Russell Investments Group Ltd. Trims Holdings in Middlesex Water (NASDAQ:MSEX)

Russell Investments Group Ltd. trimmed its holdings in Middlesex Water (NASDAQ:MSEX) by 20.9% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 5,195 shares of the utilities provider’s stock after selling 1,369 shares during the period. Russell Investments Group Ltd.’s holdings in Middlesex Water were worth $406,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in MSEX. Point72 Asset Management L.P. acquired a new position in shares of Middlesex Water during the fourth quarter worth about $25,000. Creative Financial Designs Inc. ADV acquired a new stake in shares of Middlesex Water in the 1st quarter valued at approximately $29,000. New Hampshire Trust acquired a new position in Middlesex Water during the fourth quarter worth $37,000. Belpointe Asset Management LLC purchased a new position in Middlesex Water in the fourth quarter worth $39,000. Finally, Lazard Asset Management LLC acquired a new stake in Middlesex Water in the fourth quarter valued at $42,000. Institutional investors and hedge funds own 70.52% of the company’s stock.

Analyst Upgrades and Downgrades

MSEX has been the subject of several recent analyst reports. TheStreet upgraded shares of Middlesex Water from a “c” rating to a “b-” rating in a research note on Friday, July 28th. StockNews.com started coverage on Middlesex Water in a research report on Thursday, August 17th. They issued a “sell” rating for the company.

Middlesex Water Stock Performance

Shares of MSEX opened at $73.81 on Monday. The company has a market capitalization of $1.31 billion, a price-to-earnings ratio of 35.49 and a beta of 0.73. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.39 and a current ratio of 0.46. Middlesex Water has a 1 year low of $66.51 and a 1 year high of $95.82. The company’s 50 day simple moving average is $79.85 and its 200 day simple moving average is $78.80.

Middlesex Water (NASDAQ:MSEX) last released its quarterly earnings data on Friday, July 28th. The utilities provider reported $0.55 EPS for the quarter, meeting the consensus estimate of $0.55. Middlesex Water had a return on equity of 9.23% and a net margin of 22.23%. The company had revenue of $42.80 million for the quarter, compared to analyst estimates of $42.00 million. On average, sell-side analysts predict that Middlesex Water will post 2.23 EPS for the current year.

Middlesex Water Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 1st. Shareholders of record on Friday, August 11th were paid a dividend of $0.313 per share. This represents a $1.25 dividend on an annualized basis and a yield of 1.70%. The ex-dividend date was Thursday, August 10th. Middlesex Water’s payout ratio is 60.10%.

About Middlesex Water

Middlesex Water Company owns and operates regulated water utility and wastewater systems. It operates in two segments, Regulated and Non-Regulated. 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.