Dark Forest Capital Management LP Makes New Investment in Middlesex Water Company $MSEX

Key Points

• Dark Forest Capital Management LP acquired a new stake in Middlesex Water Company, purchasing 52,371 shares valued at approximately $3.36 million, which amounts to 0.29% ownership as of the latest reporting period.
• Multiple institutional investors, including Jane Street Group LLC and MetLife Investment Management LLC, have significantly increased their stakes in Middlesex Water during the fourth quarter, indicating strong institutional interest in the company.
• The stock is currently rated as a "Moderate Buy" with an average target price of $61.00, despite recent earnings misses and a decline in share price of 2.1% on the last trading day.

Dark Forest Capital Management LP bought a new position in Middlesex Water Company (NASDAQ:MSEX - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 52,371 shares of the utilities provider's stock, valued at approximately $3,357,000. Dark Forest Capital Management LP owned approximately 0.29% of Middlesex Water as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. CX Institutional acquired a new stake in shares of Middlesex Water in the first quarter worth $38,000. Nisa Investment Advisors LLC lifted its stake in shares of Middlesex Water by 128.3% in the first quarter. Nisa Investment Advisors LLC now owns 662 shares of the utilities provider's stock worth $42,000 after buying an additional 372 shares during the last quarter. Principal Financial Group Inc. lifted its stake in shares of Middlesex Water by 2.6% in the first quarter. Principal Financial Group Inc. now owns 88,933 shares of the utilities provider's stock worth $5,701,000 after buying an additional 2,293 shares during the last quarter. Assenagon Asset Management S.A. lifted its stake in shares of Middlesex Water by 22.5% in the first quarter. Assenagon Asset Management S.A. now owns 23,357 shares of the utilities provider's stock worth $1,497,000 after buying an additional 4,291 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Middlesex Water by 15.3% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 56,873 shares of the utilities provider's stock worth $2,993,000 after buying an additional 7,562 shares during the last quarter. 79.52% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Wall Street Zen cut shares of Middlesex Water from a "hold" rating to a "sell" rating in a research note 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 target price on the stock in a report on Monday, May 12th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, Middlesex Water presently has a consensus rating of "Moderate Buy" and an average target price of $61.00.

Middlesex Water Price Performance

NASDAQ:MSEX traded up $0.92 during mid-day trading on Friday, reaching $54.17. 216,187 shares of the company were exchanged, compared to its average volume of 112,186. Middlesex Water Company has a 12 month low of $48.18 and a 12 month high of $70.73. The company has a fifty day moving average of $53.64 and a 200 day moving average of $57.24. The company has a quick ratio of 0.35, a current ratio of 0.41 and a debt-to-equity ratio of 0.77. The stock has a market cap of $976.14 million, a PE ratio of 22.38, a PEG ratio of 3.74 and a beta of 0.83.

Middlesex Water (NASDAQ:MSEX - Get Free Report) last issued its quarterly earnings data 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 return on equity of 9.67% and a net margin of 22.15%.The company had revenue of $49.32 million for the quarter, compared to the consensus estimate of $52.60 million. On average, research analysts anticipate that Middlesex Water Company will post 2.34 EPS for the current fiscal year.

Middlesex Water Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Friday, August 15th were given a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date was Friday, August 15th. 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.