13,515 Shares in Middlesex Water Company (NASDAQ:MSEX) Purchased by Manchester Capital Management LLC

Manchester Capital Management LLC purchased a new stake in Middlesex Water Company (NASDAQ:MSEX) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 13,515 shares of the utilities provider’s stock, valued at approximately $866,000. Manchester Capital Management LLC owned approximately 0.08% of Middlesex Water as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Sterling Capital Management LLC lifted its position in shares of Middlesex Water by 771.9% during the fourth quarter. Sterling Capital Management LLC now owns 497 shares of the utilities provider’s stock valued at $26,000 after purchasing an additional 440 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake 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. CX Institutional purchased a new stake in Middlesex Water in the 1st quarter valued at about $38,000. Nisa Investment Advisors LLC lifted its position in shares of Middlesex Water by 128.3% during the 1st quarter. Nisa Investment Advisors LLC now owns 662 shares of the utilities provider’s stock worth $42,000 after buying an additional 372 shares in the last quarter. Finally, Meeder Asset Management Inc. purchased a new position in shares of Middlesex Water in the 1st quarter worth approximately $203,000. Institutional investors and hedge funds own 79.52% of the company’s stock.

Middlesex Water Stock Performance

Shares of MSEX stock opened at $52.39 on Friday. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.39 and a current ratio of 0.46. The firm has a market cap of $944.07 million, a price-to-earnings ratio of 21.65, 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 firm’s 50-day simple moving average is $55.29 and its two-hundred day simple moving average is $56.76.

Middlesex Water (NASDAQ:MSEX) last issued its quarterly earnings results on Thursday, July 31st. The utilities provider reported $0.60 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.68 by ($0.08). The company had revenue of $49.32 million for the quarter, compared to analysts’ expectations of $52.60 million. Middlesex Water had a return on equity of 9.74% and a net margin of 22.15%. As a group, equities analysts forecast that Middlesex Water Company will post 2.34 earnings per share for the current year.

Middlesex Water Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Friday, August 15th will be paid a $0.34 dividend. The ex-dividend date is Friday, August 15th. This represents a $1.36 annualized dividend and a dividend yield of 2.6%. Middlesex Water’s payout ratio is presently 56.43%.

Wall Street Analyst Weigh In

MSEX has been the subject of several recent analyst reports. 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 report on Monday, May 12th. Wall Street Zen cut Middlesex Water from a “hold” rating to a “sell” rating in a research report on Thursday, May 22nd. 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 stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price 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.