Middlesex Water Company $MSEX Shares Acquired by Renaissance Technologies LLC

Key Points

• Renaissance Technologies increased its Middlesex Water stake by 13.8% in the first quarter, owning 147,013 shares valued at approximately $7.65 million. Institutional investors collectively hold 79.52% of the company.
• Middlesex Water reported quarterly EPS of $0.79, exceeding estimates of $0.66, while revenue of $56.36 million also topped expectations. Analysts’ consensus rating is “Moderate Buy,” with an average price target of $61.67.
• The company declared a quarterly dividend of $0.36 per share, equivalent to $1.44 annually and a 2.5% yield, payable September 1 to shareholders of record as of August 17.

Renaissance Technologies LLC increased its stake in shares of Middlesex Water Company (NASDAQ:MSEX - Free Report) by 13.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 147,013 shares of the utilities provider's stock after purchasing an additional 17,800 shares during the quarter. Renaissance Technologies LLC owned approximately 0.79% of Middlesex Water worth $7,652,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Parallel Advisors LLC boosted its stake in shares of Middlesex Water by 68.6% during the 1st quarter. Parallel Advisors LLC now owns 521 shares of the utilities provider's stock worth $27,000 after purchasing an additional 212 shares during the last quarter. KBC Group NV acquired a new position in shares of Middlesex Water in the first quarter valued at approximately $45,000. Cassaday & Co Wealth Management LLC acquired a new position in shares of Middlesex Water in the first quarter valued at approximately $114,000. Ensign Peak Advisors Inc purchased a new position in shares of Middlesex Water during the fourth quarter valued at approximately $126,000. Finally, International Assets Investment Management LLC purchased a new position in shares of Middlesex Water during the fourth quarter valued at approximately $128,000. Institutional investors and hedge funds own 79.52% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on MSEX shares. Wall Street Zen upgraded shares of Middlesex Water from a "sell" rating to a "hold" rating in a research report on Saturday, May 9th. Robert W. Baird set a $66.00 price target on Middlesex Water in a research note on Friday. Weiss Ratings cut Middlesex Water from a "hold (c)" rating to a "hold (c-)" rating in a report on Monday, July 20th. Finally, New Street Research set a $64.00 price objective on Middlesex Water in a research report on Thursday, July 9th. One research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $61.67.

Middlesex Water Price Performance

MSEX opened at $56.85 on Tuesday. The company's 50 day simple moving average is $54.62 and its 200 day simple moving average is $53.37. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.41 and a current ratio of 0.50. Middlesex Water Company has a 1 year low of $44.17 and a 1 year high of $62.17. The stock has a market capitalization of $1.06 billion, a PE ratio of 21.95 and a beta of 0.75.

Middlesex Water (NASDAQ:MSEX - Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The utilities provider reported $0.79 EPS for the quarter, topping the consensus estimate of $0.66 by $0.13. The firm had revenue of $56.36 million during the quarter, compared to analyst estimates of $54.51 million. Middlesex Water had a net margin of 23.26% and a return on equity of 9.59%.

Middlesex Water Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Monday, August 17th will be issued a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date is Monday, August 17th. Middlesex Water's dividend payout ratio is presently 55.60%.

Middlesex Water Company Profile

Middlesex Water Company is a regulated utility specializing in the provision of potable water and wastewater collection services to residential, commercial and industrial customers. The company operates through its wholly owned subsidiaries, supplying treated water and effectively managing sewage collection systems under state and local regulatory frameworks. Its core mission centers on delivering safe, reliable water while complying with stringent environmental and public health standards.

Founded in 1897 and headquartered in Iselin, New Jersey, Middlesex Water has grown from a local water works enterprise into a multi‐state utilities group.

Want to see what other hedge funds are holding MSEX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Middlesex Water Company (NASDAQ:MSEX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source