Northern Trust Corp Trims Stock Holdings in Middlesex Water Company $MSEX

Key Points

• Northern Trust Corp reduced its shares in Middlesex Water Company (NASDAQ:MSEX) by 4.1%, now holding 214,153 shares valued at approximately $13.7 million.
• Multiple institutional investors have increased their positions in Middlesex Water, with GAMMA Investing LLC notably boosting its holdings by 6,702% during the first quarter.
• Middlesex Water recently reported quarterly earnings of $0.60 per share, missing estimates, and announced a dividend of $0.34, resulting in a yield of 2.6%.

Northern Trust Corp trimmed its holdings in shares of Middlesex Water Company (NASDAQ:MSEX - Free Report) by 4.1% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 214,153 shares of the utilities provider's stock after selling 9,208 shares during the period. Northern Trust Corp owned approximately 1.20% of Middlesex Water worth $13,727,000 as of its most recent filing with the SEC.

Other large investors have also recently made changes to their positions in the company. Versor Investments LP purchased a new position in Middlesex Water during the 1st quarter worth $359,000. Northstar Asset Management Inc. acquired a new position in Middlesex Water during the 1st quarter worth $1,240,000. American Century Companies Inc. lifted its stake in Middlesex Water by 18.4% in the first quarter. American Century Companies Inc. now owns 34,985 shares of the utilities provider's stock valued at $2,243,000 after buying an additional 5,447 shares during the last quarter. Russell Investments Group Ltd. increased its holdings in shares of Middlesex Water by 260.8% in the 1st quarter. Russell Investments Group Ltd. now owns 28,835 shares of the utilities provider's stock worth $1,848,000 after acquiring an additional 20,844 shares during the period. Finally, HighTower Advisors LLC increased its holdings in shares of Middlesex Water by 12.1% in the 1st quarter. HighTower Advisors LLC now owns 19,412 shares of the utilities provider's stock worth $1,244,000 after acquiring an additional 2,091 shares during the period. 79.52% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

MSEX has been the topic of several recent analyst reports. Janney Montgomery Scott raised Middlesex Water from a "neutral" rating to a "buy" rating and set a $66.00 price target on the stock in a research report on Monday, May 12th. Wall Street Zen lowered 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 assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $61.00.

Middlesex Water Price Performance

MSEX traded down $1.03 on Monday, reaching $53.14. The company had a trading volume of 68,919 shares, compared to its average volume of 145,149. Middlesex Water Company has a one year low of $48.18 and a one year high of $70.73. The company has a current ratio of 0.41, a quick ratio of 0.35 and a debt-to-equity ratio of 0.77. The company has a fifty day moving average of $53.64 and a 200-day moving average of $57.28. The company has a market capitalization of $957.58 million, a P/E ratio of 21.96, a PEG ratio of 3.74 and a beta of 0.83.

Middlesex Water (NASDAQ:MSEX - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The utilities provider reported $0.60 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.68 by ($0.08). The company had revenue of $49.32 million during the quarter, compared to analysts' expectations of $52.60 million. Middlesex Water had a return on equity of 9.67% and a net margin of 22.15%. As a group, equities research analysts anticipate that Middlesex Water Company will post 2.34 earnings per share for the current year.

Middlesex Water Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Friday, August 15th were given a dividend of $0.34 per share. The ex-dividend date of this dividend 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 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.