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

Other large investors have also recently added to or reduced their stakes in the company. CX Institutional acquired a new stake in Middlesex Water in the first quarter valued at $38,000. Nisa Investment Advisors LLC lifted its stake in shares of Middlesex Water by 128.3% during the 1st quarter. Nisa Investment Advisors LLC now owns 662 shares of the utilities provider's stock worth $42,000 after buying an additional 372 shares during the last quarter. Costello Asset Management INC acquired a new stake in shares of Middlesex Water during the 1st quarter worth about $50,000. Meeder Asset Management Inc. acquired a new stake in shares of Middlesex Water during the 1st quarter worth about $203,000. Finally, Crestwood Advisors Group LLC acquired a new stake in shares of Middlesex Water during the 1st quarter worth about $208,000. Institutional investors and hedge funds own 79.52% of the company's stock.

Middlesex Water Price Performance

MSEX stock traded down $1.13 during mid-day trading on Monday, hitting $52.79. The stock had a trading volume of 160,104 shares, compared to its average volume of 131,273. 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 52 week low of $48.18 and a 52 week high of $70.73. The firm has a market capitalization of $951.12 million, a P/E ratio of 21.81, a P/E/G ratio of 3.73 and a beta of 0.83. The firm has a fifty day simple moving average of $53.39 and a 200 day simple moving average of $57.36.

Middlesex Water (NASDAQ:MSEX - Get Free Report) last posted its earnings results 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 return on equity of 9.67% and a net margin of 22.15%. As a group, research analysts forecast that Middlesex Water Company will post 2.34 EPS for the current year.

Middlesex Water Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Friday, August 15th were paid a $0.34 dividend. The ex-dividend date was Friday, August 15th. This represents a $1.36 annualized dividend and a dividend yield of 2.6%. Middlesex Water's dividend payout ratio is presently 56.20%.

Wall Street Analyst Weigh In

Separately, Wall Street Zen cut shares of Middlesex Water from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Sell 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 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.