Raymond James Financial Services Advisors Inc. acquired a new position in shares of Middlesex Water (NASDAQ:MSEX) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 15,822 shares of the utilities provider’s stock, valued at approximately $1,063,000. Raymond James Financial Services Advisors Inc. owned about 0.09% of Middlesex Water as of its most recent SEC filing.
Several other hedge funds have also made changes to their positions in MSEX. BlackRock Inc. raised its position in Middlesex Water by 3.2% in the first quarter. BlackRock Inc. now owns 1,373,523 shares of the utilities provider’s stock valued at $82,576,000 after purchasing an additional 43,167 shares during the last quarter. Eaton Vance Management raised its position in Middlesex Water by 21.9% in the first quarter. Eaton Vance Management now owns 347,075 shares of the utilities provider’s stock valued at $20,866,000 after purchasing an additional 62,285 shares during the last quarter. Geode Capital Management LLC raised its position in Middlesex Water by 12.6% in the first quarter. Geode Capital Management LLC now owns 269,322 shares of the utilities provider’s stock valued at $16,190,000 after purchasing an additional 30,156 shares during the last quarter. Amundi Pioneer Asset Management Inc. raised its position in Middlesex Water by 7.6% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 245,858 shares of the utilities provider’s stock valued at $13,766,000 after purchasing an additional 17,275 shares during the last quarter. Finally, Nuveen Asset Management LLC raised its position in Middlesex Water by 29.2% in the first quarter. Nuveen Asset Management LLC now owns 80,345 shares of the utilities provider’s stock valued at $4,830,000 after purchasing an additional 18,181 shares during the last quarter. Institutional investors and hedge funds own 58.85% of the company’s stock.
Shares of MSEX opened at $64.06 on Friday. Middlesex Water has a 1 year low of $48.79 and a 1 year high of $72.41. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.50 and a quick ratio of 0.43. The company has a market capitalization of $1.12 billion, a price-to-earnings ratio of 31.25 and a beta of 0.26. The business has a 50-day moving average of $66.28 and a 200-day moving average of $63.85.
Middlesex Water (NASDAQ:MSEX) last issued its quarterly earnings data on Friday, July 31st. The utilities provider reported $0.55 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.51 by $0.04. Middlesex Water had a return on equity of 11.75% and a net margin of 25.78%. The company had revenue of $35.28 million during the quarter, compared to the consensus estimate of $35.00 million. As a group, sell-side analysts anticipate that Middlesex Water will post 2.09 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be paid a dividend of $0.256 per share. The ex-dividend date is Thursday, August 13th. This represents a $1.02 annualized dividend and a yield of 1.60%. Middlesex Water’s dividend payout ratio is currently 50.75%.
In related news, VP Lorrie Beth Ginegaw sold 850 shares of the firm’s stock in a transaction that occurred on Friday, July 10th. The stock was sold at an average price of $63.11, for a total transaction of $53,643.50. Following the completion of the sale, the vice president now owns 5,154 shares of the company’s stock, valued at $325,268.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Georgia M. Simpson sold 500 shares of the firm’s stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $62.48, for a total value of $31,240.00. Following the sale, the vice president now directly owns 2,471 shares of the company’s stock, valued at approximately $154,388.08. The disclosure for this sale can be found here. Insiders have sold 6,050 shares of company stock valued at $403,828 in the last ninety days. 3.13% of the stock is currently owned by insiders.
A number of brokerages have recently issued reports on MSEX. Zacks Investment Research upgraded Middlesex Water from a “hold” rating to a “strong-buy” rating and set a $70.00 price objective for the company in a research report on Friday, May 8th. BidaskClub downgraded Middlesex Water from a “buy” rating to a “hold” rating in a research report on Thursday, July 9th. Two research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. Middlesex Water currently has a consensus rating of “Buy” and a consensus target price of $73.00.
About Middlesex Water
Middlesex Water Company, together with its subsidiaries, owns and operates regulated water utility and wastewater systems. It operates in two segments, Regulated and Non-Regulated. The Regulated segment engages in collecting, treating, and distributing water on a retail and wholesale basis to residential, commercial, industrial, and fire protection customers in parts of New Jersey, Delaware, and Pennsylvania.
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