TSP Capital Management Group LLC boosted its holdings in Middlesex Water Company (NASDAQ:MSEX – Free Report) by 5.0% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 221,590 shares of the utilities provider’s stock after purchasing an additional 10,553 shares during the quarter. Middlesex Water makes up approximately 3.0% of TSP Capital Management Group LLC’s holdings, making the stock its 15th largest position. TSP Capital Management Group LLC’s holdings in Middlesex Water were worth $11,738,000 at the end of the most recent quarter.
Several other institutional investors have also modified their holdings of the stock. BlackRock Inc. purchased a new stake in shares of Middlesex Water during the 2nd quarter worth approximately $176,031,000. Legal & General Group Plc purchased a new position in shares of Middlesex Water in the 2nd quarter valued at $24,570,000. Dimensional Fund Advisors LP lifted its stake in shares of Middlesex Water by 0.9% during the first quarter. Dimensional Fund Advisors LP now owns 345,761 shares of the utilities provider’s stock worth $17,998,000 after purchasing an additional 3,045 shares in the last quarter. Bank of New York Mellon Corp purchased a new position in shares of Middlesex Water in the second quarter valued at $10,054,000. Finally, Renaissance Technologies LLC lifted its stake in shares of Middlesex Water by 13.8% in the first quarter. Renaissance Technologies LLC now owns 147,013 shares of the utilities provider’s stock worth $7,652,000 after acquiring an additional 17,800 shares in the last quarter. Hedge funds and other institutional investors own 79.52% of the company’s stock.
Insiders Place Their Bets
In related news, VP Lorrie Ginegaw sold 615 shares of the business’s stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $57.61, for a total transaction of $35,430.15. Following the transaction, the vice president directly owned 3,978 shares in the company, valued at $229,172.58. The trade was a 13.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 1.92% of the stock is currently owned by company insiders.
Middlesex Water Stock Up 0.5%
MSEX opened at $53.91 on Friday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.41 and a current ratio of 0.50. The business has a 50 day moving average price of $56.21 and a 200 day moving average price of $54.62. The firm has a market cap of $1.02 billion, a P/E ratio of 20.81 and a beta of 0.74. Middlesex Water Company has a twelve month low of $44.17 and a twelve month high of $62.17.
Middlesex Water (NASDAQ:MSEX – Get Free Report) last posted its earnings results on Thursday, July 30th. The utilities provider reported $0.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.13. The business had revenue of $56.36 million for the quarter, compared to analyst estimates of $54.51 million. Middlesex Water had a net margin of 23.26% and a return on equity of 9.59%.
Middlesex Water Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Monday, August 17th were issued a $0.36 dividend. The ex-dividend date of this dividend was Monday, August 17th. This represents a $1.44 dividend on an annualized basis and a yield of 2.7%. Middlesex Water’s dividend payout ratio is 55.60%.
Analysts Set New Price Targets
Several research firms have recently weighed in on MSEX. Weiss Ratings raised shares of Middlesex Water from a “hold (c)” rating to a “hold (c+)” rating in a research report on Monday. Robert W. Baird set a $66.00 price target on Middlesex Water in a research report on Friday, July 31st. Finally, New Street Research set a $64.00 price objective on Middlesex Water in a report on Thursday, July 9th. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $61.67.
View Our Latest Report on Middlesex Water
Middlesex Water Company Profile
Middlesex Water Company is a regulated water and wastewater utility that owns and operates systems serving residential, commercial, industrial and public-sector customers. Its services include the collection, treatment, distribution and sale of potable water, as well as wastewater collection and treatment in areas where it provides sewer service.
The company’s principal operations are in New Jersey and Delaware. Its Middlesex System serves customers in central New Jersey, while subsidiaries and affiliated operations provide water and wastewater services in additional communities, including through contract operations and municipal partnerships.
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