Northern Trust Corp Purchases 23,289 Shares of Middlesex Water (NASDAQ:MSEX)

Northern Trust Corp boosted its stake in Middlesex Water (NASDAQ:MSEX) by 11.6% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 223,361 shares of the utilities provider’s stock after buying an additional 23,289 shares during the quarter. Northern Trust Corp owned approximately 1.25% of Middlesex Water worth $11,755,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of MSEX. Sterling Capital Management LLC raised its position in Middlesex Water by 771.9% in the 4th quarter. Sterling Capital Management LLC now owns 497 shares of the utilities provider’s stock valued at $26,000 after buying an additional 440 shares during the last quarter. Allworth Financial LP raised its position in Middlesex Water by 1,136.4% in the 4th quarter. Allworth Financial LP now owns 544 shares of the utilities provider’s stock valued at $27,000 after buying an additional 500 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in Middlesex Water by 1,006.4% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 520 shares of the utilities provider’s stock valued at $27,000 after buying an additional 473 shares during the last quarter. Crowley Wealth Management Inc. purchased a new stake in Middlesex Water in the 4th quarter valued at $37,000. Finally, Pictet Asset Management Holding SA raised its position in Middlesex Water by 31.2% in the 4th quarter. Pictet Asset Management Holding SA now owns 5,009 shares of the utilities provider’s stock valued at $264,000 after buying an additional 1,192 shares during the last quarter. 79.52% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Dennis W. Doll sold 4,067 shares of Middlesex Water stock in a transaction dated Friday, March 21st. The stock was 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 of the company’s stock, valued at approximately $3,129,325.60. This trade represents a 7.24% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.32% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on MSEX shares. Baird R W raised Middlesex Water from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 3rd. 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 report on Monday, March 3rd. StockNews.com raised Middlesex Water from a “sell” rating to a “hold” rating in a research report on Wednesday. Finally, Janney Montgomery Scott raised Middlesex Water from a “neutral” rating to a “buy” rating and set a $66.00 target price for the company in a research report on Monday, May 12th. One analyst has rated the stock with a sell rating, one has issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $61.00.

Middlesex Water Trading Up 2.3%

Shares of Middlesex Water stock opened at $58.42 on Friday. The stock has a fifty day moving average price of $61.36 and a 200-day moving average price of $58.38. Middlesex Water has a 1 year low of $48.18 and a 1 year high of $70.73. The firm has a market cap of $1.05 billion, a PE ratio of 25.40, a P/E/G ratio of 1.50 and a beta of 0.88. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.65 and a quick ratio of 0.57.

Middlesex Water (NASDAQ:MSEX) last announced its quarterly earnings data on Thursday, May 1st. The utilities provider reported $0.53 earnings per share for the quarter, missing the consensus estimate of $0.55 by ($0.02). Middlesex Water had a return on equity of 9.58% and a net margin of 22.53%. The firm had revenue of $44.30 million during the quarter, compared to analysts’ expectations of $43.79 million. Equities research analysts anticipate that Middlesex Water will post 2.34 EPS for the current year.

Middlesex Water Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 2nd. Investors of record on Thursday, May 15th will be issued a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 2.33%. The ex-dividend date is Thursday, May 15th. Middlesex Water’s dividend payout ratio (DPR) is currently 56.43%.

Middlesex Water 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.