Dynamic Technology Lab Private Ltd Makes New Investment in Middlesex Water (NASDAQ:MSEX)

Dynamic Technology Lab Private Ltd purchased a new stake in shares of Middlesex Water (NASDAQ:MSEX - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 5,730 shares of the utilities provider's stock, valued at approximately $302,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in 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 buying an additional 473 shares during the period. Allworth Financial LP grew its holdings in Middlesex Water by 1,136.4% in the 4th quarter. Allworth Financial LP now owns 544 shares of the utilities provider's stock worth $27,000 after buying an additional 500 shares in the last quarter. Crowley Wealth Management Inc. bought a new stake in Middlesex Water during the fourth quarter worth approximately $37,000. Pictet Asset Management Holding SA lifted its holdings in shares of Middlesex Water by 31.2% in the fourth 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 period. Finally, FMR LLC raised its position in Middlesex Water by 9.7% in the third quarter. FMR LLC now owns 7,018 shares of the utilities provider's stock worth $458,000 after acquiring an additional 618 shares in the last quarter. 79.52% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have recently weighed in on MSEX. StockNews.com lowered Middlesex Water from a "hold" rating to a "sell" rating in a research note on Thursday, April 10th. Baird R W upgraded Middlesex Water from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 3rd. Janney Montgomery Scott reissued a "neutral" rating on shares of Middlesex Water in a research note on Friday, April 4th. Finally, 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 research note on Monday, March 3rd. Two research analysts have rated the stock with a sell rating, one has issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $58.50.

Middlesex Water Stock Up 0.4 %

Shares of MSEX traded up $0.26 during midday trading on Wednesday, reaching $63.12. 14,693 shares of the stock were exchanged, compared to its average volume of 131,097. The company has a market cap of $1.13 billion, a price-to-earnings ratio of 27.52, a P/E/G ratio of 1.50 and a beta of 0.80. The firm has a 50 day simple moving average of $58.24 and a 200-day simple moving average of $58.89. Middlesex Water has a 12-month low of $45.42 and a 12-month high of $70.73. The company has a quick ratio of 0.57, a current ratio of 0.65 and a debt-to-equity ratio of 0.80.

Middlesex Water (NASDAQ:MSEX - Get Free Report) last released its quarterly earnings results on Friday, February 28th. The utilities provider reported $0.49 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.36 by $0.13. Middlesex Water had a net margin of 22.53% and a return on equity of 9.58%. The company had revenue of $47.11 million during the quarter, compared to analysts' expectations of $45.00 million. During the same period in the prior year, the company earned $0.32 earnings per share. Research analysts forecast that Middlesex Water will post 2.34 EPS for the current year.

Middlesex Water Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Tuesday, February 18th were paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.15%. The ex-dividend date was Tuesday, February 18th. Middlesex Water's dividend payout ratio is 55.06%.

Insider Transactions at Middlesex Water

In other Middlesex Water news, Director Dennis W. Doll sold 4,067 shares of the company's stock in a transaction on Friday, March 21st. The stock was sold at an average price of $60.05, for a total value of $244,223.35. Following the sale, the director now directly owns 52,112 shares in the company, valued at $3,129,325.60. This represents a 7.24 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.86% of the stock is owned by insiders.

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.