Raymond James Financial Inc. Buys Shares of 9,919 Middlesex Water (NASDAQ:MSEX)

Raymond James Financial Inc. purchased a new stake in Middlesex Water (NASDAQ:MSEX - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 9,919 shares of the utilities provider's stock, valued at approximately $522,000. Raymond James Financial Inc. owned 0.06% of Middlesex Water as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Allworth Financial LP raised 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 valued at $27,000 after acquiring an additional 500 shares during the last quarter. Inspire Investing LLC lifted its holdings in Middlesex Water by 20.8% in the 4th quarter. Inspire Investing LLC now owns 7,633 shares of the utilities provider's stock valued at $402,000 after purchasing an additional 1,315 shares in the last quarter. FMR LLC boosted its stake in Middlesex Water by 9.7% during the 3rd quarter. FMR LLC now owns 7,018 shares of the utilities provider's stock worth $458,000 after purchasing an additional 618 shares during the last quarter. Illinois Municipal Retirement Fund grew its holdings in shares of Middlesex Water by 10.6% during the fourth quarter. Illinois Municipal Retirement Fund now owns 10,513 shares of the utilities provider's stock worth $553,000 after buying an additional 1,009 shares in the last quarter. Finally, Oppenheimer & Co. Inc. raised its position in shares of Middlesex Water by 1.0% in the fourth quarter. Oppenheimer & Co. Inc. now owns 19,863 shares of the utilities provider's stock valued at $1,045,000 after buying an additional 202 shares during the last quarter. Hedge funds and other institutional investors own 79.52% of the company's stock.

Insider Buying and Selling at Middlesex Water

In related news, Director Dennis W. Doll sold 4,067 shares of Middlesex Water stock in a transaction that occurred on Friday, March 21st. The shares were 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 owns 52,112 shares in the company, valued at approximately $3,129,325.60. This trade represents a 7.24 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.86% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

MSEX has been the subject of several research reports. Baird R W raised shares of Middlesex Water from a "hold" rating to a "strong-buy" rating in a research note on Monday, March 3rd. StockNews.com cut Middlesex Water from a "hold" rating to a "sell" rating in a report on Thursday. Janney Montgomery Scott reissued a "neutral" rating on shares of Middlesex Water in a research note on Friday, April 4th. Finally, Robert W. Baird raised Middlesex Water from a "neutral" rating to an "outperform" rating and set a $61.00 target price for the company in a research note on Monday, March 3rd. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Middlesex Water has an average rating of "Hold" and an average price target of $58.50.

Middlesex Water Trading Up 0.8 %

Shares of Middlesex Water stock traded up $0.51 during mid-day trading on Friday, hitting $62.14. The stock had a trading volume of 118,386 shares, compared to its average volume of 131,734. The firm has a market cap of $1.11 billion, a P/E ratio of 27.02, a price-to-earnings-growth ratio of 1.50 and a beta of 0.80. 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 firm has a 50-day moving average of $57.75 and a two-hundred day moving average of $58.91. Middlesex Water has a 12-month low of $45.42 and a 12-month high of $70.73.

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

Middlesex Water Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Tuesday, February 18th were issued a $0.34 dividend. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $1.36 annualized dividend and a yield of 2.19%. Middlesex Water's dividend payout ratio (DPR) is currently 55.06%.

Middlesex Water Company Profile

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.