MetLife Investment Management LLC Sells 750 Shares of New Jersey Resources Co. (NYSE:NJR)

MetLife Investment Management LLC lowered its position in New Jersey Resources Co. (NYSE:NJR) by 0.7% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 106,136 shares of the utilities provider’s stock after selling 750 shares during the period. MetLife Investment Management LLC’s holdings in New Jersey Resources were worth $5,010,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of NJR. Charles Schwab Investment Management Inc. boosted its stake in New Jersey Resources by 2.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,227,815 shares of the utilities provider’s stock worth $57,953,000 after purchasing an additional 33,772 shares in the last quarter. AQR Capital Management LLC lifted its position 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 worth $26,430,000 after buying an additional 176,396 shares in the last quarter. Victory Capital Management Inc. grew its holdings in New Jersey Resources by 192.9% during the 2nd quarter. Victory Capital Management Inc. now owns 387,950 shares of the utilities provider’s stock worth $16,581,000 after acquiring an additional 255,503 shares during the last quarter. International Assets Investment Management LLC increased its position in New Jersey Resources by 4,620.0% in the 3rd quarter. International Assets Investment Management LLC now owns 83,638 shares of the utilities provider’s stock valued at $3,948,000 after acquiring an additional 81,866 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of New Jersey Resources by 3.2% in the second quarter. Bank of New York Mellon Corp now owns 1,284,245 shares of the utilities provider’s stock worth $54,889,000 after acquiring an additional 40,094 shares during the last quarter. 70.98% of the stock is owned by institutional investors and hedge funds.

New Jersey Resources Stock Performance

Shares of NYSE:NJR opened at $51.58 on Monday. The company has a market capitalization of $5.15 billion, a price-to-earnings ratio of 17.66 and a beta of 0.59. The firm’s 50 day simple moving average is $47.28 and its 200 day simple moving average is $45.54. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.62 and a quick ratio of 0.41. New Jersey Resources Co. has a fifty-two week low of $39.44 and a fifty-two week high of $51.94.

New Jersey Resources Announces Dividend

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

Analysts Set New Price Targets

NJR has been the topic of several research reports. StockNews.com downgraded New Jersey Resources from a “hold” rating to a “sell” rating in a report on Tuesday, November 26th. Wells Fargo & Company upped their price target on New Jersey Resources from $51.00 to $54.00 and gave the company an “equal weight” rating in a research note on Wednesday, November 27th. Mizuho lifted their price objective on New Jersey Resources from $45.00 to $47.00 and gave the stock a “neutral” rating in a research report on Friday, September 20th. JPMorgan Chase & Co. upped their target price on shares of New Jersey Resources from $48.00 to $49.00 and gave the company a “neutral” rating in a research report on Thursday, August 15th. Finally, Guggenheim lifted their price target on shares of New Jersey Resources from $46.00 to $49.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 27th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $49.75.

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.