Ethic Inc. Decreases Stake 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. lessened its position in Middlesex Water Company (NASDAQ:MSEX - Free Report) by 19.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund 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 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of MSEX. GAMMA Investing LLC lifted its stake in shares of Middlesex Water by 6,702.0% during the 1st quarter. GAMMA Investing LLC now owns 139,033 shares of the utilities provider's stock worth $8,912,000 after purchasing an additional 136,989 shares during the period. T. Rowe Price Investment Management Inc. grew its position in shares of 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 purchasing an additional 126,732 shares during the period. Jane Street Group LLC increased its stake in Middlesex Water by 751.4% in the fourth quarter. Jane Street Group LLC now owns 91,530 shares of the utilities provider's stock valued at $4,817,000 after purchasing an additional 80,779 shares during the last quarter. Nuveen LLC acquired a new position in Middlesex Water in the first quarter valued at $3,306,000. Finally, Hsbc Holdings PLC purchased a new position in Middlesex Water during the fourth quarter worth about $2,619,000. Institutional investors and hedge funds own 79.52% of the company's stock.

Middlesex Water Stock Up 3.3%

Middlesex Water stock traded up $1.75 during trading on Friday, reaching $54.56. 179,384 shares of the company's stock were exchanged, compared to its average volume of 124,729. Middlesex Water Company has a 52-week low of $48.18 and a 52-week high of $70.73. The firm has a market cap of $983.17 million, a price-to-earnings ratio of 22.55, a PEG ratio of 3.65 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 moving average is $54.10 and its two-hundred day moving average is $56.98.

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 analyst estimates of $52.60 million. On average, analysts predict 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. Shareholders 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 annualized dividend and a yield of 2.5%. Middlesex Water's dividend payout ratio (DPR) is 56.20%.

Analysts Set New Price Targets

Several analysts have commented on the company. Janney Montgomery Scott upgraded Middlesex Water from a "neutral" rating to a "buy" rating and set a $66.00 price target for the company 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 report on Thursday, May 22nd. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Middlesex Water has an average rating of "Moderate Buy" and an average price target of $61.00.

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.