New Jersey Resources Co. (NYSE:NJR) Shares Sold by Legal & General Group Plc

Legal & General Group Plc reduced its holdings in New Jersey Resources Co. (NYSE:NJR - Free Report) by 4.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 217,835 shares of the utilities provider's stock after selling 11,207 shares during the period. Legal & General Group Plc owned about 0.22% of New Jersey Resources worth $10,162,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Arizona State Retirement System boosted its holdings in New Jersey Resources by 1.1% in the fourth quarter. Arizona State Retirement System now owns 28,781 shares of the utilities provider's stock valued at $1,343,000 after purchasing an additional 325 shares during the last quarter. Good Life Advisors LLC raised its position in New Jersey Resources by 1.0% during the fourth quarter. Good Life Advisors LLC now owns 34,643 shares of the utilities provider's stock valued at $1,616,000 after acquiring an additional 327 shares in the last quarter. UMB Bank n.a. lifted its holdings in New Jersey Resources by 69.8% in the fourth quarter. UMB Bank n.a. now owns 839 shares of the utilities provider's stock valued at $39,000 after acquiring an additional 345 shares during the period. Greenwood Capital Associates LLC grew its stake in shares of New Jersey Resources by 1.5% during the 4th quarter. Greenwood Capital Associates LLC now owns 25,522 shares of the utilities provider's stock worth $1,191,000 after purchasing an additional 383 shares during the period. Finally, Franklin Resources Inc. increased its holdings in shares of New Jersey Resources by 0.3% during the 4th quarter. Franklin Resources Inc. now owns 122,953 shares of the utilities provider's stock valued at $5,736,000 after purchasing an additional 408 shares in the last quarter. 70.98% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CFO Roberto Bel sold 2,346 shares of the firm's stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $48.58, for a total transaction of $113,968.68. Following the completion of the sale, the chief financial officer now owns 23,822 shares in the company, valued at $1,157,272.76. This trade represents a 8.97 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.72% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on NJR shares. JPMorgan Chase & Co. decreased their price objective on shares of New Jersey Resources from $54.00 to $52.00 and set an "overweight" rating for the company in a research report on Tuesday, January 28th. StockNews.com upgraded New Jersey Resources from a "sell" rating to a "hold" rating in a research report on Tuesday, February 4th. Guggenheim lifted their price target on shares of New Jersey Resources from $53.00 to $54.00 and gave the company a "neutral" rating in a research note on Wednesday, February 5th. New Street Research set a $51.00 target price on shares of New Jersey Resources in a research report on Tuesday, April 1st. Finally, Jefferies Financial Group began coverage on shares of New Jersey Resources in a research note on Tuesday, April 1st. They set a "hold" rating and a $51.00 target price for the company. Five investment analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $51.50.

New Jersey Resources Price Performance

Shares of NYSE:NJR traded down $0.25 during midday trading on Wednesday, hitting $49.72. The company's stock had a trading volume of 47,031 shares, compared to its average volume of 620,929. New Jersey Resources Co. has a 12-month low of $41.58 and a 12-month high of $51.94. The company has a market cap of $4.99 billion, a P/E ratio of 14.98 and a beta of 0.58. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.61 and a current ratio of 0.89. The business's 50 day simple moving average is $48.18 and its 200 day simple moving average is $47.57.

New Jersey Resources (NYSE:NJR - Get Free Report) last issued its earnings results on Monday, February 3rd. The utilities provider reported $1.29 earnings per share for the quarter, topping the consensus estimate of $1.14 by $0.15. New Jersey Resources had a return on equity of 15.72% and a net margin of 18.25%. During the same quarter in the previous year, the company posted $0.74 EPS. On average, analysts forecast that New Jersey Resources Co. will post 3.15 EPS for the current year.

New Jersey Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Tuesday, June 10th will be issued a dividend of $0.45 per share. The ex-dividend date of this dividend is Tuesday, June 10th. This represents a $1.80 annualized dividend and a dividend yield of 3.62%. New Jersey Resources's dividend payout ratio is presently 54.22%.

New Jersey Resources Profile

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.