Principal Financial Group Inc. Sells 2,363 Shares of Middlesex Water (NASDAQ:MSEX)

Principal Financial Group Inc. trimmed its position in Middlesex Water (NASDAQ:MSEXFree Report) by 2.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 92,565 shares of the utilities provider’s stock after selling 2,363 shares during the quarter. Principal Financial Group Inc. owned 0.52% of Middlesex Water worth $6,074,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Assenagon Asset Management S.A. boosted its position in Middlesex Water by 106.8% in the fourth quarter. Assenagon Asset Management S.A. now owns 51,137 shares of the utilities provider’s stock valued at $3,356,000 after buying an additional 26,415 shares in the last quarter. Alpha Cubed Investments LLC acquired a new stake in Middlesex Water in the fourth quarter valued at approximately $252,000. Kestra Advisory Services LLC acquired a new stake in Middlesex Water in the third quarter valued at approximately $393,000. Crestwood Advisors Group LLC acquired a new stake in Middlesex Water in the third quarter valued at approximately $212,000. Finally, Charles Schwab Investment Management Inc. boosted its position in Middlesex Water by 1.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 138,148 shares of the utilities provider’s stock valued at $9,152,000 after buying an additional 1,439 shares in the last quarter. 79.52% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, Director James F. Jr. Cosgrove bought 1,600 shares of the stock in a transaction that occurred on Wednesday, March 6th. The stock was acquired at an average price of $51.70 per share, with a total value of $82,720.00. Following the completion of the purchase, the director now directly owns 9,342 shares of the company’s stock, valued at $482,981.40. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Walter G. Reinhard sold 857 shares of Middlesex Water stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $57.16, for a total transaction of $48,986.12. Following the completion of the transaction, the director now owns 7,151 shares of the company’s stock, valued at $408,751.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director James F. Jr. Cosgrove purchased 1,600 shares of the firm’s 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 approximately $482,981.40. The disclosure for this purchase can be found here. 1.86% of the stock is owned by insiders.

Middlesex Water Price Performance

Shares of NASDAQ:MSEX opened at $49.42 on Thursday. The firm has a market cap of $881.11 million, a PE ratio of 24.47 and a beta of 0.74. The firm’s fifty day moving average is $51.70 and its 200-day moving average is $57.17. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.89 and a current ratio of 0.95. Middlesex Water has a 52 week low of $45.42 and a 52 week high of $84.38.

Middlesex Water (NASDAQ:MSEXGet Free Report) last issued its quarterly earnings results on Wednesday, May 8th. The utilities provider reported $0.59 EPS for the quarter, topping analysts’ consensus estimates of $0.45 by $0.14. The company had revenue of $40.52 million for the quarter, compared to analyst estimates of $42.00 million. Middlesex Water had a net margin of 21.55% and a return on equity of 8.64%. Sell-side analysts predict that Middlesex Water will post 2.28 earnings per share for the current year.

Middlesex Water Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Investors 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 2.63%. The ex-dividend date of this dividend is Tuesday, May 14th. Middlesex Water’s dividend payout ratio is presently 64.36%.

Analyst Ratings Changes

A number of analysts have weighed in on MSEX shares. Robert W. Baird raised their target price on shares of Middlesex Water from $56.00 to $58.00 and gave the company an “outperform” rating in a research report on Thursday, May 9th. StockNews.com upgraded shares of Middlesex Water to a “sell” rating in a research report on Thursday, May 9th.

Check Out Our Latest Stock Analysis on MSEX

Middlesex Water Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Middlesex Water (NASDAQ:MSEX)

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