Manchester Capital Management LLC Takes $866,000 Position in Middlesex Water Company (NASDAQ:MSEX)

Key Points

• Manchester Capital Management LLC acquired 13,515 shares of Middlesex Water Company, valued at approximately $866,000, during the first quarter.
• Middlesex Water Company has a debt-to-equity ratio of 0.78 and reported earnings per share of $0.60, missing the analyst consensus of $0.68.
• The company will pay a quarterly dividend of $0.34 on September 2nd, representing a dividend yield of 2.6% and a payout ratio of 56.43%.

Manchester Capital Management LLC purchased a new stake in Middlesex Water Company (NASDAQ:MSEX - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). 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 SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in MSEX. XTX Topco Ltd acquired a new position in shares of Middlesex Water during the 1st quarter worth approximately $793,000. Meeder Asset Management Inc. acquired a new stake in Middlesex Water in the 1st quarter worth about $203,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Middlesex Water in the first quarter valued at approximately $656,000. Crestwood Advisors Group LLC purchased a new stake in shares of Middlesex Water during the 1st quarter valued at $208,000. Finally, Cable Hill Partners LLC increased its stake in Middlesex Water by 10.6% during the first quarter. Cable Hill Partners LLC now owns 4,293 shares of the utilities provider's stock worth $271,000 after acquiring an additional 413 shares during the last quarter. Institutional investors and hedge funds own 79.52% of the company's stock.

Middlesex Water Stock Down 0.2%

NASDAQ:MSEX traded down $0.10 during mid-day trading on Wednesday, reaching $51.84. The stock had a trading volume of 26,155 shares, compared to its average volume of 148,273. The stock's 50 day simple moving average is $55.09 and its two-hundred day simple moving average is $56.78. Middlesex Water Company has a 1-year low of $48.18 and a 1-year high of $70.73. The company has a market capitalization of $934.07 million, a price-to-earnings ratio of 21.42, a price-to-earnings-growth ratio of 3.75 and a beta of 0.81. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.41 and a quick ratio of 0.35.

Middlesex Water (NASDAQ:MSEX - Get Free Report) last issued its earnings results on Thursday, July 31st. The utilities provider reported $0.60 EPS for the quarter, missing the consensus estimate of $0.68 by ($0.08). The firm had revenue of $49.32 million during the quarter, compared to analyst estimates of $52.60 million. Middlesex Water had a return on equity of 9.67% and a net margin of 22.15%. Equities analysts anticipate that Middlesex Water Company will post 2.34 EPS for the current year.

Middlesex Water Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Friday, August 15th will be given a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date is Friday, August 15th. Middlesex Water's dividend payout ratio (DPR) is presently 56.20%.

Analyst Ratings Changes

Several research firms have recently issued reports on MSEX. Wall Street Zen lowered shares of Middlesex Water from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Janney Montgomery Scott raised shares of Middlesex Water from a "neutral" rating to a "buy" rating and set a $66.00 price target for the company in a research report on Monday, May 12th. Two analysts have rated the stock with a sell rating, two have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" 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.