Massachusetts Financial Services Co. MA Cuts Stock Position in New Jersey Resources Co. (NYSE:NJR)

Massachusetts Financial Services Co. MA lessened its stake in shares of New Jersey Resources Co. (NYSE:NJR) by 6.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 754,876 shares of the utilities provider’s stock after selling 53,023 shares during the period. Massachusetts Financial Services Co. MA’s holdings in New Jersey Resources were worth $35,215,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in NJR. Roxbury Financial LLC purchased a new stake in shares of New Jersey Resources in the fourth quarter worth $25,000. Versant Capital Management Inc boosted its stake in New Jersey Resources by 9,400.0% in the 4th quarter. Versant Capital Management Inc now owns 665 shares of the utilities provider’s stock worth $31,000 after purchasing an additional 658 shares in the last quarter. UMB Bank n.a. grew its position in New Jersey Resources by 69.8% during the 4th quarter. UMB Bank n.a. now owns 839 shares of the utilities provider’s stock valued at $39,000 after purchasing an additional 345 shares during the last quarter. Halbert Hargrove Global Advisors LLC bought a new stake in New Jersey Resources during the 4th quarter valued at about $42,000. Finally, Newbridge Financial Services Group Inc. purchased a new position in New Jersey Resources in the fourth quarter worth about $51,000. Hedge funds and other institutional investors own 70.98% of the company’s stock.

New Jersey Resources Price Performance

NYSE NJR opened at $47.86 on Friday. The stock has a market capitalization of $4.80 billion, a price-to-earnings ratio of 14.42 and a beta of 0.58. New Jersey Resources Co. has a 1-year low of $40.62 and a 1-year high of $51.95. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.89 and a quick ratio of 0.61. The business’s fifty day moving average price is $47.79 and its 200-day moving average price is $47.44.

New Jersey Resources (NYSE:NJR) last posted its earnings results on Monday, February 3rd. The utilities provider reported $1.29 earnings per share for the quarter, beating analysts’ consensus estimates 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 period in the prior year, the business earned $0.74 EPS. On average, equities analysts predict that New Jersey Resources Co. will post 3.15 earnings per share for the current year.

New Jersey Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Tuesday, March 11th were given a dividend of $0.45 per share. The ex-dividend date of this dividend was Tuesday, March 11th. This represents a $1.80 annualized dividend and a yield of 3.76%. New Jersey Resources’s dividend payout ratio (DPR) is 54.22%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Jefferies Financial Group initiated coverage on shares of New Jersey Resources in a report on Tuesday, April 1st. They set a “hold” rating and a $51.00 price target on the stock. JPMorgan Chase & Co. cut their target price on New Jersey Resources from $54.00 to $52.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 28th. Guggenheim boosted their price target on New Jersey Resources from $53.00 to $54.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 5th. Finally, StockNews.com raised New Jersey Resources from a “sell” rating to a “hold” rating in a research report on Tuesday, February 4th. Five equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $51.60.

Insider Buying and Selling at New Jersey Resources

In related news, CFO Roberto Bel sold 2,346 shares of New Jersey Resources stock in a transaction on Monday, March 24th. The stock was sold at an average price of $48.58, for a total transaction of $113,968.68. Following the transaction, the chief financial officer now directly owns 23,822 shares in the company, valued at approximately $1,157,272.76. The trade was a 8.97 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.72% of the stock is owned by corporate insiders.

New Jersey Resources Company 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.