Philadelphia Trust Co. bought a new stake in shares of Middlesex Water (NASDAQ:MSEX – Get Rating) in the 1st quarter, HoldingsChannel reports. The fund bought 2,000 shares of the utilities provider's stock, valued at approximately $210,000.
Several other institutional investors have also recently added to or reduced their stakes in the business. Hanson & Doremus Investment Management bought a new position in shares of Middlesex Water during the first quarter worth about $32,000. Allegheny Financial Group LTD bought a new position in shares of Middlesex Water during the fourth quarter worth about $47,000. UMB Bank N A MO bought a new position in shares of Middlesex Water during the fourth quarter worth about $48,000. Point72 Hong Kong Ltd bought a new position in shares of Middlesex Water during the fourth quarter worth about $65,000. Finally, Castleview Partners LLC bought a new position in shares of Middlesex Water during the fourth quarter worth about $82,000. Institutional investors own 68.14% of the company's stock.
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Wall Street Analyst Weigh In
Several equities analysts have recently commented on the stock. StockNews.com upgraded shares of Middlesex Water from a "sell" rating to a "hold" rating in a research report on Thursday, May 12th. Janney Montgomery Scott raised shares of Middlesex Water from a "neutral" rating to a "buy" rating in a report on Friday, June 24th. TheStreet raised shares of Middlesex Water from a "c+" rating to a "b-" rating in a report on Monday, July 25th. Finally, Robert W. Baird cut their price target on shares of Middlesex Water from $102.00 to $99.00 in a report on Monday, May 2nd.
Middlesex Water Price Performance
NASDAQ MSEX opened at $95.11 on Friday. The company has a market cap of $1.67 billion, a PE ratio of 40.30 and a beta of 0.54. Middlesex Water has a 1 year low of $75.77 and a 1 year high of $121.43. The company has a current ratio of 0.55, a quick ratio of 0.46 and a debt-to-equity ratio of 0.81. The stock's 50-day moving average price is $86.86 and its two-hundred day moving average price is $93.99.
Middlesex Water (NASDAQ:MSEX – Get Rating) last issued its earnings results on Friday, April 29th. The utilities provider reported $0.68 earnings per share for the quarter, beating analysts' consensus estimates of $0.50 by $0.18. The company had revenue of $36.20 million for the quarter, compared to the consensus estimate of $36.00 million. Middlesex Water had a return on equity of 11.41% and a net margin of 28.43%. On average, analysts predict that Middlesex Water will post 2.65 EPS for the current year.
Middlesex Water Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 1st. Investors of record on Friday, August 12th will be issued a $0.29 dividend. The ex-dividend date is Thursday, August 11th. This represents a $1.16 dividend on an annualized basis and a yield of 1.22%. Middlesex Water's dividend payout ratio is currently 49.15%.
Insider Buying and Selling
In related news, VP Lorrie Beth Ginegaw sold 620 shares of the stock in a transaction that occurred on Tuesday, June 21st. The stock was sold at an average price of $80.34, for a total value of $49,810.80. Following the transaction, the vice president now owns 155 shares in the company, valued at $12,452.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.92% of the stock is currently owned by corporate insiders.
About Middlesex Water
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Middlesex Water Company owns and operates regulated water utility and wastewater systems. It operates in two segments, Regulated and Non-Regulated. The Regulated segment collects, treats, and distributes water on a retail and wholesale basis to residential, commercial, industrial, and fire protection customers, as well as provides regulated wastewater systems in New Jersey and Delaware.
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