13,111 Shares in Middlesex Water (NASDAQ:MSEX) Bought by Franklin Resources Inc.

Franklin Resources Inc. acquired a new stake in shares of Middlesex Water (NASDAQ:MSEX - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 13,111 shares of the utilities provider's stock, valued at approximately $690,000. Franklin Resources Inc. owned approximately 0.07% of Middlesex Water at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of MSEX. 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 in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Middlesex Water by 1,006.4% in the fourth 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 last quarter. Crowley Wealth Management Inc. acquired a new position in shares of Middlesex Water during the 4th quarter worth approximately $37,000. Pictet Asset Management Holding SA raised its stake in shares of 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 purchasing an additional 1,192 shares in the last quarter. Finally, KLP Kapitalforvaltning AS bought a new stake in shares of Middlesex Water during the 4th quarter worth approximately $379,000. 79.52% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Middlesex Water

In other news, Director Dennis W. Doll sold 4,067 shares of the stock in a transaction that occurred on 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 of the company's stock, valued at $3,129,325.60. This represents a 7.24 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.86% of the company's stock.

Middlesex Water Stock Up 0.6 %

NASDAQ:MSEX traded up $0.36 on Friday, hitting $62.66. The stock had a trading volume of 102,858 shares, compared to its average volume of 131,138. Middlesex Water has a 52 week low of $47.40 and a 52 week high of $70.73. The business's fifty day moving average is $59.00 and its 200 day moving average is $58.84. The company has a quick ratio of 0.57, a current ratio of 0.65 and a debt-to-equity ratio of 0.80. The company has a market cap of $1.12 billion, a PE ratio of 27.24, a P/E/G ratio of 1.50 and a beta of 0.80.

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

Middlesex Water Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th were paid a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 2.17%. The ex-dividend date was Tuesday, February 18th. Middlesex Water's dividend payout ratio (DPR) is presently 55.06%.

Analysts Set New Price Targets

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

About Middlesex Water

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.