Cramer Rosenthal Mcglynn LLC Purchases 46,562 Shares of Middlesex Water Company $MSEX

Key Points

• Cramer Rosenthal Mcglynn LLC increased its holdings in Middlesex Water Company by 45.5%, purchasing an additional 46,562 shares and bringing its total ownership to 148,947 shares worth $9.5 million.
• Middlesex Water recently reported earnings per share (EPS) of $0.60 for the quarter, missing analysts' expectations of $0.68, with revenue of $49.32 million against a consensus of $52.60 million.
• The company declared a quarterly dividend of $0.34 per share, equivalent to an annualized dividend of $1.36, providing a yield of 2.5% for stockholders of record as of August 15th.

Cramer Rosenthal Mcglynn LLC lifted its stake in Middlesex Water Company (NASDAQ:MSEX - Free Report) by 45.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 148,947 shares of the utilities provider's stock after purchasing an additional 46,562 shares during the quarter. Cramer Rosenthal Mcglynn LLC owned 0.83% of Middlesex Water worth $9,548,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently modified their holdings of MSEX. T. Rowe Price Investment Management Inc. grew its holdings in shares of Middlesex Water by 0.7% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 1,481,298 shares of the utilities provider's stock valued at $94,952,000 after acquiring an additional 9,894 shares in the last quarter. Quantbot Technologies LP purchased a new position in Middlesex Water in the first quarter valued at about $524,000. Versor Investments LP acquired a new position in Middlesex Water in the 1st quarter worth about $359,000. Northstar Asset Management Inc. purchased a new stake in shares of Middlesex Water during the 1st quarter worth about $1,240,000. Finally, American Century Companies Inc. lifted its holdings in shares of Middlesex Water by 18.4% during the 1st quarter. American Century Companies Inc. now owns 34,985 shares of the utilities provider's stock valued at $2,243,000 after buying an additional 5,447 shares during the last quarter. Institutional investors and hedge funds own 79.52% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on MSEX. Janney Montgomery Scott upgraded Middlesex Water from a "neutral" rating to a "buy" rating and set a $66.00 price objective on the stock in a report on Monday, May 12th. Wall Street Zen downgraded shares of Middlesex Water from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $61.00.

Middlesex Water Stock Down 0.3%

Shares of Middlesex Water stock traded down $0.16 during midday trading on Thursday, reaching $53.82. 126,782 shares of the company's stock traded hands, compared to its average volume of 121,539. Middlesex Water Company has a 52 week low of $48.18 and a 52 week high of $70.73. The company has a market cap of $969.84 million, a price-to-earnings ratio of 22.24, a price-to-earnings-growth ratio of 3.73 and a beta of 0.81. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.35 and a current ratio of 0.41. The company's 50 day simple moving average is $53.92 and its 200 day simple moving average is $57.08.

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

Middlesex Water Dividend Announcement

The company 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. The ex-dividend date of this dividend is Friday, August 15th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.5%. Middlesex Water's dividend payout ratio (DPR) is currently 56.20%.

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.