First Trust Advisors LP Trims Stock Holdings in Middlesex Water (NASDAQ:MSEX)

First Trust Advisors LP cut its holdings in shares of Middlesex Water (NASDAQ:MSEX - Free Report) by 64.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 390,013 shares of the utilities provider's stock after selling 702,509 shares during the period. First Trust Advisors LP owned 2.18% of Middlesex Water worth $20,526,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the business. Sterling Capital Management LLC grew its position in Middlesex Water by 771.9% during the 4th quarter. Sterling Capital Management LLC now owns 497 shares of the utilities provider's stock worth $26,000 after purchasing an additional 440 shares during the last quarter. Allworth Financial LP grew its holdings in shares of Middlesex Water by 1,136.4% during the fourth quarter. Allworth Financial LP now owns 544 shares of the utilities provider's stock worth $27,000 after buying an additional 500 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in Middlesex Water by 1,006.4% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 520 shares of the utilities provider's stock valued at $27,000 after acquiring an additional 473 shares during the period. Crowley Wealth Management Inc. purchased a new stake in Middlesex Water during the 4th quarter valued at approximately $37,000. Finally, Pictet Asset Management Holding SA lifted its position in Middlesex Water by 31.2% during the 4th quarter. Pictet Asset Management Holding SA now owns 5,009 shares of the utilities provider's stock worth $264,000 after acquiring an additional 1,192 shares during the period. 79.52% of the stock is owned by institutional investors and hedge funds.

Middlesex Water Stock Performance

Shares of MSEX opened at $61.44 on Friday. The company has a market capitalization of $1.10 billion, a PE ratio of 26.71, a P/E/G ratio of 1.50 and a beta of 0.80. Middlesex Water has a 52-week low of $48.18 and a 52-week high of $70.73. The company has a 50-day simple moving average of $60.17 and a 200-day simple moving average of $58.82. The company has a quick ratio of 0.57, a current ratio of 0.65 and a debt-to-equity ratio of 0.80.

Middlesex Water (NASDAQ:MSEX - Get Free Report) last posted its quarterly earnings results on Friday, February 28th. The utilities provider reported $0.49 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.36 by $0.13. The company had revenue of $47.11 million during the quarter, compared to the consensus estimate of $45.00 million. Middlesex Water had a net margin of 22.53% and a return on equity of 9.58%. During the same period last year, the firm earned $0.32 EPS. Equities research analysts predict that Middlesex Water will post 2.34 earnings per share for the current fiscal year.

Middlesex Water Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Thursday, May 15th will be issued a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 2.21%. Middlesex Water's dividend payout ratio (DPR) is 55.06%.

Insider Activity

In other Middlesex Water news, Director Dennis W. Doll sold 4,067 shares of the firm's stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $60.05, for a total transaction of $244,223.35. Following the completion of the transaction, the director now directly owns 52,112 shares in the company, valued at approximately $3,129,325.60. This trade represents a 7.24 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 1.86% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on MSEX. Robert W. Baird raised Middlesex Water from a "neutral" rating to an "outperform" rating and set a $61.00 target price on the stock in a report on Monday, March 3rd. Baird R W upgraded shares of Middlesex Water from a "hold" rating to a "strong-buy" rating in a research note on Monday, March 3rd. Janney Montgomery Scott reaffirmed a "neutral" rating on shares of Middlesex Water in a report on Friday, April 4th. Finally, StockNews.com raised Middlesex Water from a "sell" rating to a "hold" rating in a report on Friday, April 18th. One research analyst has rated the stock with a sell rating, two have given a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Middlesex Water has an average rating of "Hold" and an average target price of $58.50.

Middlesex Water Profile

Middlesex Water Company owns and operates regulated water utility and wastewater systems. It operates in Regulated and Non-Regulated segments. 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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