Bank of New York Mellon Corp Invests $10.05 Million in Middlesex Water Company $MSEX

Key Points

• Bank of New York Mellon initiated a $10.05 million stake in Middlesex Water, purchasing 179,021 shares and acquiring approximately 0.95% of the utility. Institutional investors collectively own 79.52% of the company.
• Middlesex Water exceeded quarterly expectations, reporting EPS of $0.79 versus the $0.66 consensus and revenue of $56.36 million. The company also pays a quarterly dividend of $0.36, representing a 2.5% annualized yield.
• MSEX shares opened at $57.91, while analysts maintain a “Moderate Buy” consensus with an average price target of $61.67; the stock recently traded between a 52-week range of $44.17 to $62.17.

Bank of New York Mellon Corp bought a new stake in shares of Middlesex Water Company (NASDAQ:MSEX - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 179,021 shares of the utilities provider's stock, valued at approximately $10,054,000. Bank of New York Mellon Corp owned about 0.95% of Middlesex Water as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Middlesex Water by 8.2% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,921 shares of the utilities provider's stock valued at $892,000 after purchasing an additional 1,058 shares in the last quarter. Goldman Sachs Group Inc. grew its position in Middlesex Water by 23.7% in the first quarter. Goldman Sachs Group Inc. now owns 190,574 shares of the utilities provider's stock worth $12,216,000 after acquiring an additional 36,540 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Middlesex Water by 4.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 59,222 shares of the utilities provider's stock worth $3,796,000 after acquiring an additional 2,349 shares during the last quarter. Creative Planning increased its position in Middlesex Water by 47.1% during the second quarter. Creative Planning now owns 4,795 shares of the utilities provider's stock valued at $260,000 after acquiring an additional 1,535 shares during the last quarter. Finally, American Century Companies Inc. raised its stake in shares of Middlesex Water by 21.0% in the second quarter. American Century Companies Inc. now owns 42,320 shares of the utilities provider's stock valued at $2,293,000 after acquiring an additional 7,335 shares during the period. 79.52% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Middlesex Water

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

Middlesex Water Price Performance

Shares of MSEX opened at $57.91 on Thursday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.41 and a current ratio of 0.50. The stock has a market capitalization of $1.09 billion, a PE ratio of 22.36 and a beta of 0.74. The company has a 50 day moving average price of $57.12 and a 200-day moving average price of $54.24. Middlesex Water Company has a fifty-two week low of $44.17 and a fifty-two week high of $62.17.

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

Middlesex Water Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Monday, August 17th were paid a $0.36 dividend. The ex-dividend date was Monday, August 17th. This represents a $1.44 dividend on an annualized basis and a yield of 2.5%. Middlesex Water's dividend payout ratio (DPR) is 55.60%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on MSEX shares. New Street Research set a $64.00 price target on shares of Middlesex Water in a report on Thursday, July 9th. Weiss Ratings upgraded Middlesex Water from a "hold (c-)" rating to a "hold (c)" rating in a report on Tuesday, August 4th. Robert W. Baird set a $66.00 price target on Middlesex Water in a research note on Friday, July 31st. Finally, Wall Street Zen raised Middlesex Water from a "sell" rating to a "hold" rating in a research report on Saturday, May 9th. One investment analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $61.67.

Middlesex Water Company Profile

Middlesex Water Company is a regulated utility specializing in the provision of potable water and wastewater collection services to residential, commercial and industrial customers. The company operates through its wholly owned subsidiaries, supplying treated water and effectively managing sewage collection systems under state and local regulatory frameworks. Its core mission centers on delivering safe, reliable water while complying with stringent environmental and public health standards.

Founded in 1897 and headquartered in Iselin, New Jersey, Middlesex Water has grown from a local water works enterprise into a multi‐state utilities group.

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