Glenmede Trust Co. NA Has $13.31 Million Stock Holdings in NewJersey Resources Corporation $NJR

Key Points

• Glenmede Trust reduced its NewJersey Resources stake by 11.7% in the first quarter, selling 32,219 shares and retaining 242,407 shares valued at approximately $13.31 million. Institutional investors and hedge funds collectively own 70.98% of NJR.
• NewJersey Resources exceeded quarterly expectations, reporting $2.20 in earnings per share versus the $1.89 consensus estimate and revenue of $939.4 million, up 2.9% year over year.
• Analysts maintain a favorable outlook, with NJR carrying a consensus “Buy” rating and an average price target of $58.17. The stock recently traded at $57.86, while insiders have sold 12,150 shares worth $682,261 over the past 90 days.

Glenmede Trust Co. NA trimmed its position in shares of NewJersey Resources Corporation (NYSE:NJR - Free Report) by 11.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 242,407 shares of the utilities provider's stock after selling 32,219 shares during the period. Glenmede Trust Co. NA owned approximately 0.24% of NewJersey Resources worth $13,313,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in NJR. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of NewJersey Resources by 6.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 59,363 shares of the utilities provider's stock valued at $2,912,000 after purchasing an additional 3,422 shares in the last quarter. NewEdge Advisors LLC lifted its position in NewJersey Resources by 65.7% in the first quarter. NewEdge Advisors LLC now owns 22,214 shares of the utilities provider's stock worth $1,090,000 after purchasing an additional 8,808 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in NewJersey Resources by 10.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 320,113 shares of the utilities provider's stock worth $15,705,000 after buying an additional 29,458 shares in the last quarter. Jane Street Group LLC bought a new stake in NewJersey Resources in the 1st quarter valued at $8,907,000. Finally, Invesco Ltd. increased its holdings in NewJersey Resources by 14.4% in the 2nd quarter. Invesco Ltd. now owns 465,923 shares of the utilities provider's stock valued at $20,883,000 after buying an additional 58,795 shares during the period. Institutional investors and hedge funds own 70.98% of the company's stock.

NewJersey Resources Stock Down 0.1%

Shares of NYSE NJR opened at $57.86 on Monday. The stock has a market cap of $5.84 billion, a PE ratio of 17.17 and a beta of 0.50. The business has a fifty day moving average of $56.80 and a two-hundred day moving average of $54.91. NewJersey Resources Corporation has a 52-week low of $43.46 and a 52-week high of $60.86. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.80 and a current ratio of 0.94.

NewJersey Resources (NYSE:NJR - Get Free Report) last issued its earnings results on Monday, May 4th. The utilities provider reported $2.20 EPS for the quarter, beating the consensus estimate of $1.89 by $0.31. The company had revenue of $939.40 million for the quarter, compared to the consensus estimate of $849.95 million. NewJersey Resources had a net margin of 15.67% and a return on equity of 14.58%. The firm's revenue for the quarter was up 2.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.78 EPS. As a group, equities research analysts expect that NewJersey Resources Corporation will post 3.58 earnings per share for the current fiscal year.

Insider Buying and Selling at NewJersey Resources

In other news, COO Patrick J. Migliaccio sold 3,000 shares of the firm's stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $55.84, for a total transaction of $167,520.00. Following the completion of the sale, the chief operating officer owned 35,202 shares of the company's stock, valued at approximately $1,965,679.68. This trade represents a 7.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Jane M. Kenny sold 8,000 shares of NewJersey Resources stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $56.10, for a total transaction of $448,800.00. Following the completion of the transaction, the director owned 21,998 shares of the company's stock, valued at $1,234,087.80. This trade represents a 26.67% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 12,150 shares of company stock worth $682,261 over the last ninety days. Corporate insiders own 0.70% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on NJR shares. Weiss Ratings upgraded shares of NewJersey Resources from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday, May 27th. Argus set a $63.00 target price on shares of NewJersey Resources in a research note on Wednesday, May 20th. Mizuho increased their price target on shares of NewJersey Resources from $54.00 to $61.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 21st. Finally, Wells Fargo & Company initiated coverage on shares of NewJersey Resources in a research note on Tuesday, May 12th. They set an "overweight" rating and a $63.00 price target for the company. Two research analysts have rated the stock with a Strong Buy rating and three have issued a Buy rating to the company's stock. Based on data from MarketBeat, NewJersey Resources currently has a consensus rating of "Buy" and an average target price of $58.17.

About NewJersey Resources

New Jersey Resources Corporation is a publicly traded energy services holding company headquartered in Wall Township, New Jersey. The firm's primary focus is on the safe and reliable distribution of natural gas, along with complementary energy services and renewable energy investments. Its operations center on delivering cost-effective solutions to residential, commercial and industrial customers throughout the state.

The company's principal subsidiary, New Jersey Natural Gas, owns and operates an extensive pipeline network that spans northern, central and southern New Jersey.

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