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JPMorgan Chase & Co. Has $2.10 Million Stake in Middlesex Water (NASDAQ:MSEX)

Middlesex Water logo with Utilities background

JPMorgan Chase & Co. decreased its stake in Middlesex Water (NASDAQ:MSEX - Free Report) by 32.2% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 32,223 shares of the utilities provider's stock after selling 15,310 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.18% of Middlesex Water worth $2,102,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. GAMMA Investing LLC lifted its position in Middlesex Water by 66.2% in the 3rd quarter. GAMMA Investing LLC now owns 2,046 shares of the utilities provider's stock worth $133,000 after buying an additional 815 shares in the last quarter. Crestwood Advisors Group LLC purchased a new stake in Middlesex Water in the 3rd quarter worth approximately $210,000. Wealth Enhancement Advisory Services LLC bought a new position in shares of Middlesex Water during the 3rd quarter valued at $225,000. Everence Capital Management Inc. bought a new position in shares of Middlesex Water during the 3rd quarter valued at $230,000. Finally, Victory Capital Management Inc. bought a new position in shares of Middlesex Water during the 3rd quarter valued at $230,000. Hedge funds and other institutional investors own 79.52% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on MSEX. Robert W. Baird raised their price target on shares of Middlesex Water from $58.00 to $61.00 and gave the company a "neutral" rating in a report on Friday, November 1st. Bank of America began coverage on shares of Middlesex Water in a report on Wednesday, December 11th. They set an "underperform" rating and a $56.00 price target on the stock.

Get Our Latest Research Report on MSEX

Middlesex Water Stock Down 4.5 %

Shares of Middlesex Water stock traded down $2.30 during midday trading on Wednesday, reaching $48.84. 134,835 shares of the company's stock traded hands, compared to its average volume of 127,157. The company has a market cap of $871.79 million, a price-to-earnings ratio of 21.23, a price-to-earnings-growth ratio of 1.51 and a beta of 0.85. Middlesex Water has a 52 week low of $45.42 and a 52 week high of $70.73. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.57 and a current ratio of 0.65. The company's 50 day simple moving average is $57.75 and its 200 day simple moving average is $61.38.

Middlesex Water (NASDAQ:MSEX - Get Free Report) last announced its earnings results on Thursday, October 31st. The utilities provider reported $0.80 EPS for the quarter, topping the consensus estimate of $0.67 by $0.13. The firm had revenue of $55.10 million for the quarter, compared to the consensus estimate of $50.00 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 posted $0.56 EPS. Equities analysts expect that Middlesex Water will post 2.34 earnings per share for the current fiscal year.

Middlesex Water Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Friday, November 15th were issued a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 2.78%. The ex-dividend date was Friday, November 15th. This is an increase from Middlesex Water's previous quarterly dividend of $0.33. Middlesex Water's dividend payout ratio (DPR) is 59.13%.

Middlesex Water Profile

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Middlesex Water (NASDAQ:MSEX)

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