Middlesex Water (NASDAQ:MSEX) Stock Position Cut by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund lessened its stake in Middlesex Water (NASDAQ:MSEX) by 7.7% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 9,852 shares of the utilities provider’s stock after selling 822 shares during the period. Illinois Municipal Retirement Fund’s holdings in Middlesex Water were worth $646,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Foundry Partners LLC bought a new position in Middlesex Water in the 4th quarter valued at about $3,024,000. Handelsbanken Fonder AB grew its position in Middlesex Water by 13.9% in the 4th quarter. Handelsbanken Fonder AB now owns 4,215 shares of the utilities provider’s stock valued at $277,000 after buying an additional 515 shares in the last quarter. Daiwa Securities Group Inc. grew its position in Middlesex Water by 25.1% in the 4th quarter. Daiwa Securities Group Inc. now owns 3,631 shares of the utilities provider’s stock valued at $238,000 after buying an additional 728 shares in the last quarter. Louisiana State Employees Retirement System bought a new position in shares of Middlesex Water during the 4th quarter valued at about $584,000. Finally, Cerity Partners LLC boosted its position in shares of Middlesex Water by 2.8% during the 4th quarter. Cerity Partners LLC now owns 16,055 shares of the utilities provider’s stock valued at $1,054,000 after purchasing an additional 433 shares in the last quarter. Institutional investors own 79.52% of the company’s stock.

Middlesex Water Stock Performance

NASDAQ:MSEX opened at $50.44 on Tuesday. Middlesex Water has a twelve month low of $45.42 and a twelve month high of $84.38. The company has a current ratio of 1.05, a quick ratio of 0.98 and a debt-to-equity ratio of 0.85. The company has a 50-day moving average of $50.32 and a 200-day moving average of $58.58. The firm has a market cap of $898.34 million, a price-to-earnings ratio of 28.66 and a beta of 0.74.

Middlesex Water (NASDAQ:MSEX) last posted its quarterly earnings data on Thursday, February 29th. The utilities provider reported $0.32 earnings per share for the quarter, missing the consensus estimate of $0.46 by ($0.14). Middlesex Water had a net margin of 18.96% and a return on equity of 7.61%. The business had revenue of $38.60 million for the quarter, compared to the consensus estimate of $41.00 million. Analysts forecast that Middlesex Water will post 2.28 earnings per share for the current fiscal year.

Middlesex Water Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Wednesday, May 15th will be paid a dividend of $0.325 per share. This represents a $1.30 dividend on an annualized basis and a yield of 2.58%. The ex-dividend date of this dividend is Tuesday, May 14th. Middlesex Water’s dividend payout ratio is presently 73.86%.

Insider Buying and Selling at Middlesex Water

In other news, Director James F. Jr. Cosgrove acquired 1,600 shares of Middlesex Water stock in a transaction on Wednesday, March 6th. The stock was bought at an average cost of $51.70 per share, with a total value of $82,720.00. Following the completion of the purchase, the director now owns 9,342 shares of the company’s stock, valued at $482,981.40. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 1.86% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Robert W. Baird reduced their price objective on shares of Middlesex Water from $69.00 to $59.00 and set an “outperform” rating for the company in a research report on Friday, March 1st.

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.