Zurcher Kantonalbank Zurich Cantonalbank lifted its position in NewJersey Resources Corporation (NYSE:NJR - Free Report) by 27.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 33,640 shares of the utilities provider's stock after purchasing an additional 7,281 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in NewJersey Resources were worth $1,650,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently modified their holdings of NJR. Dimensional Fund Advisors LP lifted its stake in shares of NewJersey Resources by 7.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,309,166 shares of the utilities provider's stock valued at $154,372,000 after acquiring an additional 216,000 shares during the last quarter. Wells Fargo & Company MN raised its position in NewJersey Resources by 1.3% during the 4th quarter. Wells Fargo & Company MN now owns 2,591,445 shares of the utilities provider's stock valued at $120,891,000 after purchasing an additional 32,413 shares during the last quarter. Millennium Management LLC grew its holdings in shares of NewJersey Resources by 66.0% during the 4th quarter. Millennium Management LLC now owns 1,363,495 shares of the utilities provider's stock worth $63,607,000 after acquiring an additional 542,089 shares during the period. Northern Trust Corp grew its holdings in shares of NewJersey Resources by 18.5% during the 4th quarter. Northern Trust Corp now owns 1,350,358 shares of the utilities provider's stock worth $62,994,000 after acquiring an additional 210,538 shares during the period. Finally, JPMorgan Chase & Co. grew its holdings in shares of NewJersey Resources by 12.2% during the 4th quarter. JPMorgan Chase & Co. now owns 683,557 shares of the utilities provider's stock worth $31,888,000 after acquiring an additional 74,358 shares during the period. 70.98% of the stock is currently owned by hedge funds and other institutional investors.
NewJersey Resources Stock Performance
NewJersey Resources stock opened at $45.77 on Friday. The company has a quick ratio of 0.73, a current ratio of 0.93 and a debt-to-equity ratio of 1.20. The company has a market capitalization of $4.59 billion, a P/E ratio of 11.11 and a beta of 0.64. The stock's 50 day moving average is $45.36 and its 200 day moving average is $46.95. NewJersey Resources Corporation has a twelve month low of $42.33 and a twelve month high of $51.94.
NewJersey Resources (NYSE:NJR - Get Free Report) last posted its quarterly earnings results on Monday, May 5th. The utilities provider reported $1.76 earnings per share for the quarter, topping the consensus estimate of $1.65 by $0.11. The company had revenue of $913.03 million for the quarter, compared to the consensus estimate of $732.00 million. NewJersey Resources had a return on equity of 16.95% and a net margin of 20.03%. The firm's quarterly revenue was up 38.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.41 EPS. On average, equities research analysts predict that NewJersey Resources Corporation will post 3.15 earnings per share for the current fiscal year.
Insider Buying and Selling at NewJersey Resources
In other NewJersey Resources news, COO Patrick J. Migliaccio sold 1,500 shares of the stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $44.22, for a total transaction of $66,330.00. Following the sale, the chief operating officer directly owned 35,690 shares in the company, valued at approximately $1,578,211.80. This trade represents a 4.03% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.72% of the stock is owned by insiders.
Analyst Ratings Changes
A number of research analysts have weighed in on the company. Wall Street Zen upgraded NewJersey Resources from a "sell" rating to a "hold" rating in a report on Wednesday, May 14th. JPMorgan Chase & Co. reduced their target price on NewJersey Resources from $56.00 to $51.00 and set an "overweight" rating on the stock in a report on Wednesday, May 28th. Wells Fargo & Company upped their target price on NewJersey Resources from $51.00 to $53.00 and gave the stock an "equal weight" rating in a report on Wednesday, May 7th. Raymond James Financial assumed coverage on NewJersey Resources in a report on Friday, June 13th. They set an "outperform" rating and a $49.00 target price on the stock. Finally, Mizuho reduced their target price on NewJersey Resources from $52.00 to $50.00 and set a "neutral" rating on the stock in a report on Thursday, May 15th. Five equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, NewJersey Resources has a consensus rating of "Hold" and an average target price of $51.29.
Read Our Latest Research Report on NJR
NewJersey Resources Profile
(
Free Report)
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.
Further Reading

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