NewJersey Resources Corporation (NJR) Shares Bought by Principal Financial Group Inc.

NewJersey Resources Corporation (NJR) Shares Bought by Principal Financial Group Inc.

Principal Financial Group Inc. increased its stake in NewJersey Resources Corporation (NYSE:NJR) by 4.3% during the third quarter, Holdings Channel reports. The institutional investor owned 334,979 shares of the company’s stock after buying an additional 13,766 shares during the period. Principal Financial Group Inc. owned about 0.39% of NewJersey Resources Corporation worth $11,007,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently modified their holdings of NJR. Janney Montgomery Scott LLC raised its position in shares of NewJersey Resources Corporation by 92.9% in the second quarter. Janney Montgomery Scott LLC now owns 104,824 shares of the company’s stock valued at $4,040,000 after buying an additional 50,469 shares in the last quarter. BTIM Corp. raised its position in shares of NewJersey Resources Corporation by 29.9% in the third quarter. BTIM Corp. now owns 696,438 shares of the company’s stock valued at $22,885,000 after buying an additional 160,371 shares in the last quarter. BlackRock Inc. raised its position in shares of NewJersey Resources Corporation by 0.7% in the third quarter. BlackRock Inc. now owns 249,449 shares of the company’s stock valued at $8,197,000 after buying an additional 1,761 shares in the last quarter. California State Teachers Retirement System raised its position in shares of NewJersey Resources Corporation by 0.8% in the third quarter. California State Teachers Retirement System now owns 181,859 shares of the company’s stock valued at $5,976,000 after buying an additional 1,500 shares in the last quarter. Finally, Channing Capital Management LLC raised its position in shares of NewJersey Resources Corporation by 10.1% in the second quarter. Channing Capital Management LLC now owns 145,551 shares of the company’s stock valued at $5,611,000 after buying an additional 13,355 shares in the last quarter. 60.00% of the stock is currently owned by institutional investors and hedge funds.

NewJersey Resources Corporation (NYSE:NJR) traded up 0.13% on Tuesday, hitting $37.60. 632,735 shares of the company were exchanged. NewJersey Resources Corporation has a 52 week low of $30.46 and a 52 week high of $38.92. The company has a 50 day moving average price of $36.17 and a 200-day moving average price of $34.59. The stock has a market capitalization of $3.24 billion, a P/E ratio of 24.74 and a beta of 0.43.

NewJersey Resources Corporation (NYSE:NJR) last issued its earnings results on Tuesday, November 22nd. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.01 by $0.03. NewJersey Resources Corporation had a return on equity of 11.54% and a net margin of 6.91%. The firm earned $469.24 million during the quarter, compared to analysts’ expectations of $449.98 million. During the same period in the previous year, the firm earned $0.05 earnings per share. The firm’s quarterly revenue was up 7.1% compared to the same quarter last year. On average, equities analysts expect that NewJersey Resources Corporation will post $1.70 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 3rd. Shareholders of record on Wednesday, March 15th will be given a dividend of $0.255 per share. This represents a $1.02 dividend on an annualized basis and a yield of 2.71%. The ex-dividend date of this dividend is Monday, March 13th. NewJersey Resources Corporation’s payout ratio is currently 68.46%.

Several research analysts recently issued reports on NJR shares. Zacks Investment Research lowered shares of NewJersey Resources Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday, October 19th. Guggenheim started coverage on shares of NewJersey Resources Corporation in a research note on Thursday, November 3rd. They set a “buy” rating and a $36.00 target price on the stock. TheStreet raised shares of NewJersey Resources Corporation from a “hold” rating to a “strong-buy” rating in a research note on Monday, December 19th. Finally, Seaport Global Securities started coverage on shares of NewJersey Resources Corporation in a research note on Wednesday, December 21st. They issued a “neutral” rating and a $36.00 price objective on the stock. One analyst has rated the stock with a sell rating, four have given a hold rating, two have given a buy rating and one has given a strong buy rating to the company. NewJersey Resources Corporation presently has a consensus rating of “Hold” and a consensus price target of $38.25.

In other NewJersey Resources Corporation news, VP Patrick J. Migliaccio sold 1,366 shares of the business’s stock in a transaction on Friday, December 23rd. The shares were sold at an average price of $36.22, for a total transaction of $49,476.52. Following the transaction, the vice president now directly owns 15,025 shares of the company’s stock, valued at approximately $544,205.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director M William Howard, Jr. sold 1,000 shares of the business’s stock in a transaction on Tuesday, December 20th. The shares were sold at an average price of $36.93, for a total transaction of $36,930.00. The disclosure for this sale can be found here. 1.50% of the stock is currently owned by insiders.

NewJersey Resources Corporation Company Profile

New Jersey Resources Corporation is an energy services holding company. The Company’s business is the distribution of natural gas through a regulated utility, which provides other retail and wholesale energy services to customers and investing in clean energy projects and midstream assets. It operates in four business segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services and Midstream.

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