Middlesex Water (NASDAQ:MSEX) Shares Sold by Magellan Asset Management Ltd

Magellan Asset Management Ltd lessened its holdings in Middlesex Water (NASDAQ:MSEX - Free Report) by 30.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 12,288 shares of the utilities provider's stock after selling 5,312 shares during the quarter. Magellan Asset Management Ltd owned 0.07% of Middlesex Water worth $647,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. State Street Corp grew its position in Middlesex Water by 7.0% during the 3rd quarter. State Street Corp now owns 813,455 shares of the utilities provider's stock worth $53,070,000 after purchasing an additional 53,098 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Middlesex Water by 0.8% in the 3rd quarter. Geode Capital Management LLC now owns 434,559 shares of the utilities provider's stock valued at $28,356,000 after acquiring an additional 3,430 shares during the period. Bank of New York Mellon Corp raised its stake in Middlesex Water by 3.4% in the 4th quarter. Bank of New York Mellon Corp now owns 214,913 shares of the utilities provider's stock worth $11,311,000 after acquiring an additional 6,983 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in Middlesex Water by 3.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 172,472 shares of the utilities provider's stock worth $9,077,000 after acquiring an additional 5,191 shares during the period. Finally, Amundi grew its stake in Middlesex Water by 7.4% during the 4th quarter. Amundi now owns 128,526 shares of the utilities provider's stock valued at $6,470,000 after purchasing an additional 8,848 shares during the last quarter. Institutional investors and hedge funds own 79.52% of the company's stock.

Analyst Ratings Changes

MSEX has been the subject of several research analyst reports. Baird R W upgraded Middlesex Water from a "hold" rating to a "strong-buy" rating in a research note on Monday, March 3rd. Robert W. Baird raised shares of Middlesex Water from a "neutral" rating to an "outperform" rating and set a $61.00 price objective on the stock in a report on Monday, March 3rd. Bank of America initiated coverage on shares of Middlesex Water in a research note on Wednesday, December 11th. They issued an "underperform" rating and a $56.00 price objective on the stock. Janney Montgomery Scott reaffirmed a "neutral" rating on shares of Middlesex Water in a report on Friday. Finally, StockNews.com raised Middlesex Water from a "sell" rating to a "hold" rating in a report on Saturday, March 29th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $58.50.

Middlesex Water Trading Down 0.2 %

Shares of MSEX stock traded down $0.12 on Tuesday, hitting $61.50. The stock had a trading volume of 34,257 shares, compared to its average volume of 162,075. The company's 50 day moving average price is $56.52 and its 200-day moving average price is $58.98. Middlesex Water has a 1 year low of $45.42 and a 1 year high of $70.73. The firm has a market capitalization of $1.10 billion, a P/E ratio of 26.74, a P/E/G ratio of 1.50 and a beta of 0.80. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.65 and a quick ratio of 0.57.

Middlesex Water (NASDAQ:MSEX - Get Free Report) last posted its quarterly earnings data on Friday, February 28th. The utilities provider reported $0.49 earnings per share for the quarter, topping analysts' consensus estimates of $0.36 by $0.13. Middlesex Water had a return on equity of 9.58% and a net margin of 22.53%. The business had revenue of $47.11 million for the quarter, compared to analyst estimates of $45.00 million. During the same quarter in the prior year, the company earned $0.32 earnings per share. Analysts anticipate that Middlesex Water will post 2.34 earnings per share for the current year.

Middlesex Water Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Investors 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 2.21%. The ex-dividend date of this dividend was Tuesday, February 18th. Middlesex Water's payout ratio is 55.06%.

Insider Activity at Middlesex Water

In related news, Director Dennis W. Doll sold 4,067 shares of the company's stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $60.05, for a total value of $244,223.35. Following the completion of the sale, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.86% of the stock is currently owned by corporate insiders.

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.