Duff & Phelps Investment Management Co. lessened its stake in shares of Middlesex Water (NASDAQ:MSEX - Free Report) by 21.0% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 28,180 shares of the utilities provider's stock after selling 7,473 shares during the quarter. Duff & Phelps Investment Management Co. owned about 0.16% of Middlesex Water worth $1,483,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently modified their holdings of MSEX. JPMorgan Chase & Co. raised its position in shares of Middlesex Water by 187.2% in the fourth quarter. JPMorgan Chase & Co. now owns 92,560 shares of the utilities provider's stock worth $4,871,000 after buying an additional 60,337 shares in the last quarter. State Street Corp raised its holdings in shares of Middlesex Water by 7.0% in the 3rd quarter. State Street Corp now owns 813,455 shares of the utilities provider's stock valued at $53,070,000 after acquiring an additional 53,098 shares in the last quarter. Proficio Capital Partners LLC bought a new stake in shares of Middlesex Water during the 4th quarter valued at about $1,595,000. Jackson Creek Investment Advisors LLC purchased a new position in shares of Middlesex Water during the fourth quarter worth about $1,246,000. Finally, Barclays PLC increased its position in shares of Middlesex Water by 349.4% in the third quarter. Barclays PLC now owns 29,919 shares of the utilities provider's stock worth $1,952,000 after purchasing an additional 23,262 shares during the last quarter. 79.52% of the stock is currently owned by institutional investors.
Insider Activity
In related news, Director Dennis W. Doll sold 4,067 shares of the company's stock in a transaction 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 sale, the director now directly owns 52,112 shares in the company, valued at $3,129,325.60. This represents a 7.24 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 1.86% of the company's stock.
Analyst Upgrades and Downgrades
Several brokerages have issued reports on MSEX. Robert W. Baird raised shares of Middlesex Water from a "neutral" rating to an "outperform" rating and set a $61.00 price target for the company in a research note on Monday, March 3rd. StockNews.com upgraded shares of Middlesex Water from a "sell" rating to a "hold" rating in a research report on Saturday. Bank of America began coverage on Middlesex Water in a research report on Wednesday, December 11th. They set an "underperform" rating and a $56.00 price target on the stock. Finally, Baird R W upgraded Middlesex Water from a "hold" rating to a "strong-buy" rating in a report on Monday, March 3rd.
View Our Latest Stock Report on MSEX
Middlesex Water Trading Down 0.6 %
Shares of Middlesex Water stock traded down $0.36 during trading on Wednesday, reaching $63.92. The company's stock had a trading volume of 30,984 shares, compared to its average volume of 129,506. The company has a market cap of $1.14 billion, a price-to-earnings ratio of 27.79, a PEG ratio of 1.50 and a beta of 0.85. The firm's 50-day moving average is $55.37 and its two-hundred day moving average is $59.08. Middlesex Water has a 52-week low of $45.42 and a 52-week high of $70.73. 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 announced its quarterly earnings data 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. Middlesex Water had a return on equity of 9.58% and a net margin of 22.53%. The firm had revenue of $47.11 million for the quarter, compared to analysts' expectations of $45.00 million. During the same period last year, the firm earned $0.32 earnings per share. On average, sell-side analysts anticipate that Middlesex Water will post 2.34 earnings per share for the current 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 given a $0.34 dividend. The ex-dividend date was Tuesday, February 18th. This represents a $1.36 annualized dividend and a yield of 2.13%. Middlesex Water's payout ratio is currently 55.06%.
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.
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