Glenmede Trust Co. NA Trims Position in New Jersey Resources Co. (NYSE:NJR)

Glenmede Trust Co. NA decreased its stake in shares of New Jersey Resources Co. (NYSE:NJR) by 1.3% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 291,456 shares of the utilities provider’s stock after selling 3,897 shares during the quarter. Glenmede Trust Co. NA owned approximately 0.29% of New Jersey Resources worth $13,757,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in NJR. V Square Quantitative Management LLC bought a new stake in shares of New Jersey Resources during the third quarter valued at approximately $27,000. Neo Ivy Capital Management bought a new stake in New Jersey Resources during the 2nd quarter valued at $31,000. GAMMA Investing LLC grew its position in shares of New Jersey Resources by 119.5% during the 2nd quarter. GAMMA Investing LLC now owns 1,214 shares of the utilities provider’s stock worth $52,000 after buying an additional 661 shares in the last quarter. Van ECK Associates Corp bought a new position in shares of New Jersey Resources during the 3rd quarter worth $52,000. Finally, Spirit of America Management Corp NY raised its holdings in shares of New Jersey Resources by 140.0% in the third quarter. Spirit of America Management Corp NY now owns 1,200 shares of the utilities provider’s stock valued at $57,000 after acquiring an additional 700 shares in the last quarter. 70.98% of the stock is owned by hedge funds and other institutional investors.

New Jersey Resources Price Performance

NYSE NJR opened at $51.61 on Friday. The firm’s fifty day simple moving average is $47.20 and its two-hundred day simple moving average is $45.47. The firm has a market capitalization of $5.15 billion, a P/E ratio of 17.67 and a beta of 0.59. The company has a current ratio of 0.62, a quick ratio of 0.41 and a debt-to-equity ratio of 1.31. New Jersey Resources Co. has a 12-month low of $39.44 and a 12-month high of $51.94.

New Jersey Resources Dividend Announcement

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

Analyst Ratings Changes

NJR has been the topic of several recent research reports. Wells Fargo & Company increased their target price on shares of New Jersey Resources from $51.00 to $54.00 and gave the stock an “equal weight” rating in a report on Wednesday. StockNews.com lowered shares of New Jersey Resources from a “hold” rating to a “sell” rating in a report on Tuesday. Mizuho upped their target price on New Jersey Resources from $45.00 to $47.00 and gave the stock a “neutral” rating in a report on Friday, September 20th. Guggenheim lifted their price target on New Jersey Resources from $46.00 to $49.00 and gave the company a “neutral” rating in a report on Wednesday. Finally, JPMorgan Chase & Co. upped their price objective 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. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $49.75.

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.