Assenagon Asset Management S.A. Increases Holdings in Middlesex Water Company (NASDAQ:MSEX)

Assenagon Asset Management S.A. increased its stake in Middlesex Water Company (NASDAQ:MSEX) by 22.5% during the first quarter, according to its most recent filing with the SEC. The fund owned 23,357 shares of the utilities provider’s stock after buying an additional 4,291 shares during the quarter. Assenagon Asset Management S.A. owned 0.13% of Middlesex Water worth $1,497,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Sterling Capital Management LLC increased its position in Middlesex Water by 771.9% in the fourth quarter. Sterling Capital Management LLC now owns 497 shares of the utilities provider’s stock worth $26,000 after buying an additional 440 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in shares of Middlesex Water by 1,006.4% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 520 shares of the utilities provider’s stock worth $27,000 after acquiring an additional 473 shares during the period. Allworth Financial LP grew its stake in shares of Middlesex Water by 1,136.4% during the 4th quarter. Allworth Financial LP now owns 544 shares of the utilities provider’s stock worth $27,000 after acquiring an additional 500 shares during the period. Crowley Wealth Management Inc. purchased a new stake in Middlesex Water in the 4th quarter worth about $37,000. Finally, Pictet Asset Management Holding SA increased its holdings 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 worth $264,000 after acquiring an additional 1,192 shares during the last quarter. 79.52% of the stock is owned by hedge funds and other institutional investors.

Middlesex Water Stock Down 0.1%

Shares of NASDAQ MSEX opened at $55.59 on Wednesday. The company has a quick ratio of 0.39, a current ratio of 0.46 and a debt-to-equity ratio of 0.78. The company has a market cap of $996.17 million, a P/E ratio of 23.07, a P/E/G ratio of 3.61 and a beta of 0.81. Middlesex Water Company has a 52 week low of $48.18 and a 52 week high of $70.73. The business has a 50-day simple moving average of $59.30 and a two-hundred day simple moving average of $56.94.

Middlesex Water (NASDAQ:MSEX) last announced its quarterly earnings results on Thursday, May 1st. The utilities provider reported $0.53 EPS for the quarter, missing the consensus estimate of $0.55 by ($0.02). The firm had revenue of $44.30 million during the quarter, compared to the consensus estimate of $43.79 million. Middlesex Water had a net margin of 22.05% and a return on equity of 9.76%. Research analysts anticipate that Middlesex Water Company will post 2.34 earnings per share for the current fiscal year.

Middlesex Water Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Thursday, May 15th were issued a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.45%. The ex-dividend date was Thursday, May 15th. Middlesex Water’s payout ratio is 56.43%.

Insider Activity at Middlesex Water

In other Middlesex Water news, Director Dennis W. Doll sold 4,067 shares of the business’s stock in a transaction on Friday, March 21st. The shares were 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 directly owns 52,112 shares of the company’s stock, valued at $3,129,325.60. The trade was a 7.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 1.86% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Janney Montgomery Scott raised shares of Middlesex Water from a “neutral” rating to a “buy” rating and set a $66.00 price objective on the stock in a report on Monday, May 12th. Wall Street Zen cut shares of Middlesex Water from a “hold” rating to a “sell” rating in a research note on Thursday, May 22nd. Robert W. Baird raised shares of Middlesex Water from a “neutral” rating to an “outperform” rating and set a $61.00 price objective for the company in a report on Monday, March 3rd. Finally, Baird R W upgraded shares of Middlesex Water from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 3rd. Two equities research analysts have rated the stock with a sell rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $61.00.

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.