Proficio Capital Partners LLC Purchases New Position in Middlesex Water (NASDAQ:MSEX)

Proficio Capital Partners LLC acquired a new stake in Middlesex Water (NASDAQ:MSEX - Free Report) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 30,315 shares of the utilities provider's stock, valued at approximately $1,595,000. Proficio Capital Partners LLC owned about 0.17% of Middlesex Water at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. State Street Corp increased its holdings in shares of Middlesex Water by 7.0% in the third quarter. State Street Corp now owns 813,455 shares of the utilities provider's stock valued at $53,070,000 after purchasing an additional 53,098 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Middlesex Water by 0.8% in the third quarter. Geode Capital Management LLC now owns 434,559 shares of the utilities provider's stock valued at $28,356,000 after purchasing an additional 3,430 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Middlesex Water by 3.4% in the fourth quarter. Bank of New York Mellon Corp now owns 214,913 shares of the utilities provider's stock valued at $11,311,000 after purchasing an additional 6,983 shares during the last quarter. Thematics Asset Management increased its holdings in shares of Middlesex Water by 5.8% in the third quarter. Thematics Asset Management now owns 181,000 shares of the utilities provider's stock valued at $11,808,000 after purchasing an additional 10,000 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Middlesex Water by 4.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 167,281 shares of the utilities provider's stock valued at $10,913,000 after purchasing an additional 6,844 shares during the last quarter. 79.52% of the stock is currently owned by institutional investors and hedge funds.

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Middlesex Water Stock Performance

Shares of Middlesex Water stock traded up $3.15 during trading on Friday, reaching $64.24. The company's stock had a trading volume of 232,983 shares, compared to its average volume of 120,113. The business's 50-day moving average price is $51.70 and its 200-day moving average price is $59.19. The firm has a market cap of $1.15 billion, a PE ratio of 27.93, a P/E/G ratio of 1.50 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 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 data on Friday, February 28th. The utilities provider reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.13. Middlesex Water had a net margin of 22.53% and a return on equity of 9.58%. The business had revenue of $47.11 million during the quarter, compared to analysts' expectations of $45.00 million. During the same quarter in the prior year, the business posted $0.32 earnings per share. Equities analysts forecast that Middlesex Water will post 2.34 earnings per share for the current year.

Middlesex Water Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Tuesday, February 18th were given a dividend of $0.34 per share. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $1.36 annualized dividend and a yield of 2.12%. Middlesex Water's dividend payout ratio is 55.06%.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. StockNews.com upgraded shares of Middlesex Water from a "sell" rating to a "hold" rating in a report 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 target price for the company in a research report on Monday, March 3rd. Baird R W raised shares of Middlesex Water from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 3rd. Finally, Bank of America initiated coverage on shares of Middlesex Water in a research report on Wednesday, December 11th. They issued an "underperform" rating and a $56.00 target price for the company.

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.