Summit Global Investments Sells 16,042 Shares of New Jersey Resources Co. (NYSE:NJR)

Summit Global Investments reduced its holdings in shares of New Jersey Resources Co. (NYSE:NJR - Free Report) by 51.3% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 15,208 shares of the utilities provider's stock after selling 16,042 shares during the quarter. Summit Global Investments' holdings in New Jersey Resources were worth $718,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in NJR. Victory Capital Management Inc. increased its holdings in New Jersey Resources by 192.9% during the second quarter. Victory Capital Management Inc. now owns 387,950 shares of the utilities provider's stock worth $16,581,000 after buying an additional 255,503 shares during the last quarter. Energy Income Partners LLC increased its stake in shares of New Jersey Resources by 54.9% during the 1st quarter. Energy Income Partners LLC now owns 537,636 shares of the utilities provider's stock worth $23,070,000 after purchasing an additional 190,500 shares during the last quarter. Boston Partners raised its holdings in shares of New Jersey Resources by 65.5% in the 1st quarter. Boston Partners now owns 480,001 shares of the utilities provider's stock valued at $20,623,000 after purchasing an additional 190,028 shares during the period. AQR Capital Management LLC lifted its stake in New Jersey Resources by 39.9% in the 2nd quarter. AQR Capital Management LLC now owns 618,379 shares of the utilities provider's stock valued at $26,430,000 after purchasing an additional 176,396 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in New Jersey Resources by 5.5% during the second quarter. Dimensional Fund Advisors LP now owns 2,956,772 shares of the utilities provider's stock worth $126,372,000 after purchasing an additional 154,441 shares during the period. 70.98% of the stock is currently owned by institutional investors and hedge funds.

New Jersey Resources Stock Performance

Shares of NYSE:NJR traded up $0.44 on Friday, reaching $46.82. 696,968 shares of the company's stock were exchanged, compared to its average volume of 386,932. New Jersey Resources Co. has a twelve month low of $39.44 and a twelve month high of $48.68. The company has a fifty day moving average of $46.51 and a 200-day moving average of $44.97. The company has a market capitalization of $4.64 billion, a price-to-earnings ratio of 19.59 and a beta of 0.59. The company has a current ratio of 0.60, a quick ratio of 0.41 and a debt-to-equity ratio of 1.30.

New Jersey Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Wednesday, December 11th will be given a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 3.84%. The ex-dividend date is Wednesday, December 11th. New Jersey Resources's payout ratio is currently 75.31%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on NJR. JPMorgan Chase & Co. raised their price objective on New Jersey Resources from $48.00 to $49.00 and gave the company a "neutral" rating in a research report on Thursday, August 15th. Wells Fargo & Company lifted their price objective on shares of New Jersey Resources from $47.00 to $51.00 and gave the stock an "equal weight" rating in a research report on Wednesday, October 16th. StockNews.com upgraded New Jersey Resources from a "sell" rating to a "hold" rating in a report on Friday. Finally, Mizuho increased their target price on New Jersey Resources from $45.00 to $47.00 and gave the stock a "neutral" rating in a research note on Friday, September 20th. Four investment analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $49.00.

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.