Amundi Decreases Stock Position in Middlesex Water Company $MSEX

Key Points

• Amundi reduced its stake in Middlesex Water Company by 6.8% to approximately 0.67%, owning 119,762 shares worth $7.97 million as of its latest SEC filing.
• Middlesex Water reported earnings per share (EPS) of $0.60 for the last quarter, falling short of the consensus estimate of $0.68, with a net margin of 22.15% and revenue of $49.32 million.
• The company announced a quarterly dividend of $0.34 per share, resulting in an annualized yield of 2.6%, with a payout ratio of 56.20%.

Amundi cut its holdings in shares of Middlesex Water Company (NASDAQ:MSEX - Free Report) by 6.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 119,762 shares of the utilities provider's stock after selling 8,764 shares during the period. Amundi owned approximately 0.67% of Middlesex Water worth $7,973,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. T. Rowe Price Investment Management Inc. boosted its holdings in Middlesex Water by 0.7% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 1,481,298 shares of the utilities provider's stock worth $94,952,000 after buying an additional 9,894 shares during the period. Vanguard Group Inc. raised its position in 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 period. Invesco Ltd. grew its holdings in 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 acquiring an additional 48,072 shares during the last quarter. Northern Trust Corp grew its holdings in Middlesex Water by 11.6% in the 4th quarter. Northern Trust Corp now owns 223,361 shares of the utilities provider's stock worth $11,755,000 after acquiring an additional 23,289 shares during the last quarter. Finally, Cramer Rosenthal Mcglynn LLC boosted its stake in shares of Middlesex Water by 45.5% during the 1st quarter. Cramer Rosenthal Mcglynn LLC now owns 148,947 shares of the utilities provider's stock valued at $9,548,000 after purchasing an additional 46,562 shares in the last quarter. 79.52% of the stock is currently owned by hedge funds and other institutional investors.

Middlesex Water Stock Up 0.1%

Shares of NASDAQ:MSEX traded up $0.03 during trading on Friday, reaching $53.92. The stock had a trading volume of 174,300 shares, compared to its average volume of 128,318. The firm's 50-day simple moving average is $53.43 and its 200 day simple moving average is $57.26. The company has a market capitalization of $971.64 million, a P/E ratio of 22.28, a PEG ratio of 3.72 and a beta of 0.83. 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 Company has a one year low of $48.18 and a one year high of $70.73.

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

Middlesex Water Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Friday, August 15th were given a dividend of $0.34 per share. The ex-dividend date was Friday, August 15th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.5%. Middlesex Water's dividend payout ratio (DPR) is currently 56.20%.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen cut 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 assigned a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $61.00.

Middlesex Water 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.