NewJersey Resources Corporation $NJR Shares Newly Purchased by Mirae Asset Global Investments Co. Ltd.

Key Points

• Mirae Asset Global Investments newly purchased 20,029 NewJersey Resources shares in the third quarter, valued at approximately $1.01 million.
• Institutional investors and hedge funds own about 71% of NJR shares; several large investors also reported new or increased positions.
• NewJersey Resources raised its quarterly dividend from $0.475 to $0.50 per share, equivalent to a $2.00 annual dividend and a 3.7% yield. Analysts’ consensus rating was “Moderate Buy,” with a $62.50 price target.

Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of NewJersey Resources Corporation (NYSE:NJR - Free Report) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 20,029 shares of the utilities provider's stock, valued at approximately $1,013,000.

Several other large investors have also added to or reduced their stakes in NJR. BlackRock Inc. acquired a new stake in NewJersey Resources during the second quarter worth approximately $1,008,340,000. State Street Corp lifted its stake in NewJersey Resources by 6.8% in the second quarter. State Street Corp now owns 5,418,885 shares of the utilities provider's stock valued at $306,134,000 after buying an additional 343,537 shares during the period. Dimensional Fund Advisors LP lifted its stake in NewJersey Resources by 5.3% in the first quarter. Dimensional Fund Advisors LP now owns 4,141,330 shares of the utilities provider's stock valued at $227,447,000 after buying an additional 207,165 shares during the period. Energy Income Partners LLC acquired a new position in NewJersey Resources in the second quarter valued at approximately $78,592,000. Finally, Bank of New York Mellon Corp bought a new position in shares of NewJersey Resources during the 2nd quarter worth approximately $57,722,000. Institutional investors and hedge funds own 70.98% of the company's stock.

NewJersey Resources Stock Performance

Shares of NJR stock opened at $54.28 on Monday. The company has a current ratio of 0.66, a quick ratio of 0.45 and a debt-to-equity ratio of 1.21. The firm has a fifty day simple moving average of $52.62 and a two-hundred day simple moving average of $54.55. NewJersey Resources Corporation has a 12 month low of $44.51 and a 12 month high of $60.86. The firm has a market capitalization of $5.51 billion, a PE ratio of 14.99, a price-to-earnings-growth ratio of 3.17 and a beta of 0.45.

NewJersey Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 1st. Stockholders of record on Thursday, September 24th were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Thursday, September 24th. This is a boost from NewJersey Resources's previous quarterly dividend of $0.4750. This represents a $2.00 annualized dividend and a dividend yield of 3.7%. NewJersey Resources's payout ratio is presently 55.25%.

Analyst Ratings Changes

Several brokerages have recently commented on NJR. Huntington assumed coverage on shares of NewJersey Resources in a research report on Monday, September 14th. They set an "outperform" rating and a $68.00 price objective for the company. Wall Street Zen upgraded shares of NewJersey Resources from a "sell" rating to a "hold" rating in a research report on Sunday, September 20th. Weiss Ratings lowered shares of NewJersey Resources from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Tuesday, November 3rd. Wells Fargo & Company lowered shares of NewJersey Resources from an "overweight" rating to an "equal weight" rating and cut their target price for the stock from $63.00 to $61.00 in a research note on Wednesday, August 5th. Finally, New Street Research set a $68.00 price target on shares of NewJersey Resources in a report on Monday, September 14th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $62.50.

Insider Activity at NewJersey Resources

In related news, COO Patrick Migliaccio sold 3,000 shares of the company's stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $55.63, for a total value of $166,890.00. Following the sale, the chief operating officer owned 32,202 shares in the company, valued at $1,791,397.26. This represents a 8.52% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.70% of the stock is currently owned by insiders.

About NewJersey Resources

New Jersey Resources Corporation is an energy services holding company headquartered in Wall, New Jersey. Through its subsidiaries, it distributes natural gas, provides energy-related services, and develops and operates clean energy and infrastructure assets.

Its utility subsidiary, New Jersey Natural Gas, delivers natural gas to residential, commercial, and industrial customers in New Jersey. The company also provides natural gas supply and energy management services, operates natural gas storage and transportation assets, and offers home services such as heating, cooling, plumbing, and appliance repair.

New Jersey Resources also invests in solar and other clean energy projects through its renewable energy business.

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