Mirae Asset Global Investments Co. Ltd. Buys New Position in NewJersey Resources Corporation $NJR

Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of NewJersey Resources Corporation (NYSE:NJR) in the 3rd quarter, Holdings Channel.com reports. The institutional investor purchased 20,029 shares of the utilities provider’s stock, valued at approximately $1,013,000.

Several other institutional investors have also bought and sold shares of the stock. BlackRock Inc. purchased a new stake in NewJersey Resources in the 2nd quarter valued at $1,008,340,000. Energy Income Partners LLC bought a new position in NewJersey Resources during the 2nd quarter valued at $78,592,000. Bank of New York Mellon Corp purchased a new position in NewJersey Resources during the 2nd quarter worth $57,722,000. Caisse de depot et placement du Quebec purchased a new position in NewJersey Resources during the 2nd quarter worth $29,905,000. Finally, Bank of America Corp DE bought a new stake in shares of NewJersey Resources in the 2nd quarter worth $22,628,000. Institutional investors own 70.98% of the company’s stock.

Insider Activity

In related news, COO Patrick Migliaccio sold 3,000 shares of NewJersey Resources stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $55.63, for a total value of $166,890.00. Following the sale, the chief operating officer owned 32,202 shares of the company’s stock, valued at approximately $1,791,397.26. The trade was a 8.52% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.70% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several analysts have recently commented on NJR shares. Weiss Ratings downgraded shares of NewJersey Resources from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, November 3rd. JPMorgan Chase & Co. dropped their price target on NewJersey Resources from $64.00 to $63.00 and set an “overweight” rating on the stock in a report on Friday, September 11th. Wall Street Zen raised NewJersey Resources from a “sell” rating to a “hold” rating in a research report on Sunday, September 20th. Huntington initiated coverage on NewJersey Resources in a research report on Monday, September 14th. They issued an “outperform” rating and a $68.00 price objective on the stock. Finally, Wells Fargo & Company downgraded NewJersey Resources from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $63.00 to $61.00 in a research note on Wednesday, August 5th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $62.50.

NewJersey Resources Stock Performance

NYSE NJR opened at $54.28 on Monday. The company has a market capitalization of $5.51 billion, a PE ratio of 14.99, a price-to-earnings-growth ratio of 3.17 and a beta of 0.45. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.45 and a current ratio of 0.66. NewJersey Resources Corporation has a 52-week low of $44.51 and a 52-week high of $60.86. The company has a 50-day simple moving average of $52.62 and a 200 day simple moving average of $54.55.

NewJersey Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 1st. Stockholders of record on Thursday, September 24th were paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 3.7%. The ex-dividend date was Thursday, September 24th. This is an increase from NewJersey Resources’s previous quarterly dividend of $0.4750. NewJersey Resources’s dividend payout ratio (DPR) is 55.25%.

About NewJersey Resources

New Jersey Resources Corporation is an energy services holding company headquartered in Wall, New Jersey. Through its subsidiaries, it distributes natural gas, provides energy-related services, and develops and operates clean energy and infrastructure assets.

Its utility subsidiary, New Jersey Natural Gas, delivers natural gas to residential, commercial, and industrial customers in New Jersey. The company also provides natural gas supply and energy management services, operates natural gas storage and transportation assets, and offers home services such as heating, cooling, plumbing, and appliance repair.

New Jersey Resources also invests in solar and other clean energy projects through its renewable energy business.