Ethic Inc. Has $1.94 Million Stock Position in NewJersey Resources Corporation $NJR

Key Points

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Ethic Inc. boosted its position in shares of NewJersey Resources Corporation (NYSE:NJR - Free Report) by 23.8% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 39,455 shares of the utilities provider's stock after purchasing an additional 7,596 shares during the quarter. Ethic Inc.'s holdings in NewJersey Resources were worth $1,938,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the business. Dimensional Fund Advisors LP grew its position in shares of NewJersey Resources by 3.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,424,736 shares of the utilities provider's stock worth $168,019,000 after buying an additional 115,570 shares during the period. Fox Run Management L.L.C. boosted its stake in NewJersey Resources by 8.0% in the first quarter. Fox Run Management L.L.C. now owns 15,757 shares of the utilities provider's stock valued at $773,000 after acquiring an additional 1,171 shares during the last quarter. Sei Investments Co. grew its holdings in NewJersey Resources by 17.2% during the 1st quarter. Sei Investments Co. now owns 14,344 shares of the utilities provider's stock worth $692,000 after acquiring an additional 2,107 shares during the period. Boston Partners raised its position in shares of NewJersey Resources by 46.7% during the 1st quarter. Boston Partners now owns 23,918 shares of the utilities provider's stock valued at $1,173,000 after acquiring an additional 7,614 shares during the last quarter. Finally, Nuveen LLC bought a new stake in shares of NewJersey Resources during the 1st quarter valued at $29,509,000. Institutional investors own 70.98% of the company's stock.

NewJersey Resources Stock Up 1.9%

Shares of NYSE:NJR traded up $0.8730 during trading on Friday, hitting $47.8830. 258,310 shares of the company's stock traded hands, compared to its average volume of 624,198. The company has a current ratio of 0.76, a quick ratio of 0.48 and a debt-to-equity ratio of 1.25. The company has a 50-day moving average price of $45.83 and a 200-day moving average price of $46.91. NewJersey Resources Corporation has a 52 week low of $43.80 and a 52 week high of $51.94. The company has a market cap of $4.81 billion, a price-to-earnings ratio of 11.71 and a beta of 0.64.

NewJersey Resources (NYSE:NJR - Get Free Report) last announced its earnings results on Monday, August 4th. The utilities provider reported $0.06 EPS for the quarter, topping the consensus estimate of ($0.06) by $0.12. The firm had revenue of $298.95 million for the quarter, compared to the consensus estimate of $305.05 million. NewJersey Resources had a net margin of 19.64% and a return on equity of 17.08%. The business's quarterly revenue was up 8.5% on a year-over-year basis. During the same period last year, the company posted ($0.09) EPS. As a group, research analysts forecast that NewJersey Resources Corporation will post 3.15 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on NJR. JPMorgan Chase & Co. decreased their price objective on NewJersey Resources from $56.00 to $51.00 and set an "overweight" rating for the company in a research note on Wednesday, May 28th. Raymond James Financial restated an "outperform" rating and set a $50.00 target price (up previously from $49.00) on shares of NewJersey Resources in a report on Friday, August 8th. Wells Fargo & Company upped their price target on NewJersey Resources from $51.00 to $53.00 and gave the company an "equal weight" rating in a research note on Wednesday, May 7th. Wall Street Zen lowered shares of NewJersey Resources from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Finally, Mizuho decreased their price objective on shares of NewJersey Resources from $52.00 to $50.00 and set a "neutral" rating for the company in a report on Thursday, May 15th. Two equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $51.43.

Insiders Place Their Bets

In related news, COO Patrick J. Migliaccio sold 1,500 shares of the company's stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $44.22, for a total value of $66,330.00. Following the completion of the transaction, the chief operating officer directly owned 35,690 shares of the company's stock, valued at approximately $1,578,211.80. This represents a 4.03% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.72% of the company's stock.

About NewJersey 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.