20,905 Shares of Middlesex Water Company $MSEX Purchased by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management acquired 20,905 Middlesex Water shares worth approximately $1.1 million, representing a 0.11% stake. Institutional investors collectively own 79.52% of the company.
• Analysts maintain a “Moderate Buy” consensus on MSEX, with an average price target of $61.67 versus the reported share price of $55.80.
• Middlesex Water exceeded quarterly expectations, reporting EPS of $0.79 versus the $0.66 estimate and revenue of $56.36 million versus the $54.51 million consensus.

Assenagon Asset Management S.A. bought a new stake in Middlesex Water Company (NASDAQ:MSEX - Free Report) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 20,905 shares of the utilities provider's stock, valued at approximately $1,107,000. Assenagon Asset Management S.A. owned 0.11% of Middlesex Water as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Middlesex Water during the second quarter valued at approximately $25,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of Middlesex Water during the second quarter worth approximately $27,000. Integrated Wealth Concepts LLC purchased a new stake in shares of Middlesex Water during the second quarter worth approximately $28,000. Parallel Advisors LLC raised its stake in Middlesex Water by 68.6% in the 1st quarter. Parallel Advisors LLC now owns 521 shares of the utilities provider's stock valued at $27,000 after purchasing an additional 212 shares during the last quarter. Finally, Western Wealth Management LLC purchased a new position in Middlesex Water in the 1st quarter valued at $33,000. Hedge funds and other institutional investors own 79.52% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on MSEX. New Street Research set a $64.00 price target on shares of Middlesex Water in a research note on Thursday, July 9th. Robert W. Baird set a $66.00 price objective on shares of Middlesex Water in a research note on Friday, July 31st. Finally, Weiss Ratings raised shares of Middlesex Water from a "hold (c)" rating to a "hold (c+)" rating in a research note on Monday, October 12th. One analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $61.67.

Insider Buying and Selling at Middlesex Water

In other news, VP Lorrie Ginegaw sold 615 shares of the firm's stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $57.61, for a total transaction of $35,430.15. Following the completion of the sale, the vice president owned 3,978 shares in the company, valued at $229,172.58. This trade represents a 13.39% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.92% of the stock is currently owned by company insiders.

Middlesex Water Stock Up 4.0%

Shares of NASDAQ:MSEX opened at $55.80 on Friday. The company has a quick ratio of 0.41, a current ratio of 0.50 and a debt-to-equity ratio of 0.76. The business has a fifty day moving average of $55.81 and a two-hundred day moving average of $54.66. The stock has a market cap of $1.05 billion, a P/E ratio of 21.54 and a beta of 0.74. Middlesex Water Company has a 52-week low of $44.17 and a 52-week high of $62.17.

Middlesex Water (NASDAQ:MSEX - Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The utilities provider reported $0.79 EPS for the quarter, topping the consensus estimate of $0.66 by $0.13. The business had revenue of $56.36 million for the quarter, compared to analyst estimates of $54.51 million. Middlesex Water had a return on equity of 9.59% and a net margin of 23.26%.

Middlesex Water Profile

Middlesex Water Company NASDAQ: MSEX is a regulated water and wastewater utility that owns and operates systems serving residential, commercial, industrial and municipal customers. Its services include the production, treatment, distribution and sale of potable water, as well as wastewater collection and treatment.

Founded in 1897, the company primarily serves communities in New Jersey and Delaware through its regulated utility operations. Its New Jersey service area includes portions of Middlesex, Union, Somerset and Mercer counties, while its Delaware operations serve customers through the Tidewater Utilities subsidiary.

Middlesex Water also provides contract operations, maintenance and related services for municipal and other public water and wastewater systems.

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