Ethic Inc. Increases Stock Holdings in Middlesex Water (NASDAQ:MSEX)

Ethic Inc. boosted its position in Middlesex Water (NASDAQ:MSEX - Free Report) by 126.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 23,667 shares of the utilities provider's stock after purchasing an additional 13,226 shares during the period. Ethic Inc. owned approximately 0.13% of Middlesex Water worth $1,246,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in MSEX. Sterling Capital Management LLC grew its stake 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 during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of Middlesex Water by 1,006.4% in the fourth 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. Allworth Financial LP boosted its holdings 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 buying an additional 500 shares during the period. Crowley Wealth Management Inc. bought a new stake in Middlesex Water in the 4th quarter valued at $37,000. Finally, Pictet Asset Management Holding SA increased its holdings in shares of Middlesex Water by 31.2% during the fourth quarter. Pictet Asset Management Holding SA now owns 5,009 shares of the utilities provider's stock worth $264,000 after purchasing an additional 1,192 shares during the period. 79.52% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Middlesex Water

In other Middlesex Water news, Director Dennis W. Doll sold 4,067 shares of the 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 sale, the director now owns 52,112 shares of the company's stock, valued at $3,129,325.60. This trade represents a 7.24% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.32% of the company's stock.

Middlesex Water Stock Performance

Shares of NASDAQ MSEX traded up $0.16 during trading on Monday, reaching $58.58. 7,862 shares of the company traded hands, compared to its average volume of 131,584. The company has a quick ratio of 0.57, a current ratio of 0.65 and a debt-to-equity ratio of 0.80. The firm has a 50 day simple moving average of $61.36 and a 200-day simple moving average of $58.33. Middlesex Water has a 52-week low of $48.18 and a 52-week high of $70.73. The stock has a market capitalization of $1.05 billion, a PE ratio of 25.47, a P/E/G ratio of 1.50 and a beta of 0.88.

Middlesex Water (NASDAQ:MSEX - Get Free Report) last issued its quarterly earnings results 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 business had revenue of $44.30 million during the quarter, compared to analyst estimates of $43.79 million. Equities research analysts anticipate that Middlesex Water will post 2.34 earnings per share 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 dividend on an annualized basis and a dividend yield of 2.32%. The ex-dividend date is Thursday, May 15th. Middlesex Water's dividend payout ratio is currently 56.43%.

Analysts Set New Price Targets

MSEX has been the topic of several recent research reports. Robert W. Baird raised Middlesex Water from a "neutral" rating to an "outperform" rating and set a $61.00 price objective on the stock in a report on Monday, March 3rd. Baird R W raised Middlesex Water from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 3rd. Janney Montgomery Scott upgraded Middlesex Water from a "neutral" rating to a "buy" rating and set a $66.00 price target on the stock in a report on Monday, May 12th. Finally, StockNews.com upgraded Middlesex Water from a "sell" rating to a "hold" rating in a research note on Wednesday, May 14th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $61.00.

About Middlesex Water

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.