Bank of America Corp DE Boosts Stock Position in Middlesex Water (NASDAQ:MSEX)

Bank of America Corp DE increased its holdings in shares of Middlesex Water (NASDAQ:MSEX - Free Report) by 41.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 57,260 shares of the utilities provider's stock after purchasing an additional 16,665 shares during the period. Bank of America Corp DE owned approximately 0.32% of Middlesex Water worth $3,014,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the business. Oppenheimer & Co. Inc. grew its stake in Middlesex Water by 1.0% during the fourth quarter. Oppenheimer & Co. Inc. now owns 19,863 shares of the utilities provider's stock worth $1,045,000 after purchasing an additional 202 shares during the period. Bank of Montreal Can grew its stake in Middlesex Water by 3.5% during the fourth quarter. Bank of Montreal Can now owns 7,474 shares of the utilities provider's stock worth $393,000 after purchasing an additional 250 shares during the period. Sterling Capital Management LLC grew its stake in Middlesex Water by 771.9% during the fourth quarter. Sterling Capital Management LLC now owns 497 shares of the utilities provider's stock worth $26,000 after purchasing an additional 440 shares during the period. CANADA LIFE ASSURANCE Co grew its stake in Middlesex Water by 2.2% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 20,614 shares of the utilities provider's stock worth $1,081,000 after purchasing an additional 443 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in Middlesex Water by 1,006.4% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 520 shares of the utilities provider's stock worth $27,000 after purchasing an additional 473 shares during the period. Institutional investors and hedge funds own 79.52% of the company's stock.

Analyst Ratings Changes

MSEX has been the subject of several recent analyst reports. Robert W. Baird raised Middlesex Water from a "neutral" rating to an "outperform" rating and set a $61.00 target price for the company in a research note on Monday, March 3rd. Wall Street Zen cut Middlesex Water from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Janney Montgomery Scott raised Middlesex Water from a "neutral" rating to a "buy" rating and set a $66.00 price objective for the company in a research note on Monday, May 12th. Finally, Baird R W raised Middlesex Water from a "hold" rating to a "strong-buy" rating in a research note on Monday, March 3rd. Two analysts have rated the stock with a sell rating, two have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $61.00.

Middlesex Water Stock Down 1.3%

Middlesex Water stock traded down $0.75 during mid-day trading on Monday, reaching $57.20. The stock had a trading volume of 114,978 shares, compared to its average volume of 133,164. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.57 and a current ratio of 0.65. Middlesex Water has a fifty-two week low of $48.18 and a fifty-two week high of $70.73. The stock's 50-day simple moving average is $60.79 and its 200-day simple moving average is $57.68. The firm has a market capitalization of $1.03 billion, a PE ratio of 24.87, a price-to-earnings-growth ratio of 1.50 and a beta of 0.88.

Middlesex Water (NASDAQ:MSEX - Get Free Report) last posted its earnings results on Thursday, May 1st. The utilities provider reported $0.53 earnings per share for the quarter, missing analysts' consensus estimates of $0.55 by ($0.02). The company had revenue of $44.30 million during the quarter, compared to the consensus estimate of $43.79 million. Middlesex Water had a net margin of 22.53% and a return on equity of 9.58%. On average, sell-side analysts forecast that Middlesex Water will post 2.34 EPS for the current fiscal year.

Middlesex Water Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 2nd. Investors of record on Thursday, May 15th will be given a dividend of $0.34 per share. The ex-dividend date of this dividend is Thursday, May 15th. This represents a $1.36 annualized dividend and a dividend yield of 2.38%. Middlesex Water's payout ratio is 56.43%.

Insider Activity at Middlesex Water

In related news, Director Dennis W. Doll sold 4,067 shares of Middlesex Water stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $60.05, for a total transaction of $244,223.35. Following the transaction, the director now owns 52,112 shares of the company's stock, valued at $3,129,325.60. The trade was a 7.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.32% 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.