Ethic Inc. Has $1.22 Million Position in Middlesex Water Company $MSEX

Key Points

• Ethic Inc. has decreased its stake in Middlesex Water Company by 19.9%, selling 4,713 shares and now holding about 18,954 shares worth approximately $1.2 million.
• The company recently announced a quarterly dividend of $0.34, payable on September 2nd, representing an annualized dividend yield of 2.6%.
• Middlesex Water's stock is currently rated with a consensus of "Moderate Buy" by analysts, who have set a price target of $61.00 for the shares.

Ethic Inc. cut its stake in Middlesex Water Company (NASDAQ:MSEX - Free Report) by 19.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 18,954 shares of the utilities provider's stock after selling 4,713 shares during the period. Ethic Inc. owned about 0.11% of Middlesex Water worth $1,218,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. T. Rowe Price Investment Management Inc. grew its position in Middlesex Water by 9.4% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,471,404 shares of the utilities provider's stock valued at $77,440,000 after acquiring an additional 126,732 shares during the period. Vanguard Group Inc. grew its holdings in shares of Middlesex Water by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 1,412,377 shares of the utilities provider's stock worth $90,533,000 after purchasing an additional 20,876 shares during the last quarter. Invesco Ltd. grew its holdings in shares of Middlesex Water by 18.8% in the 1st quarter. Invesco Ltd. now owns 303,463 shares of the utilities provider's stock worth $19,452,000 after purchasing an additional 48,072 shares during the last quarter. Northern Trust Corp increased its position in shares of Middlesex Water by 11.6% during the 4th quarter. Northern Trust Corp now owns 223,361 shares of the utilities provider's stock worth $11,755,000 after purchasing an additional 23,289 shares in the last quarter. Finally, GAMMA Investing LLC lifted its holdings in Middlesex Water by 6,702.0% during the 1st quarter. GAMMA Investing LLC now owns 139,033 shares of the utilities provider's stock valued at $8,912,000 after purchasing an additional 136,989 shares during the last quarter. Institutional investors own 79.52% of the company's stock.

Middlesex Water Price Performance

Shares of Middlesex Water stock traded down $1.04 during midday trading on Monday, reaching $53.52. The company had a trading volume of 110,308 shares, compared to its average volume of 125,446. The company has a current ratio of 0.41, a quick ratio of 0.35 and a debt-to-equity ratio of 0.77. The stock has a fifty day simple moving average of $54.06 and a 200 day simple moving average of $57.10. Middlesex Water Company has a 1-year low of $48.18 and a 1-year high of $70.73. The company has a market capitalization of $964.43 million, a price-to-earnings ratio of 22.12, a price-to-earnings-growth ratio of 3.77 and a beta of 0.81.

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

Middlesex Water Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Friday, August 15th will be given a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date is Friday, August 15th. Middlesex Water's dividend payout ratio (DPR) is presently 56.20%.

Analysts Set New Price Targets

Several analysts have weighed in on MSEX shares. Janney Montgomery Scott raised shares of Middlesex Water from a "neutral" rating to a "buy" rating and set a $66.00 price objective on the stock in a research note on Monday, May 12th. Wall Street Zen downgraded Middlesex Water from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $61.00.

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.