 11th will be given a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 3.84%. The ex-dividend date of this dividend is Wednesday, December 11th. New Jersey Resources’s payout ratio is currently 75.31%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on NJR shares. Wells Fargo & Company boosted their price objective on New Jersey Resources from $47.00 to $51.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 16th. Mizuho boosted their price target on New Jersey Resources from $45.00 to $47.00 and gave the company a “neutral” rating in a research note on Friday, September 20th. JPMorgan Chase & Co. raised their price objective on shares of New Jersey Resources from $48.00 to $49.00 and gave the stock a “neutral” rating in a research report on Thursday, August 15th. Finally, StockNews.com raised shares of New Jersey Resources from a “sell” rating to a “hold” rating in a research note on Friday. Four research analysts have rated the stock with a hold rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $49.00.

About New Jersey Resources

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.