Glenmede Trust Co. NA Decreases Stake in New Jersey Resources Co. (NYSE:NJR)

Glenmede Trust Co. NA cut its stake in shares of New Jersey Resources Co. (NYSE:NJR) by 1.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 291,456 shares of the utilities provider’s stock after selling 3,897 shares during the quarter. Glenmede Trust Co. NA’s holdings in New Jersey Resources were worth $13,757,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. AQR Capital Management LLC grew its stake in New Jersey Resources by 39.9% during 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. Victory Capital Management Inc. increased its holdings in New Jersey Resources by 192.9% in the 2nd 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 period. International Assets Investment Management LLC raised its position in New Jersey Resources by 4,620.0% during the 3rd quarter. International Assets Investment Management LLC now owns 83,638 shares of the utilities provider’s stock worth $3,948,000 after buying an additional 81,866 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in New Jersey Resources by 3.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,284,245 shares of the utilities provider’s stock valued at $54,889,000 after acquiring an additional 40,094 shares during the period. Finally, Benjamin F. Edwards & Company Inc. boosted its holdings in shares of New Jersey Resources by 10.1% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 155,658 shares of the utilities provider’s stock valued at $6,653,000 after acquiring an additional 14,338 shares during the last quarter. 70.98% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on NJR. StockNews.com cut shares of New Jersey Resources from a “hold” rating to a “sell” rating in a report on Tuesday. Wells Fargo & Company lifted their price objective on New Jersey Resources from $51.00 to $54.00 and gave the company an “equal weight” rating in a research note on Wednesday. JPMorgan Chase & Co. upped their target price on New Jersey Resources from $48.00 to $49.00 and gave the stock a “neutral” rating in a research note on Thursday, August 15th. Mizuho lifted their price target on New Jersey Resources from $45.00 to $47.00 and gave the company a “neutral” rating in a research report on Friday, September 20th. Finally, Guggenheim upped their price objective on New Jersey Resources from $46.00 to $49.00 and gave the stock a “neutral” rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $49.75.

New Jersey Resources Price Performance

Shares of New Jersey Resources stock opened at $51.61 on Friday. The firm has a market cap of $5.15 billion, a PE ratio of 17.67 and a beta of 0.59. The business has a 50-day moving average price of $47.20 and a 200 day moving average price of $45.47. The company has a quick ratio of 0.41, a current ratio of 0.62 and a debt-to-equity ratio of 1.31. New Jersey Resources Co. has a twelve month low of $39.44 and a twelve month high of $51.94.

New Jersey Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Wednesday, December 11th will be paid a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 3.49%. The ex-dividend date is Wednesday, December 11th. New Jersey Resources’s payout ratio is 61.64%.

About New Jersey 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.