Invesco Ltd. Has $19.45 Million Holdings in Middlesex Water Company $MSEX

Key Points

• Invesco Ltd. increased its stake in Middlesex Water Company by 18.8%, acquiring an additional 48,072 shares, bringing its total holdings to 303,463 shares worth approximately $19.45 million.
• Middlesex Water recently reported a quarterly earnings per share (EPS) of $0.60, falling short of analysts' expectations of $0.68, and had a revenue of $49.32 million compared to a consensus estimate of $52.60 million.
• The company announced a quarterly dividend of $0.34, which will be distributed on September 2, representing an annualized yield of 2.6% with a payout ratio of 56.20%.

Invesco Ltd. raised its stake in Middlesex Water Company (NASDAQ:MSEX - Free Report) by 18.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 303,463 shares of the utilities provider's stock after purchasing an additional 48,072 shares during the period. Invesco Ltd. owned approximately 1.69% of Middlesex Water worth $19,452,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of MSEX. Wells Fargo & Company MN boosted its holdings in Middlesex Water by 13.7% in the 4th quarter. Wells Fargo & Company MN now owns 12,613 shares of the utilities provider's stock valued at $664,000 after purchasing an additional 1,522 shares during the period. Russell Investments Group Ltd. boosted its holdings in Middlesex Water by 11.3% in the 4th quarter. Russell Investments Group Ltd. now owns 7,991 shares of the utilities provider's stock valued at $421,000 after purchasing an additional 813 shares during the period. Raymond James Financial Inc. bought a new stake in Middlesex Water in the 4th quarter valued at $522,000. Sterling Capital Management LLC boosted its holdings in Middlesex Water by 771.9% in the 4th quarter. Sterling Capital Management LLC now owns 497 shares of the utilities provider's stock valued at $26,000 after purchasing an additional 440 shares during the period. Finally, Barclays PLC boosted its holdings in Middlesex Water by 4.5% in the 4th quarter. Barclays PLC now owns 31,276 shares of the utilities provider's stock valued at $1,646,000 after purchasing an additional 1,357 shares during the period. 79.52% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have recently commented on MSEX. Wall Street Zen downgraded shares of Middlesex Water from a "hold" rating to a "sell" rating in a report 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 price objective for the company in a report on Monday, May 12th. One equities 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 company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $61.00.

Middlesex Water Price Performance

MSEX stock traded up $0.76 during trading on Wednesday, hitting $53.98. 75,251 shares of the stock traded hands, compared to its average volume of 125,130. Middlesex Water Company has a one year low of $48.18 and a one year high of $70.73. The stock has a market cap of $972.72 million, a price-to-earnings ratio of 22.31, a P/E/G ratio of 3.68 and a beta of 0.81. The company has a 50 day simple moving average of $53.97 and a 200 day simple moving average of $57.05. The company has a current ratio of 0.41, a quick ratio of 0.35 and a debt-to-equity ratio of 0.77.

Middlesex Water (NASDAQ:MSEX - Get Free Report) last announced its quarterly earnings results 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). 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 for the quarter, compared to the consensus estimate of $52.60 million. Equities analysts expect 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 will be paid on Tuesday, September 2nd. Investors of record on Friday, August 15th will be issued a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend is 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.